The SEC, as far as I can see, probably cuts off 70% of what we see in Canada being successful. With regard to the other 30% or 25%, whatever that is, I have doubts, but some of that was because of the administrations at the time.
The point is that the stock market crash in 1929 was followed up in the U.S. by SEC legislation in 1933-34. Canada stuck with self-regulating organizations. They collapsed in effectiveness 20 years ago. I find it exasperating that we keep clinging to these groups as being successful. They're the ones that got us into this IFRS mess.