Québec Mutual Fund Dealers

This page is intended to help Mutual Fund Dealers (MFDs) in Québec understand the transition of regulatory responsibilities to CIRO and respond to questions from their representatives about the transition of supervision to CIRO on July 4, 2026.

Representatives at dealers should contact the dealer with respect to any question on CE requirements, their credits, accreditation or system issues.

CIRO wants to support you and your firm by ensuring transparent communication. We also appreciate that you are likely receiving questions from your representatives about this transition. To the extent you have received inquiries, or will receive inquiries, Dealers are encouraged to communicate what the anticipated changes mean for their Mutual Fund Dealer representatives (MFDRs) directly with representatives as the impacts vary according to business model.

Nevertheless, we are mindful that Quebec MFDRs are accustomed to communicating directly with their regulator, so we have prepared this material to help you respond to queries from your team.

We’ve taken key steps to ensure a smooth transition of regulatory responsibilities from the Chambre de l’assurance (Chambre) (formerly la Chambre de la sécurité financière or CSF) and the Autorité des marchés financiers (AMF) to CIRO through an exemplary tripartite collaboration with these regulators.

Further, to ensure direct communication with Dealers, we have held a regular cadence of live information sessions on key topics pertinent to the transition—from Continuing Education (CE) and Fees to ComSet and Enforcement. Those webinar recordings are available to Chief Compliance Officer at our Dealers upon request to [email protected]. We have also prepared materials that you can download and share internally with your representatives and team.

Representatives at dealers should contact the dealer with respect to any question on CE requirements, their credits, accreditation or system issues.

CIRO Facts for Québec Mutual Fund Dealer Representatives

Background and Context

July 2026 marks a significant milestone for CIRO and for MFDs in Québec. Following regulatory transformations first announced as part of Bill 92 and then realized as Act 16, these changes aim to simplify the regulatory landscape by creating a single oversight body for MFDs and MFDRs. While these changes may appear to have come fast, they represent the final phase of the integration of the mutual fund sector in Québec which has been underway for three and a half years.

This harmonization will entail transferring mutual fund regulatory responsibilities from the Chambre (CSF/ ChAD) to CIRO, creating a single regulatory point of contact for mutual fund oversight starting July 2026. At that time, CIRO becomes responsible for regulating MFDRs with respect to the following:

Continuing Education
- Recognizing CE activities
Complaints
Enforcement (Investigations and Disciplinary Proceedings)
Fees

MFDRs and MFDs do not need to take any action at this time. Until July 4, 2026, the current regulatory framework in place at the Chambre remains fully applicable.

Recent information provided by the Autorité des marchés financier is available here. Recent information provided by the Chambre de l’assurance is available here.

More information about each of these topics as it pertains to representatives is outlined below.

Continuing Education

As of July 4, 2026, CIRO assumes oversight of continuing education (CE) for Mutual Fund Dealer representatives (MFDRs). This oversight includes monitoring compliance with CE requirements, processing of continuing education exemption requests, and recognition or accreditation of continuing education activities.

Dealers are responsible for ensuring that their representatives subject to CE requirements comply with the applicable requirements. Dealers should communicate the information below regarding requirements applicable to MFDRs to their representatives and support them with any questions they may have.

CIRO will maintain the current CE cycle ending November 30, 2027. Subject to approval by the AMF, CIRO will maintain CE requirements for MFDRs that are equivalent to those currently in place at the Chambre, including the mandatory training activity developed and delivered by the Chambre and provided by it on the subject of compliance with standards, ethics and business conduct.

This CE Cycle MFDRs applicable framework remains the same in the following ways:

Total requirement of 30 Professional Development Units (PDU)
The allocation of units by subject area remains the same:
- 10 PDU in general subjects;
- 10 PDU in compliance standards, ethics or professional practice;
  - In every two reference periods, the representative must obtain 3 PDU related to a training activity developed by the Chambre;
- 10 PDU in mutual fund-specific subjects
The compulsory course in Compliance is maintained.
One CE unit corresponds to one hour of training.

Administrative Provisions

Exemptions are made for the first year of initial registration as a MFDR and for an absence due to illness or accident, or for family or parental reasons.

