Mr. Speaker, I have always thought that the securities commissions were there to protect the public from being taken advantage of by improper business overtures, not merely to save the business community some money on compliance costs.
The clear message we have received from the government all day is that it is all about compliance costs and the desire on the part of the government to streamline the system so businesses will only have to file one prospectus with this super securities regulator rather than thirteen of them in different jurisdictions across the country. All the time, while it is trying to save the companies a few dollars in compliance costs, it is forgetting that it is all about protecting the public.
I submit that it is securities commissions, like the Manitoba Securities Commission, that protect the public and do a very good job over the years to get on top of issues a lot quicker than the national organization would be able to do.
Could the member comment on that?