The Chambre de l’assurance recognition order and consequential changes to the Canadian Investment Regulatory Organization’s recognition order both came into force on July 4.
The Chambre recognition order took effect in line with the Act to amend various provisions mainly with respect to the financial sector (Law 16). It is part of a wider initiative to update how Quebec’s financial sector is regulated in alignment with Law 16.
The recognition also sets an agile, resilient oversight framework that boost key Chambre dimensions particularly on governance matters.
“The coming into effect of these orders is a decisive step toward further simplifying and harmonizing regulation of the financial sector while maintaining public protection,” said Yves Ouellet, Autorité des marchés financiers’ president and CEO, in a statement.
Chambre president and CEO Chantal Lamoureux added that the order would “allow the Chambre to operate in a spirit of transparency, agility and collaboration.”
Meanwhile, the CIRO recognition order changes would collectively shift the responsibility for mutual fund dealer representatives to CIRO and the responsibility for scholarship plan dealer representatives to the AMF.
“We are honoured to expand our involvement in the regulatory oversight of mutual fund representatives in Québec. With today’s announcement, we have created greater regulatory clarity and a single point-of-contact for mutual fund dealers and their representatives, which will ultimately serve to protect investors in Québec,” said Andrew Kriegler, CIRO’s president and CEO.
Chapter I of Law 16 took effect in July 2025, updating the regulation of Quebec’s financial sector. The Chambre was born of the merger between the Chambre de la sécurité financière and the Chambre de l’assurance de dommages.
The Chambre assumes the CSF and ChAD’s public protection mission; however, Law 16 necessitated the transfer of the functions and powers related to mutual fund dealer representatives and scholarship plan dealer representatives.
The AMF regulates activities in the insurance, securities and derivatives, financial products and services distribution, deposit institutions, mortgage brokerage, and credit assessment sectors. The Chambre supervises the continuing education requirements, ethics, and professional discipline of life and health representatives, group insurance representatives, financial planners (ethics and discipline), damage insurance agents, damage insurance brokers, and claims adjusters.
CIRO supervises all investment dealers, mutual fund dealers, and trading activity on Canada's debt and equity marketplaces.