Organization Insurance Fintech
Québec City – The Autorité des marchés financiers (the “AMF” or the “Authority”) today published the Regulation respecting alternative distribution methods, the provisions of which clarify the framework governing digital transaction spaces (“Internet offerings”) and distribution without a representative, provided by law. Most of the new provisions of the Regulation will come into force on June 13, 2019.The AMF is also publishing the Notice relating to the application of the Regulation respecting alternative distribution methods , which explains how it intends to apply the various provisions announced.
“The AMF made sure it had a solid understanding of the issues and perspectives that were raised by stakeholders and consumers during the public consultation process last fall,” said Louis Morisset, AMF President and CEO. “The result is a robust framework that protects consumers while allowing the industry to innovate.”
“The Regulation imposes the same obligations on firms and independent partnerships as for representatives, thereby providing protection to consumers, regardless of the means used to purchase a financial product or service,” added Frédéric Pérodeau, Superintendent, Client Services and Distribution Oversight.
The AMF published a Draft Regulation for comment on October 10, 2018 and also held a public information session to stimulate discussion with the various stakeholders. The Regulation published today contains several amendments that resulted from the comments received, including:
- Enrollment in a group insurance, annuity or pension plan contract is no longer covered by the Regulation;
- Only digital spaces that enable consumers to enter into a contract (transaction sites) are now subject to the Regulation;
- Firms and insurers have a one-year transition period to comply with certain obligations under the Regulation.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial industry.
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