Mr. Speaker, I will begin by advising you that I will be splitting my time with the hon. member for Argenteuil—Papineau—Mirabel.
Today is a Bloc Québécois opposition day. We introduced a motion that calls upon the government to immediately renounce two measures contained in the recent budget, namely the establishment of a national securities commission and the unilateral amendment of the equalization formula. This places in perspective the debate we have just endured. I use that word because of all the inequities and falsehoods that we have heard in the past thirty minutes or so.
If we opposed the federal budget of this past February, it is in part because of those two measures. The present government is an expert at forcing Quebeckers to swallow one insult after another. I am coming to realize that more and more. These two measures constitute the biggest, ugliest and most disgusting load of insults yet. I must also point out that the Quebec National Assembly has passed a unanimous motion against those two measures.
I will limit my comments to the national securities commission, because my colleague will be addressing the matter of equalization. There has been talk of the national securities commission for 40 years now. People need to be given an explanation of what this commission is, and what securities are.
Securities are negotiable and transferable instruments that can be listed on the stock exchange. These are stocks and bonds, certificates of investment and warrants. All of these financial components fall under provincial jurisdiction, as is clearly set out in subsection 92(13) of the 1867 Constitution Act . We have just heard my colleague from Lévis—Bellechasse say that this did not constitute any encroachment into provincial areas of jurisdiction. That is absolutely wrong, because management of this commission and these securities is a wholly provincial area of jurisdiction.
In Quebec, the Autorité des marchés financiers is the agency responsible for regulating securities and ensuring that companies issuing securities do so according to the rules. For example, a company looking to issue a series of shares on the Quebec stock market has to abide by the rules set out by the Autorité des marchés financiers to ensure that everything is done according to the rules.
Each province has this system for stocks, bonds and securities. An agreement between the provinces sets up a passport system. If, for example, a Quebec business issues shares under the authority of the Autorité des marchés financiers du Québec, it can do business with citizens of other provinces that follow the passport system. This business is legal. There is one province that does not follow the passport system, and it is Ontario.
People have been talking about creating a single securities commission for 40 years. In 2003, the Liberals put together a panel of experts to examine the possibility of establishing a single agency in Canada. In 2006, the Conservative government put the idea in its budget and economic update and repeated it in its 2007 budget. In June 2007, the current Minister of Finance set up a working group to study the effectiveness of the current system. However, in September 2007, it changed the group's mandate so the latter would examine how to create a single regulator. That was in 2007.
What did it do in 2008? It gave this committee $150 million to set up a Canada-wide securities commission. That was quite an affront.
They recognized Quebec as a nation. A nation must manage its assets, make its laws and govern itself. If Quebec is recognized as a nation, then interfering in its jurisdictions is not respectful. It shows a lack of respect. It is meddling. It will cause the loss of hundreds, even thousands of jobs in Quebec because it will lead to the disappearance of stock exchange activities in Montreal. There will no longer be any offices in Montreal. Everything will be concentrated, probably on Bay Street, in Ontario. At that point we will bow down to Bay Street.
I would remind members that this budget gave millions of dollars to Ontario's auto industry whereas we had to accept crumbs for our forestry and manufacturing industries. Creating a single securities regulator is another slap in the face to Quebec. At present, the securities commissions of Quebec and the provinces have a voice at the International Organization of Securities Commissions. That is a voice for Quebec on the international stage. That voice will be silenced. We want to continue to be heard.
The OECD currently puts Canada in second place when it comes to the regulation of securities. The International Monetary Fund and the World Bank feel that Canada has a regulatory framework that is “sophisticated” , “highly effective” and “nearly unified” . The report also mentions “sufficient resources and skilled personnel” and says that the system is “clearly accountable to the government”. As well, it says that the framework is solid and that costs are minimal. The International Monetary Fund and World bank are not stupid. So when the government says that this will cost less and work better, I do not believe it. There are people who have spoken about this.
We should be wondering what the real factor is that is motivating Canada's Minister of Finance to centralize the securities commission and establish a single entity for Canada. If it is not to concentrate money in Ontario and, once again, to try and silence Quebec, what could it be?
The Bloc Québécois motion is forthright, direct and honest. We simply want to protect Quebec and Quebeckers. If we are recognized as a nation, we should have our needs recognized and be respected ourselves.
I am asking all the Quebec members in this House to vote in favour of the Bloc Québécois motion that aims to protect jobs and protect who we are.