That it is essential that the Canadian regulatory framework be guided by principles that are at least as good as, if not better than, those of other countries. However, our rules, and their implementation, must be adapted to domestic requirements and reflect the diversity in size and complexity of our publicly traded companies. So "yes!" to regulatory requirements that vary with size, but "no!"
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.