Mr. Speaker, in response to the member's question, the first thing we have to look at here is whether this has potential.
At a press conference where his remarks were translated by another minister, the Minister of Finance clearly said that he would not accept the mutual recognition of passports by different authorities, which currently works well in Canada. In other words, he would not accept what already works between Canada and the United States.
I am familiar with financial products in Canada and the United States, and there was the U.S. wrap. It worked. The minister said that he would never accept that. But in his draft legislation on a Canadian national securities commission, he took the various authorities hostage on the issues of fraud and fraudulent practices, telling them that if they opt in or opt out, there will be enforcement. That is unacceptable.