Montréal, March 23, 2011 - The Autorité des marchés financiers ("AMF") will be holding information sessions for money-services businesses on April 12 in Montréal and on April 14 in Québec City. These sessions are intended to inform industry participants about the regulatory framework arising from the Money-Services Businesses Act and obtain their feedback. This Act, which is expected to come into force in 2012, was assented to December 10, 2010.
The money-services industry in Québec has grown significantly in the past few years. To date, the AMF has identified nearly 400 money-services businesses (MSBs) and approximately 6,000 automated teller machines (ATMs) that could be subject to the Act. "The money-services industry plays a key role in the Québec economy. It is therefore essential that we implement a framework to protect consumers. The AMF is ready to take up this challenge," said Eric Stevenson, AMF Director, SROs and Distribution Practices.
Businesses affected by the Act
The Money-Services Business Act will require that MSBs hold a licence issued by the AMF. MSBs offering the following services are subject to the Act:
- currency exchange;
- funds transfers;
- the issue of redemption of travellers' cheques, money orders or bank drafts;
- cheque cashing; and
- the operation of ATMs.
Operators of money-services businesses already governed by other laws, such as banks, credit unions and insurers, will not be subject to the new Act.
The AMF encourages MSBs to remain updated on developments by consulting its website and signing up for E-mail info.
Anyone interested in registering for the information sessions must do so before April 8 via the AMF website under Money-services businesses.
Québec City / Hôtel Plaza Québec
April 14, 2011 9:00 to 12:00 a.m.
Montréal / Delta Centre-ville
April 12, 2011 9:00 to 12:00 a.m. or 1:00 to 4:00 p.m.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337