CIRO receives delegation of powers for mutual fund dealers in Quebec

Montreal – October 5, 2023, The Quebec government and the Autorité des marchés financiers (AMF) have approved a delegation of powers to the Canadian Investment Regulatory Organization (CIRO).

The delegation of powers allows CIRO to act as the organization that will register dealing representatives of mutual fund dealers as well as conduct compliance examinations for mutual fund dealers with activities in Quebec as is the case for investment dealers. This new responsibility represents a new milestone in the harmonization of the regulatory and operational framework across Canada.

“This delegation will increase consistency and efficiency in the delivery of regulation in Quebec, which is to the benefit of Quebecers and the Quebec financial services industry,” said Claudyne Bienvenu, Vice-President, Quebec and Atlantic Canada, CIRO. We look forward to working with the AMF and the new member firms in smoothly transferring oversight to CIRO in Montreal.”

CIRO and the AMF will work together on a timeline for implementation of the delegation of powers. Moreover, there will be a transition period for mutual fund dealers registered in Québec to allow them to make the necessary changes to their systems for their full integration into CIRO’s platform. 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.

“I want to thank the Quebec government and the AMF for their continued leadership and for supporting harmonized and efficient regulation, and for their trust and confidence in us,” said Andrew Kriegler, President and CEO, CIRO. We look forward to our continued work with the rest of our provincial and territorial regulator colleagues, and their respective governments to be able to bring the same efficiencies to consumers and the industry across Canada.”