Mr. Speaker, this concern about a national securities regulator has been around through two governments now and has been largely driven by the business community. The business community, both in Canada and outside of Canada, looks at our patchwork system of regulations as nonsense. We have 13 separate regulators in 13 separate jurisdictions doing, Lord knows, what all. Some set up regulations based upon best practice and some have very specified codes, and it becomes virtually impossible.
The result is that the default goes to Toronto. Toronto becomes, effectively, Canada's securities regulator by default, which we think is a regrettable thing. We think there should be a national securities regulator. The measure provided by the government is a sensible approach to what is a fractured system. We will have to see how this budget implementation measure acts itself out but, in my view, this is a step in the right direction.