Alert:
A nationwide postal strike or lockout began on November 15, 2024. Dealer Members must take steps to ensure that document delivery requirements prescribed under CIRO Rules continue to be met.
Mutual Fund Dealers — Québec
Information concerning mutual fund dealers registered in Québec.
Mutual fund dealers registered in Québec must become members of CIRO by January 1, 2023. Dealers registered as mutual funds dealers (MFD) as at December 31, 2022 automatically become members of CIRO, with no additional formality, as soon as the Recognition Order takes effect.
More information regarding the Autorité des marchés financiers (AMF) plan for transitioning the oversight of mutual fund dealers in Québec can be found on the AMF website.
Mutual fund dealers registered in Québec benefit from a transition period (“transitional phase”) in order to integrate their Québec activities under CIRO. CIRO’s regulatory requirements, with the exception of the rules necessary to ensure its smooth functioning, will not apply to the dealers’ activities in Québec during this period.
The AMF will continue to supervise the mutual fund dealers registered in Québec during the transitional phase.
Recognition of CIRO by the AMF will not alter the mandate, functions and powers of the Chambre de la sécurité financière (“CSF”) as stated in the Act respecting the distribution of financial products and services, CQLR c. D-9.2.
The Autorité des marchés financiers (AMF) published on July 11, 2024 section 7.1 of the Bulletin de l’Autorité, the implementation of the delegation of powers regarding compliance examinations of mutual fund dealers vol21no27_7-1.pdf (lautorite.qc.ca). This delegation will allow the cycle of compliance examinations for the mutual fund dealers with a head office in Quebec, by the CIRO staff in-Montreal. This is an important milestone for the mutual fund industry in Quebec and the result of continued collaboration with the AMF.