Mr. Speaker, I will go about it step by step. When the government decided to order a study aimed at creating a Canada-wide securities regulator, Quebec's National Assembly reacted quite strongly, of course, and a debate ensued. The National Assembly adopted a motion unanimously, with support from every party: the provincial Liberal Party, which is in power, and the Parti Québécois. The motion was moved on October 16, 2007. It reads as follows:
That the National Assembly ask the federal government to abandon its Canada-wide securities commission project.
The National Assembly reiterated its opposition on January 15, 2009, through a second unanimous motion requesting that the Assembly reiterate its strong opposition to the plan for a Canada-wide securities commission.
The reason Quebec's National Assembly moved two motions on this subject was to protect Quebec's securities system, which is a perfectly normal and reasonable position. Why create a single securities regulator in Canada when each province already has one? It is mind-boggling. The government is sending the message that it wants to centralize.
Centralization is not desirable. The securities regulation system works very well in Quebec and it works well in other provinces. We heard from different political parties about their concern with securities in their province. We have a centralizing federal government that wants to change everything and create a Canada-wide securities commission in order to control everything: Quebec's economy, other provinces' economies and investments. It is utterly unacceptable.
We will no longer have any powers because all decisions will be made at the federal level. We are getting mixed messages, though. We are told that we are a nation within a united country. Great. But what does that mean for Quebeckers? Absolutely nothing. We are told that we have a seat at UNESCO. That is not a seat. It is a folding chair in the back, and we have to go along with what Canada says. That is precisely what we got: a tiny stool for Quebec behind the Canadian representatives. It is not true that we have a seat at UNESCO with a real right to speak, as will be made clear. There is currently a meeting taking place, and we will be able to see exactly how things go. We will see whether it is true that we have the right to speak for real and if we will be allowed to disagree with the federal government. We will see how it goes over the next few weeks. That is unacceptable.
I would like to read a letter and I think it is important. I realize I have little time left, but it is important because this is a letter from the former finance minister to the current Minister of Finance. This is a very important letter dealing with securities. It states:
Dear Colleague,
I have noted the appointment of your expert panel charged with making suggestions and recommendations concerning securities regulation in Canada.
First of all, I reiterate that the existing regulatory system in Canada works well and satisfies both the needs of pan-Canadian participants and the interests of the various regions. Accordingly, I will continue to oppose the implementation of any model leading to the concentration of market oversight responsibilities in the hands of a common or single regulator, regardless of how you call it.
The passport system that the participating provinces and territories are setting up is a significant and unprecedented initiative to further simplify matters for pan-Canadian participants. It is a cooperative approach by the provinces and territories that enables them to continue to monitor their local interests. [We all have different interests, as she says in her letter.] The systematic refusal to acknowledge the advantages of such a system leads me to wonder whether all this effort is truly aimed at improving protection for the investing public.
I must say that the federal government could apply its energies much more productively if, in its fields of jurisdiction, it worked to more effectively crack down on economic crime rather than trying to impose itself in a field of exclusive provincial jurisdiction.
Given the mixed, to say the least, results it has achieved in combating economic crime, in spite of the money spent, it seems to me that the federal government is not doing enough to assume its responsibilities, in particular regarding criminal law.
As for the expert panel, I note that you have ignored the proposals made to you by the Provincial-Territorial Council of Ministers of Securities Regulation. In so doing, I believe you have missed a good opportunity to obtain information that would have helped you better understand the point of view of the provinces and territories. Unfortunately, I fail to see that yet another panel, whose conclusions seem predictable to us, can bring anything new to this debate.
Believe me when I say that I am sorry to see you invest your effort and good will, which I in no way doubt, in such an ill-advised initiative when your energies could be applied much more productively.
This letter was written by Quebec's former finance minister, who was a Liberal Party minister and a federalist. It is very clear that she is against the idea because it really encroaches on our jurisdiction, our local purchasing, Quebec's economic development and all of the work that is being done already.
Moreover, it is still a question of duplication. Duplications are a drain of energy and cost a lot in time of economic crisis as the one we are going through. It costs a fortune. We need not invest in that right now. We should not waste public money, money that belongs to the ordinary Canadians who are out of work and going through financial hard times, to create a Canada-wide commission. It does not make any sense. It is not a good idea. The provinces and territories already have a system that is respected and admired on the international stage. Our passport system is ranked second in the world and it works well.
We have built an efficient system, but the Conservative government, with its heavy-handed approach, is destroying all the efforts we have invested during many years to establish efficient securities commissions in Quebec and in each of the other provinces and territories. When I consider the position of the Conservative government, I see that, once again, it is ready to overstep its jurisdiction.
I have only one minute left. It is too bad I was interrupted at the beginning of my speech; I would have had more time to speak.
We will fight against the measure. I see that the Liberals have decided not to vote on the motion although, in their time, they wanted to change the system themselves. Maybe thanks to a positive attitude in the House our motion will be adopted. I hope it will be. The NDP will support us. New Democrats members said so earlier. Maybe some Liberals will also support us.
In conclusion, I simply want to say that I spoke with some Liberal members who told me they agree with a buy local policy and a local development policy. This motion is the foundation for local buying. It allows us to manage our issues locally instead of having a Canada-wide commission deciding for us what we should do in our own communities.