SIMA supports Quebec bill to enhance regulatory efficiency and investor protection
May 16, 2025 (Montreal) – The Securities and Investment Management Association (SIMA) has responded to the Quebec government’s consultation on Bill 92, an act to amend provisions with respect to the financial sector.
SIMA supports the proposed merger of the Chambre de la sécurité financière (CSF) and the Chambre de l’assurance de dommages (ChAD) to form the new Chambre de l’assurance. SIMA also recommends transferring the oversight of mutual fund representatives from the CSF to the Canadian Investment Regulatory Organization (CIRO), aiming to harmonize regulation and improve investor protection across Quebec.
“Bill 92 represents a significant step forward in modernizing Quebec’s financial sector regulation framework,” says Marie Brault, chair of the Quebec board of governors, SIMA. “Aligning mutual fund representative oversight with CIRO will foster a more efficient, consistent, and investor-focused regulatory environment. This will better protect investors and reduce regulatory burden on industry participants, allowing them to focus on innovation and growth.”
In its submission, SIMA highlights that CIRO, established in January 2023 through the merger of IIROC and MFDA, is the recognized self-regulatory organization (SRO) with deep expertise in securities regulation. CIRO’s regional presence in Quebec, including French-language services and a dedicated regional council, positions it as the ideal entity to oversee mutual fund and investment dealer representatives, creating a unified regulatory framework.
Key benefits of Bill 92
- Enhanced ethical oversight: CIRO’s integrated approach involves both dealers and representatives in investigations, enabling proactive prevention and correction of misconduct, which the current dual-oversight model lacks.
- Consistent continuing education: CIRO’s harmonized continuing education model for mutual fund and investment dealer representatives will reduce administrative burden and ensure consistent skill standards.
- Efficient supervision: Consolidating oversight under CIRO will eliminate potential duplicate fees for mutual fund representatives in Quebec, reducing costs and administrative complexity.
SIMA also supports the creation of the Chambre de l’assurance to consolidate insurance-related regulatory functions and recommends information-sharing between the new Chambre and CIRO to ensure comprehensive supervision of representatives operating in both securities and insurance and financial planning sectors.
About SIMA
The Securities and Investment Management Association empowers Canada’s investment industry. The association, formerly The Investment Funds Institute of Canada (IFIC), is the leading voice for the securities and investment management industry, which oversees approximately $4 trillion in assets for over 20 million investors and the Canadian capital markets. Our 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
Kia Rassekh
Director, Policy & Regional Director, Quebec
krassekh@sima-amvi.ca
514-985-7025
