Mr. Speaker, no argument justifies implementing a Canada-wide securities commission. The current system works and is recognized around the world. Constitutionally speaking, this matter falls under provincial and Quebec jurisdiction. So some other explanation is needed. Why does the Conservative government, the federal government, want to create a Canada-wide securities commission?
As I explained earlier, this is an economic and industrial development strategy they have developed based on the interests of the Canadian nation. This strategy targets two main sectors: the automotive and oil sectors—in Ontario and western Canada—and the financial sector.
At present, Quebec, Montreal, Toronto and Alberta all share the pie. The portion regulated by Ontario is only 22%. The larger part is regulated elsewhere. To destroy that system, the Conservatives are going to create a problem by implementing this Canada-wide securities commission. This will cause such a mess that the business community, even in Quebec—particularly because of the need to ask for a permit and the elimination of the passport system—will lobby for a single securities commission.
That is the ultimate goal of the Conservative government, all for Toronto's benefit.