" For the purposes of this book, however, the relevant question is much narrower: the issue is not whether, in general, a national securities regulator is preferable to Canada's fragmented provincial securities regulatory system. The key question, for our purposes, is this: Would a national securities regulator have made a material difference in this specific case? Framed this way, the question is much more challenging and the answer far less certain. "

― Paul Halpern , Back from the Brink: Lessons from the Canadian Asset-Backed Commercial Paper Crisis