Finance committee  Thank you very much. I appreciate it and I do appreciate your question.

Finance committee  The second point you mentioned was the Lacroix case, and I agree. I think the Quebec Supreme Court acted vigorously and I think the AMF did a great job on that. What concerns me is the provinces do have that jurisdiction to go after white collar crime. I would agree that with the

Finance committee  Mr. Mulcair made a very good point about the U.S., and the SEC probably should not be held up as the best example of regulators. They certainly had failures. But my sense is that the failures are not so much because it was national but more because it just didn't do the job it wa

Finance committee  I'm happy to respond to that. You've covered quite a lot of ground and a lot of points, and I can appreciate where you're coming from. I'd like to parse your comments and deal with each one separately. The first one I'll deal with is your comment about Ottawa, because I'm the la

Finance committee  Yes, I'd be pleased to answer that question. I'll start by saying that regulatory regimes around the world are in the process of reform. We've talked a bit about that, and you're exploring that in the context of ratings. It's my view that for us to embark on vigorous comprehens

Finance committee  —is I think a very important one, and it often gets missed in the debate. What we're finding in Canada, really, is an inability to implement policy quickly. We cannot implement the kinds of regulatory reforms we need fast enough. The cause, in my view, is a consensus-driven appro

Finance committee  I'll take a run at the question. I think the debate over mark-to-market is one dealing with the pro-cyclicality of mark-to-market, which is the point you made. In up markets, you're marking up the assets, so you're encouraging a lot more activity in the financial sector and the

Finance committee  Thank you very much, Mr. Rajotte. Good morning to all committee members. Good morning. My name is Ian Russell. I appreciate this opportunity this morning to appear before the House of Commons Standing Committee on Finance to participate in your discussion on an assessment of th

Finance committee  Well, there could be commissions earned on the transactions in the account completely analogous with either RRSPs or normal securities accounts. The point we were making was that we'd like to see a structure that didn't require a trustee relationship, because it isn't necessary a

Finance committee  Yes, but they would have a balanced portfolio, which--

Finance committee  But most middle-income Canadians would have that kind of a balanced account. So, yes, you're right--that would be the vast majority, I would think.

Finance committee  Well, it would be some of them through mutual fund investments, for example.

Finance committee  You'd go to a bank maybe.

Finance committee  Yes, it is pretty much similar to an RRSP.

Finance committee  The point here on the administrative side is that there are some requirements, oddly, that are a little more complicated than for RRSPs. For example, it's not clear that there will be an annual reporting process in part, which will—