House of Commons photoWon his last election, in 2011, with 58% of the vote.
Securities Industry June 21st, 2006
No, Mr. Speaker. I want to favour Canadians. I want to protect investors who invest in RSPs, who invest in pension plans, who invest directly in the market. There is a significant market in Montreal in the derivatives section that can certainly be accommodated in our discussions.
As I say, the point is not a provincial jurisdiction point. The point is the best interests of Canadians who need protection in our securities markets.
Securities Industry June 21st, 2006
Mr. Speaker, the issue is as part of our economic federation whether it is in the best interests of Canadians across Canada to have one common securities regulator. The issue is not whether it needs to be a federal regulator or a regulator that is created by the provinces.
The point of the discussion which we hope to have with the finance ministers and the ministers responsible for securities regulation next week when we meet together is to address that issue in terms of making sense of our economic federation and protecting investors in Canada and having adequate enforcement, whether it is in our best interests to have one common securities regulator.
International Bridges and Tunnels Act June 19th, 2006
moved:
That Bill C-3, in Clause 15, be amended by replacing subsection (2) with the following:
“(2) Before recommending that a regulation be made under subsection (1), the Minister shall, if in the opinion of the Minister it is necessary having regard to all the circumstances, consult with the other levels of government that have jurisdiction over any place where an international bridge or tunnel is situated and with any person who, in the opinion of the Minister, has a direct interest in the matter.”
Finance June 19th, 2006
Mr. Speaker, we are in favour of helping the environment. That is why we want a transit pass that will allow people to take public transit, with about two months of free transit per year. We also want to help children be more physically fit. What could be more important for the next generation? We also want to help students and apprentices with tools and textbooks.
We are for public transit. We are for students. We are for our young people.
Income Trusts June 19th, 2006
Mr. Speaker, the member talks about the interests of investors. Indeed, that is one of the reasons why we need a common securities regulator in Canada. We need to protect Canadians who invest through RRSPs, through pension plans, those who invest in mutual funds, those who invest directly through the market, pensioners and others in Canada, not only with respect to the issue raised by the hon. member but also more broadly with respect to enforcement issues in Canada.
I look forward to having those discussions with the securities ministers next week, particularly with a view to establishing national standards and a national securities regulator in Canada.
Income Trusts June 19th, 2006
Mr. Speaker, indeed, there was a bit of a mess that occurred during the last government, relating to income trusts. That is still a matter of some police investigation in Canada.
The question relates to a question I was asked earlier in question period about securities regulation in Canada. The regulation of income trusts presently is with the provincial securities regulators. It is an issue that I know they are reviewing with the income trusts and it is an issue that probably we should discuss further when the finance ministers meet next week.
Taxation June 19th, 2006
Mr. Speaker, the fiscal situation of the governments in Canada is better today than it was several years ago. Most of the provinces are in balance now. The federal government will not have surprise surpluses as we saw opposite. We are accurately reporting to the people of Canada.
As I say, we only have two governments in Canada now that are not operating in surplus and those are the Government of Ontario and the Government of Prince Edward Island. Substantial progress has been made already moving toward the fiscal balance of the federation.
Taxation June 19th, 2006
Mr. Speaker, we want to move toward fiscal balance in Canada. A great deal has been accomplished already with respect to discussions concerning core responsibilities of the provincial and territorial governments on the one hand and the federal government on the other and progress with respect to health care issues. We need to work more on infrastructure issues and particularly on the issue of post-secondary education. I look forward to those discussions next week with the provincial and territorial ministers of finance.
Securities June 19th, 2006
Mr. Speaker, we acknowledge the work that has been done by the provinces and the territories with the passport system as they have tried to move toward harmonization. Unfortunately, it means harmonization with pages and pages of exceptions.
The reality is that the Ontario Securities Commission is now regulating something like 83% of the business and that is hardly paying respect to the regions across Canada and the involvement of the various provinces.
A number of good suggestions are on the table, including the report by Purdy Crawford's committee last week. I hope we will have some informed and constructive discussions next week moving toward a common securities regulator, not necessarily a federal regulator in Canada.
Securities June 19th, 2006
Mr. Speaker, I thank the hon. member for his question.
I believe the question relates to the speech I gave in Halifax this morning relating to a potential common securities regulator for Canada.
This is an important issue with respect to making sense of our economic union and in ensuring the provincial and federal governments work out a system whereby we have strong, effective and efficient capital markets in Canada so we can get away from a situation.
We are the only western industrialized society that has multiple securities regulators. We want to work on that in cooperation with the provinces toward a common national securities regulator.