On June 13, 2018, Bill 141 was adopted and assented to by the National Assembly. This bill modernizes all legislation governing the financial products and services industry and strengthens consumer protection.
The bill includes the following:
- On-line distribution of financial products and services. This component will be enhanced through regulation to be developed by the AMF within the year following the date of assent. Clear guidelines will be implemented once a public consultation has been held with industry stakeholders and consumers.
- Extended coverage of the Fonds d’indemnisation des services financiers (financial services compensation fund) regardless of the product or service offered to investors. This amendment will extend the scope of the fund’s compensation to victims of fraud, fraudulent tactics or embezzlement committed by a certified representative or a firm, regardless of the nature of the financial product involved. The extended coverage, which applies retroactively to fraud committed since June 12, 2015, took effect on the date of assent.
- Additional anti-reprisal measures. These measures will strengthen a central component of the protection offered to persons who use our whistleblower program. These measures took effect on the date of assent.
- The creation of a Comité consultatif des consommateurs de produits et utilisateurs de services financiers (financial products and services consumer advisory committee). The mandate of this committee will be to present the AMF with issues of concern to consumers. A call for candidates will be published shortly.
- New supervisory and resolution powers with respect to Desjardins Group, a domestic systemically important financial institution. Most of these powers will come into effect on July 13, 2018. Some regulatory powers will be included in a draft regulation to be released in the coming months.
- The integration of mortgage brokers as new registrants under the supervision of the AMF. These changes will come into effect on May 1, 2020.
- Regulatory provisions specifying the ownership rules for brokerage firms, with the aim of preserving the independence of damage insurance brokers and ensuring that consumers who so wish can do business with a broker. These provisions are expected to come into effect 18 months after the date of assent.
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