Madam Speaker, there was a lot in there. I appreciate the member's comment in terms of clarifying that this proposal would keep the local offices, the expertise and the infrastructure. They would be part of the national system, after they chose to.
The issue in terms of the passport system is there is still 13 different sets of laws, despite how harmonized they are, there is still 13 different sets of regulations, and there is a need for companies that are willing to invest to have 13 different sets of documents. That is in fact true. The member can talk to any company dealing with this system.
There is also more than 30% of the Canadian equity market not involved in that passport system. The province of Ontario is not participating in that system.
This is one reason why we need a national regulator to cover the entire country, to reduce overlap and duplication, attract investment, and protect Canadian investors.