Note that mutual fund dealers in Québec will remain subject to the regulatory framework currently applicable in Québec, including Regulation 31-103, during the ongoing transition phase of the AMF’s transition plan (pdf - 220 KB)This link will open in a new windowUpdated on November 24, 2022Amendments relating to the transition for Québec mutual fund dealers to the New SRO. for the mutual fund sector.

A consultation on the amendments to Regulation 31-103 consequential to the transition of oversight of mutual fund dealer representatives was held from February 26 to March 28, 2026. No comments were received during this consultation.

The amendments include the transitional provisions required to ensure that mutual fund dealer representatives registered in Québec (Québec MFDRs) become “approved persons” as defined under the rules of the Canadian Investment Regulatory Organization (CIRO) This link will open in a new window no later than July 4, 2026 (i.e., after Québec MFDR oversight has been transferred to CIRO), in the context of the amendments introduced by Law 16.

Before July 4, 2026

Until then, oversight of scholarship plan dealer activities in Québec will continue to be shared between the two bodies:

Autorité des marchés financiers (AMF)
Responsible for oversight of scholarship plan dealers (SPDs), including:

• regulation
• inspections
• enforcement

Chambre de l’assurance (the Chambre)
Responsible for oversight of scholarship plan dealer representatives (SPDRs) in regard to:

• discipline
• ethics
• professional development

Effective July 4, 2026

The coming into force of Law 16 (Act to amend various provisions mainly with respect to the financial sector) will result in a major shift in representative oversight.

Effective July 4, the AMF will be fully responsible for Québec SPDR oversight.
 

Continued application of the current regulatory framework

The provisions of Regulation 31-103 currently applicable to SPDRs will remain in effect, including, but not limited to:

• the requirements under Part 13 – Dealing with clients
• Section 3.4 – Proficiency – initial and ongoing

No regulatory amendments will be needed to transition to the new framework.
 

Responsibilities of dealers

SPDs will be required to continue to:

• adequately supervise the activities of registered individuals acting on their behalf
• ensure compliance with their obligations under securities legislation
• provide appropriate training, including, but not limited to, compliance training
• document compliance, training and supervision actions

Transition to a principles-based framework

SPDRs will be subject to a principles-based regulatory framework under Regulation 31-103. Among other things, they will be required to continue to meet:

• the KYC requirements
• the KYP requirements
• the suitability requirements; and
• the conflict management requirements

The Chambre de l’assurance will cease to oversee the activities of SPDRs.
 

Professional development

SPDRs will be required to have the education, training and experience necessary to perform their activities competently in Québec’s financial sector.

Important: The professional development record kept by the Chambre will no longer be available or required after July 2026.
 

Code of ethics inquiries

Transition of inquiries

The shift in oversight of code of ethics inquiries has been gradual:

• Since July 2025, the Chambre’s discipline committee ceased to have jurisdiction over SPDR cases. The committee was dissolved and jurisdiction over such cases was transferred to the Financial Markets Administrative Tribunal (Tribunal).
• Since December 2025, all new inquiry requests have been handled directly by the AMF.
• Ongoing inquiries have been transferred from the Chambre to the AMF.

Note: Inquiries are now being handled within the framework of Regulation 31-103.
 

Contribution

Adjustment to the contribution for 2026

The contribution to the Chambre for 2026 was reduced by 50% for SPDRs to reflect the oversight period up to July 2026.

Effective July 4, 2026, Only the fees charged by the AMF will apply. The Chambre will not require any further contributions related to such oversight.
 

Summary

July 4, 2026, will see a major transformation in Québec SPDR oversight:

• Discipline, professional development and inquiry oversight will have been transferred from the Chambre to the AMF.
• The Chambre will no longer have a role with respect to SPDRs.
• Oversight based on the principles established by Regulation 31-103 will continue to be applicable to SPDRs.
• SPDs will retain responsibility for compliance and SPDRs.

The scope of the fund will be extended to include investment dealers or restricted dealers who allow investors to buy and sell financial products through an on-line trading platform without the intermediary of a natural person.

This distribution method was already covered for firms or independent partnerships registered under the Act respecting the distribution of financial products and services that offer products and services through a digital space without the intermediary of a natural person within the meaning of section 2 of the Regulation respecting Alternative Distribution Methods.

Independent representatives, firms, independent partnerships, dealers and portfolio managers are required to pay an annual contribution to the fund for each representative who is authorized to pursue activities through them.

Effective June 4, 2026, the contribution amount will be adjusted and indexed to inflation annually. 
An increase or decrease in the contribution based on the accumulated surplus of the fund will be implemented at a later date.

Where a representative acts in more than one sector or class of sectors or more than one category of registration with the same person or partnership, the contribution payable is discounted by $75 for each additional sector.

Also effective June 4, 2026, the maximum amount of compensation that may be paid for the same event will be $75,000,000 for the totality of eligible claims. “Event” means all the facts arising from a fraud, or from a series of frauds, fraudulent tactics or embezzlements occurring within the same period that are related to each other by circumstances.