SIMA urges Quebec to prioritize transparency and predictability
in AMF fee changes
April 24, 2026 (Toronto) – The Securities and Investment Management Association (SIMA) is calling on the Ministère des Finances du Québec to reject proposed increases to Autorité des marchés financiers (AMF) fees for investment funds. Building on a previous submission to the AMF, SIMA is urging the ministry to adopt a clearer, more predictable fee framework that supports investors, competition, and innovation in both Quebec and Canada.
While SIMA acknowledges the AMF’s efforts to refine its fee framework to align with the delegation of certain regulatory powers to CIRO, the association says the proposed changes lack sufficient justification and could add unnecessary pressure on Quebec investors and market participants.
“Quebec’s investment industry serves millions of investors across the province, and higher fees should not come at the expense of competitiveness or investor outcomes,” said Marie Brault, Chair of the Board of Governors, SIMA Regional Council in Quebec.
“Regulatory fees should be set within a multi-year framework with accurate cost forecasting so firms can plan, invest, and innovate with confidence,” said Andy Mitchell, President and CEO, SIMA. “Quebec has an opportunity to continue demonstrating leadership by anchoring fee-setting in three clear principles: transparency, predictability, and cost discipline.”
Why SIMA is concerned
SIMA says the AMF already charges the highest regulatory fees on investment funds in Canada and that the latest proposal would further widen the gap without enough explanation. The association argues that fee increases may ultimately be borne by investors and could make Quebec a more costly place to do business. SIMA also says the AMF’s significant budget surplus should be put to work before any new fee increases are introduced.
What SIMA recommends
- Provide more transparency about any future fee-amendment proposals and fully substantiate them.
- Establish a defined, multi-year framework (minimum of three years) with clear visibility to make fee amendments more predictable.
- Prioritize the use of budget surpluses before increasing fees to invest in technology, drive efficiency, and reduce the long-term need for fee increases.
SIMA looks forward to working with the ministry, the AMF, and other regulators to help build a more coordinated and predictable fee environment across Canada.
About SIMA
The Securities and Investment Management Association empowers Canada’s investment industry. It is the leading voice for the securities and investment management industry, which oversees approximately $4 trillion in assets for over 20 million investors and Canadian capital markets participants. SIMA members—including investment fund managers, investment and mutual fund dealers, capital markets participants, and professional service providers—are committed to creating a resilient, innovative investment sector that fuels long-term economic growth and creates opportunities for all Canadians.
For more information
Christine Harminc
Director, Communications and Public Affairs
charminc@sima-amvi.ca
416-309-2313
