October 5, 2023 Organization

Montréal – The Autorité des marchés financiers (AMF) today announced the delegation to the Canadian Investment Regulatory Organization (CIRO) of inspection functions and powers in relation to firms registered as mutual fund dealers and of registration-related functions and powers in relation to representatives, ultimate designated persons and chief compliance officers acting on behalf of such dealers.

This delegation follows the recognition of CIRO on January 1, 2023 as the self-regulatory organization responsible for overseeing all investment dealers and mutual fund dealers. It is in addition to the AMF’s 2009 delegation to the Investment Industry Regulatory Organization of Canada of inspection functions and powers in relation to firms registered as investment dealers or derivatives dealers and of registration-related functions and powers in relation to individuals acting on behalf of such dealers. That delegation continues to apply to CIRO.

This new delegation will take effect on the date indicated in a notice that will be published in the AMF Bulletin when CIRO has the operational capability to perform or exercise the new functions and powers. In the meantime, the AMF will continue to perform or exercise its inspection functions and powers in relation to mutual fund dealers and its registration-related functions and powers in relation to individuals acting on behalf of such dealers.

It should be recalled that CIRO resulted from the amalgamation of the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC).

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

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