Industry committee  A bearer share is like cash. Whoever is in possession of it owns that cash. A bearer share is the same way. There's no individual to which it's issued. If you hold it, if you possess it, you have the rights that attach to that share. A registered share is a little bit different

Industry committee  Yes. In the paper that we gave to the clerk of the committee, we made specific recommendations about two specific trigger events that we think should be added to the legislation to turn bearer shares into registered shares. I talked about it in my discussion with Mr. Baylis.

Industry committee  You're talking about the bearer shares, I gather?

Industry committee  I apologize, but I'll have to respond in English, because the way the video is working, I'm getting the translated version back and it's making it very difficult to hear and speak.

Industry committee  On the bearer shares issue, what we recommend is that.... The act deals now with bearer shares not being issued anymore, but it doesn't deal well, in our view, with what to do with all the bearer shares that are still out there. There has to be a mechanism to flush them out of th

Industry committee  You turn those bearer shares into registered shares. Another trigger can be when the holder of the bearer shares attempts to exercise a right that attaches to those shares, such as a voting right or the collection of a dividend and so on. At that moment, there could be another c

Industry committee  The U.S., I am sad to report, is not doing much better than Canada in that regard. If you look at the various task forces that have looked at the implementation of the G20 benefit ownership transparency commitments, the U.S. is faring not much better than Canada. It has, as well,

Industry committee  The test they have adopted in the U.K. is if you have a significant controlling interest. They have set those tests for meeting that threshold, but in terms of raw ownership of voting shares, it's 25%. That's what's disclosed. No individuals are required to publicize an inventory

Industry committee  We think this information should be public by default. If important reasons, such as privacy, for instance, or other reasons like that were invoked to ensure that the information wasn't disclosed—

Industry committee  —then it would have to be demonstrated they are well-founded.

Industry committee  First, I think again it's the wrong question.

Industry committee  Why not divulge it to the public—

Industry committee  What is the interest you're trying to—

Industry committee  We're not talking about divulging—

Industry committee  We're not talking about—