Montréal - The Autorité des marchés financiers (the "AMF") announced that it will be making adjustments to the proposed regulatory framework for the Money-Services Businesses ActThe regulatory framework refers to the draft Regulation under the Money-Services Businesses Act, the draft Regulation respecting Fees and Tariffs and the draft Policy Statement to the Money-Services Businesses Act. following the consultation held in June 2011.
A number of the amendments suggested by the AMF are intended to reduce the administrative burden on money-services businesses ("MSBs") resulting from the original proposed regulatory framework. These amendments, which are being published today in a notice (pdf - 238 KB)This link will open in a new window from the AMF, will shortly be submitted for approval to the Minister of Finance and the government. The proposed amendments include:
- The elimination of the security requirement. This requirement will be re-evaluated at a later date for classes of licence other than the class relating to the operation of automated teller machines.
- The elimination of the requirement to file a daily summary of transactions. However, operators of automated teller machines will have to be able to provide to the AMF, at its request, information on their daily transactions.
- The modification of the time limit within which an MSB must inform the AMF of any change in the information regarding employees whose functions are not related to the money services offered. MSBs will be required to report these changes on an annual basis.
- The reduction from $350 to $200 of the annual fee exigible for the operation of an automated teller machine.
- The removal of certain administrative fees.
Coming into force
The Regulation under the Money-Services Businesses Act and the Regulation respecting Fees and TariffsPrior to its approval by the government, this regulation will be published once again for a 45-day comment period. are expected to come into force on April 1, 2012. However, the statutory and regulatory provisions dealing with the operation of automated teller machines are expected to come into force on January 1, 2013. As of each of these dates, MSBs will have a six-month transition period within which to file an application for a licence with the AMF
The new Act, which is administered by the AMF, will require MSBs to hold a licence issued by the AMF in order to operate in the following sectors:
- Currency exchange;
- Cheque cashing;
- Funds transfers;
- The operation of automated teller machines; and
- The issue or redemption of traveller's cheques, money orders or bank drafts.
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The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial industry.
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