Montréal, May 1, 2020 – The provisions of An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions pertaining to the transfer of supervision of the mortgage brokerage sector to the Autorité des marchés financiers (the “AMF”) come into force today. This is therefore also the day on which the related regulations made by the AMF come into effect.
Up until April 30, 2020, mortgage brokerage was supervised by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), which will continue to be responsible for protecting the public in the real estate brokerage sector.
“The AMF welcomes this new mandate from the government,” said AMF President and CEO Louis Morisset. “For the past several months, we have been in constant contact with the various stakeholders in the mortgage brokerage sector and have developed a robust and effective framework aligned with the one previously established for other sectors involved in the distribution of financial products and services.”
The AMF is aware that, for mortgage brokers, the changes resulting from the coming into effect of these new provisions represent a significant challenge, particularly when coupled with the difficult situation caused by the COVID-19 pandemic. The AMF has therefore made major efforts to implement a structure designed to provide personalized assistance to anyone who needs it.
“We’ve worked hard to gain a solid understanding of the mortgage brokerage industry, its participants and its specific characteristics and provide a framework that draws on best practices,” said Frédéric Pérodeau, AMF Superintendent, Client Services and Distribution Oversight. “As part of the AMF’s ongoing efforts to ensure a smooth transition, a multidisciplinary team has been established to assist and support officers of new mortgage brokerage firms through this transition.”
The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector.
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