The current revision of the Act respecting the distribution of financial products and services was front and centre during a debate at Quebec’s National Assembly Committee on Public Finance held May 2.
Finance Minister Carlos Leitão was questioned by the opposition on when the bill is expected to be tabled. He replied that he aims to table the bill later in the current session, which ends June 16.
To make the AMF more effective
One Member of the National Assembly (MNA) questioned the Minister on whether Quebec’s Self-Regulatory Organization for financial advisors – the Chambre de la sécurité financière, and the Chambre de l’assurance de dommages (an SRO for general insurance agents, brokers and adjusters) – would be integrated into the financial sector regulator, the Autorité des marchés financiers. (AMF). Minister Leitão confirmed that he is considering this move.
“We want to make the AMF more effective as a regulator. It would be desirable that this integration happens… The objective is not to cause turmoil to save money. We want the AMF to provide a better framework and give it the latitude it needs to carry out its role,” said the Minister.
The AMF is ready
Louis Morisset, President and CEO of the AMF, was in attendance during the debate. He said the regulator is ready to take on this integration if the government decides on this path.
After tabling the omnibus bill, does the government intend to hold new consultations? asked an MNA.
Minister Leitão replied, “There are has already been a great deal of consultation and we received many submissions. The positions of various industry bodies are well known. We’ll see. The industry has been amply consulted. There won’t be any big surprises in this bill.”