Mr. Speaker, it seems to me that a lot of the securities activity is of a local nature. We have a Manitoba securities commission that has been very active over many years. A lot of what it deals with are basically local concerns, such as pyramid scams and securities being sold by unregistered people. Who better to deal with that kind of issue than the people on the ground in the local market?
What we are talking about doing here is farming this out to a national organization that I think would be out of touch with the local concerns. If all we are going to do is have a national securities regulator with offices in the same provinces that we have right now, we really have not changed that much in terms of the scope or the size of the entity.