At the end of the CE cycle, a notice is issued in the event of non-compliance after the end of the reference period. PDUs completed during the reference period but not previously reported must be submitted within 20 days of receiving the non-compliance notice.

To ensure a smooth operational transition with minimal disruption to dealers and their registrants, CIRO has worked closely with the Chambre to continue to use its CE platform through this cycle for reporting requirements, access to information, and the training recognition framework.

More information will be available soon.

Recognition and Accreditation

As of July 4, 2026, CIRO will be responsible for assessing and recognizing CE activities intended for MFDRs. To reduce the impacts on applicants, CIRO is working with the Chambre to continue to use its CE platform for the listing of accredited CIRO CE courses.

Applications for these CE activities will need to be submitted through CIRO’s existing accreditation process. Where applicable, CIRO will list approved activities on the Chambre’s CE platform.

Furthermore, to facilitate the administration of CE requirements, CIRO and the Chambre are aiming at mutually accepting CE activities recognized or accredited by either party, after July 4, 2026 and listed on the Chambre platform, for the reference period ending November 30, 2027.

For questions about the accreditation process, dealers and course providers can contact [email protected].

More information will be available soon.

Complaints

Subject to approval by the AMF, MFDs in Québec will begin to report complaints and other events set in CIRO rules , specifically MFD Rules 2.11 and Rule 600 using the Complaints and Settlement Reporting System (ComSet) beginning July 4, 2026.

To access ComSet, CCOs will be invited to CIRO Services during the week of June 15, 2026. A User’s Manual for CIRO Services will be provided to assist with this initial step. Once in the CIRO Services platform, CCOs will be able to add administrative users to ComSet so that compliance and complaints team members at the dealer will be able to familiarize themselves with the platform in advance of the July 4, 2026, date when reporting can begin.

To assist with this transition, a live webinar on ComSet was held on May 25, 2025, and User Manuals for ComSet were circulated to CCOs shortly thereafter. These materials and recordings of the webinar are available upon request.

In July, CIRO will host another ComSet session aimed at answering any questions once dealers and their teams have had a chance to access the platform. CCOs should watch for this invitation and share it with their compliance and complaints teams as needed.

Enforcement

As of July 4, 2026, Enforcement activities relating to the conduct of MFDRs currently performed by the Chambre will be transferred to CIRO. CIRO will:

continue the Chambre’s investigations concerning MFDRs, in accordance with CIRO MFD Examinations and Investigations Rules (MFD Rule 6)
undertake investigations concerning MFDRs, in accordance with CIRO MFD Examinations and Investigations Rules, whether or not they relate to events prior to July 4, 2026
hear disciplinary matters concerning MFDRs, in accordance with CIRO MFD Discipline and Procedures Rules, whether or not they relate to events prior to July 4, 2026

Fees

CIRO operates on a cost recovery basis with the underlying principled objective of equity among dealer members.

With this transfer of functions and powers, and in order to ensure that fees are proportionate to the services provided, CIRO will be ending the transitional measures related to the fee model that have been in effect for Québec Mutual Fund Dealers since January 1, 2023.

We have published a Housekeeping Amendment to the Fee Model that clarifies the financial aspects of how the transition will be managed and the Annual Fee letter providing additional information in this regard was sent to Dealers in early April.

CIRO will no longer collect its main activity-based registration-related submission fees through the National Registration Database (CIRO NRD fees) for MFD Members operating in Québec, starting July 1, 2026.

The new responsibilities are registration for MFDs and MFDRs, MFDs examinations, and oversight of MFD representatives including CE and enforcement.

There are various components that inform our fee model, based on the business models and sizes of our dealer members. The Approved Person component, ($300 per AP), the Revenue component (revenue rate for the year X revenue (previous calendar year), the Minimum Fee *$5,000 - $15,000 based on member level and prorated for approval quarter. MFDs with greater than $1 billion in assets under administration may be subject to normalization to account for transfer pricing arrangements.

As of July 4, 2026, the fee calculation will reflect the full range of regulatory services provided, and will be offset by the removal of CIRO’s main activity-based registration-related submission fees collected through NRD.

These amendments ensure CIRO continues to operate on a cost-recovery basis, in compliance with its Recognition Orders and Guiding Principles.