AMF launches consultation on mutual fund sector framework


Montréal – The Autorité des marchés financiers (AMF) launched a consultation on October 1, 2010 with respect to the regulatory framework applicable to the mutual fund sector in Québec.

The purpose of this consultation is to obtain comments on the implementation of a regulatory framework for the mutual fund sector that is harmonized with that in the rest of Canada, as agreed following the two consultations held in 2007. Specifically, it is proposed to incorporate the rules of the Mutual Fund Dealers Association of Canada (MFDA) into Québec regulation, without however recognizing the MFDA as a self-regulatory organization in Québec. Certain aspects specific to Québec would be maintained for mutual fund dealers and representatives registered in Québec:

  • Compulsory membership of representatives in the Chambre de la sécurité financière (CSF);
  • Preservation of the CSF’s authority with respect to discipline and compulsory professional development of representatives;
  • Maintenance of the Fonds d’indemnisation des services financiers (Compensation Fund);
  • Maintenance of the liability insurance plan to be subscribed to by dealers and their representatives registered in Québec.

Documentation regarding the consultation is posted on the AMF website under Public Consultations. Comments may be made in writing before November 30, 2010.

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

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