Bill 92 proposed changes to Quebec’s financial sector regulatory structure
This submission matters because it outlines how proposed regulatory changes in Quebec could improve investor protection and streamline oversight for industry participants.
Submission – Mr. Félix Fortin-Lauzier – Quebec Government – Bill 92
Recipients
- Mr. Félix Fortin-Lauzier, Secretary of the Public Finance Committee, National Assembly of Quebec
Industry segments this resource supports
- Assets management
- Capital markets
- Wealth management
Summary
Our submission responds to Quebec’s consultation on Bill 92, which proposes changes to the province’s financial sector regulatory structure. The submission supports merging the Chambre de la sécurité financière (CSF) and the Chambre de l’assurance de dommages (ChAD) into a new Chambre de l’assurance, and recommends transferring oversight of mutual fund representatives to CIRO. We argue that CIRO’s expertise, unified rulemaking, and existing presence in Quebec make it the most effective regulator to oversee mutual fund representatives.
Why this matters: This submission matters because it outlines how proposed regulatory changes in Quebec could improve investor protection and streamline oversight for industry participants.
Key takeaways
- SIMA supports Bill 92 and the merger of CSF and ChAD to form the new Chambre de l’assurance.
- SIMA recommends transferring oversight of mutual fund representatives from the CSF to CIRO to harmonize regulation and improve investor protection.
- CIRO already oversees investment dealers in Quebec and provides French-language services and a regional council, positioning it well for expanded oversight.
- A single regulator would streamline investigations, reduce duplication, and ensure consistent sanctions and continuing education requirements.
- Consolidating oversight under CIRO would reduce administrative burden and eliminate duplicate fees for mutual fund representatives in Quebec.
SIMA supports information sharing between the new Chambre and CIRO to ensure comprehensive supervision of representatives working across securities, insurance, and financial planning.
