Mutual Fund Dealers — Québec

Update: Thursday April 9, 2026

The Autorité des marchés financiers (AMF) has published an amendment to CIRO’s recognition order transferring supervision of mutual fund dealer representatives in Québec to CIRO, from the Chambre de l’assurance (formerly the Chambre de la sécurité financière), as of July 4, 2026.

Fee Model Update

CIRO operates on a cost-recovery basis. Mutual Fund Dealers (MFDs) operating in Québec benefited from reduced fees proportionate to regulatory services offered during the transition period. Since by July 4, 2026, CIRO will be performing all regulatory services to MFDs and their representatives operating in Québec, CIRO is amending its Fee Model to end the transitionary measures described in Appendix C for MFDs operating in Québec effective July 1, 2026. Appendix C will be removed to reflect this.

Starting also on July 1, 2026, CIRO will no longer collect its main activity-based registration-related submission fees through the National Registration Database for MFDs operating in Québec.

Read more in the Housekeeping Amendments to the Fee Model bulletin.

Update: Friday February 27, 2026

CIRO continues to work closely with the Autorité des marchés financiers (AMF) and the Chambre de l’assurance (Chambre) to assume new regulatory responsibilities including for Continuing Education (CE) and Enforcement functions. We are committed to ensuring a smooth transition and to minimizing impact for all mutual fund dealers’ activities and that of their registrants, as well as other industry participants.

The amendments proposed by the AMF yesterday will provide transitional provisions required for mutual fund dealer representatives in Québec to become approved persons within the meaning of the Mutual Fund Dealer Rules of CIRO.

Many of the upcoming changes were brought forward through formal and informal consultations by CIRO, the AMF or the Chambre. The changes we will implement in the coming months demonstrate a regulatory framework that is responsive to the industry, reduces burden, and creates efficiencies all while protecting investors.

Recent information provided by the Autorité des marchés financier is available here: Act to amend various provisions mainly with respect to the financial sector (Law 16).

Recent information provided by the Chambre de l’assurance is available here.

Registrants do not need to take any action at this time.

CIRO will communicate information about the transition directly to our Dealer firms and their chief compliance officers who can, in turn, determine how best to communicate with their registrants, based on their own business models. CIRO will be issuing further information relating to the implementation of the changes.

Mutual Fund Dealer Representatives should contact their compliance department for more information or contact the Chambre or AMF with questions regarding the existing CE framework.

Continuing Education (CE)

We have received comments from stakeholders, and we are committed to addressing the issues raised, as we work towards increased efficiency for the industry. To that end, CIRO plans to maintain the current CE cycle ending November 30, 2027 and the existing MFDR CE requirements, and take the necessary steps to ensure a smooth operational transition with minimal disruption to dealers and their registrants.

Maintenance of the Current Requirements

Until November 30, 2027, subject to approval by the AMF, CIRO plans to maintain continuing education (CE) requirements for MFDRs that are equivalent to those currently in place at the Chambre. This includes:

• All CE credit requirements;
• Including the mandatory training activity developed and delivered by the Chambre and provided by it on the subject of compliance with standards, ethics or business conduct.

CE Cycle: December 1, 2025 – November 30, 2027

Ensuring a Smooth Operational Transition

CIRO is working to ensure a seamless transition for both MFDs and MFDRs, particularly with respect to:

• reporting requirements,
• access to relevant information,
• the accreditation framework.

Additional information will be provided as it becomes available.

Regime Applicable Until July 4, 2026

Until July 4, 2026, the current regulatory framework in place at the Chambre remains fully applicable.

Enforcement

It is anticipated that the investigation activities respecting MFDR currently performed by the Chambre will be transferred to CIRO, as of July 4, 2026. More information regarding Enforcement, Complaints and Investigations will be provided in advance of this date.

Further information about CIRO’s approach to complaint reporting, fees, technology and course accreditation will follow.

CIRO is pleased to be given additional regulatory functions and powers for mutual fund dealer representatives in Québec, following the sanction of Bill 16 by the Québec government, as communicated by the Autorité des marchés financiers (AMF).

CIRO membership has been mandatory for all mutual fund dealers registered in Québec since January 1, 2023. Dealers registered as mutual funds dealers as at December 31, 2022, automatically became members of CIRO, with no additional formality, as soon as the Recognition Order took effect.

We continue to work closely with the AMF and the Chambre de l’assurance to ensure a smooth transition for all mutual fund dealers’ activities and their representatives. This transfer of functions and powers will take effect by July 4, 2026. It supports a consistent and harmonized approach to regulation, in line with the evolving needs of investors and dealers across Canada, while maintaining investor protection

We will communicate with dealer members to ensure any operational impacts are clear and transparent.

CIRO will provide updates to this page as more information becomes available.

For more information visit the Autorité des marchés financiers.

CIRO membership has been mandatory for all mutual fund dealers registered in Québec since January 1, 2023. Dealers registered as mutual funds dealers 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 has not altered the mandate, duties 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 AMF published a notice on July 11, 2024, in section 7.1 of its Bulletin vol21no27_7-1.pdf (lautorite.qc.ca), on the implementation of the delegation of powers regarding examinations of mutual fund dealers. The AMF also published a notice on June 26, 2025, in section 7.1 of its Bulletin, regarding the effective date of the delegation of related powers, particularly the registration of mutual fund dealers and of individuals acting on their behalf. With that delegation of powers, CIRO staff in Montréal can now handle the compliance examination cycle for mutual fund dealers whose head offices are in Québec and process registration applications for all mutual fund dealers in Québec and for individuals acting on their behalf. These are important milestones for the mutual fund industry in Québec and are the result of continued collaboration with the AMF.