On June 15, 2016, the Autorité des marchés financiers ("AMF") entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.
This agreement enables Québec administrators of voluntary retirement savings plans ("VRSPs") to be exempt from the requirement to obtain a licence to act as administrators of pooled registered pension plans ("PRPPs") under federal legislation and legislation of the other provinces that are parties to the agreement. In addition, under the agreement, administrators who have obtained a licence from the Office of the Superintendent of Financial Institutions to provide a PRPP may apply to the AMF for authorization to act as administrators of VRSPs where they meet the conditions set out in the agreement.
The signatories to the agreement are the Québec Minister of Finance, the Québec Minister responsible for Canadian Relations and the Canadian Francophonie, the AMF, the Minister of Finance of Canada, the Minister of Finance of British Columbia, the Minister of Finance and Treasury Board of Nova Scotia, and the Minister of Justice and Attorney General of Saskatchewan.
Only certain sections of the agreement apply to Québec, including those concerning recognition to act as a VRSP administrator and the exchange of information among supervisory authorities.
This agreement was approved by Order-in-Council No. 482-2016 - Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, which was published in the Gazette officielle du Québec, dated June 22, 2016, (2016) 25 G.O. II, 2285.
For further information, call the AMF Information Centre at 1-877-525-0337 or visit the AMF website at www.lautorite.qc.ca.