to regulatory requirements that vary by province. At this time, I would like to welcome and encourage the harmonization efforts that are ongoing among provincial securities commissions, including Quebec's Autorité des marchés financiers. Enron gave rise to the adoption of Sarbanes-Oxley in the United States.
On a smaller scale, the Portus, Norshield, and Norbourg affairs force us to look at ways to strengthen the application of the law in Canada. I do not deny the need to foster the development of a culture of compliance and the implementation of appropriate internal controls within financial institutions. Unfortunately, this is not always enough.