Mr. Speaker, the proposal with respect to a Canadian securities regulator is purely voluntary and purely optional. I am pleased that 10 provinces and territories are working with the Government of Canada on the initiative.
As the member knows, the Government of Quebec referred the matter to the Quebec Court of Appeal. We have referred the draft legislation, which was tabled in this House, to the Supreme Court of Canada for the opinion of the court on the jurisdiction of Parliament to legislate in this area. We anticipate hearing from the court next year.