Montréal – On January 1, 2011, the Autorité des marchés financiers (AMF) will adjust certain fees payable under the laws it administers.
This adjustment is related to the passage into law on June 11, 2010 of An Act to implement certain provisions of the Budget Speech of 30 March 2010, reduce the debt and return to a balanced budget in 2013-2014. This Act amends the Financial Administration Act, with the result that fees collected by the AMF will now be adjusted by operation of law on January 1 of each year. Indexation corresponds to the annual change in the overall average Québec consumer price index, excluding alcoholic beverages and tobacco products, for the 12-month period ending on September 30 of the year preceding the year for which the fee is to be adjusted.
All adjusted fees will be listed in the two notices published in Part I of the Gazette officielle du Québec dated December 18, 2010 and in section 1.1 of the AMF Bulletin dated December 17, 2010 (Vol. 7, No. 50), available on the AMF website (in French only).
An Act respecting the distribution of financial products and services
For several years, annual fees and other fees payable under the Regulation respecting fees and contributions payable of An Act respecting the distribution of financial products and services have been adjusted on January 1 of each year in accordance with the rate of increase of the general consumer price index for Canada for the period ending September 30 of the preceding year. The rate on January 1, 2011 is 1.9%.
With respect to An Act to implement certain provisions of the Budget Speech of 30 March 2010, reduce the debt and return to a balanced budget in 2013-2014, fees pertaining to the examination of the distribution guide set out in the Regulation respecting distribution without a representative (Regulation No. 8, previously known as Regulation No. 4) will be adjusted by 1.27% on January 1, 2011.
On January 1, 2011, fees payable under the Securities Regulation of the Securities Act will also be adjusted by 1.27%. As of January 1, 2011, please consult Chapter II of Title VI of the Securities Regulation, available on the AMF website, and the SEDAR Regulatory Fee Guide, available on the website of the Canadian Securities Administrators, for the new fee amounts.
An Act respecting insurance, Deposit Insurance Act, An Act respecting trust companies and savings companies, An Act respecting financial services cooperatives and An Act respecting the Mouvement Desjardins
Fees payable under the Regulation under the Act respecting insurance, the Regulation respecting the application of the Deposit Insurance Act, the Regulation under the Act respecting trust companies and savings companies and the regulation titled Tariff of fees exigible under the Savings and Credit Unions Act will also be indexed by 1.27% on January 1, 2011.
Fees payable under the regulation Tariffs for costs and fees payable in respect of derivatives of the Derivatives Act will also be indexed by 1.27% on January 1, 2011.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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