Mr. Speaker, I would like to thank the parliamentary secretary for his question, which was actually very pertinent. The issue of derivatives is a very complex one. We have seen, among other things, the role played by derivatives, especially non-bank asset-backed commercial paper, in the 2008-09 financial crisis, not just in North America but around the world. Derivatives should therefore be studied carefully.
I am not criticizing the regulations which, although not perfect, were more stringent in Canada than in many other countries. Such organizations as the Caisse de dépôt et de placement du Québec were affected rather negatively, along with many others, by the abuse of toxic derivatives they purchased.
My objection or my concern about this budget implementation bill as it pertains to derivatives is that it gives the Minister of Finance the power to make regulations for derivatives. With something like this, we must be able to see the consequences of this concentration of power, which permanently takes away the power of Parliament to act.
This is an important issue and it should require a specific study. Unfortunately, it will be studied along with all the measures in this budget bill.