A Brief History of the Transition

The AMF delegates powers for examinations of MFDs to CIRO. As a result of this delegation, CIRO has the delegated power to carry on examination of all its dealer members.

The AMF publishes 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.

In anticipation of CIRO being given additional regulatory functions and powers for mutual fund dealer representatives in Québec, by July 4, 2026, following the sanction of Bill 92 and Act 16 by the Québec government, as communicated by the Autorité des marchés financiers (AMF).

Work begins between CIRO, the AMF and the Chambre de l’assurance to ensure a smooth transition for all mutual fund dealers’ activities and their representatives with the announcement that this transfer of functions and powers will take effect by July 4, 2026.

Many of the changes that will become effective in July 4, 2026, were brought forward through formal and informal consultations by CIRO, the AMF or the Chambre. The changes demonstrate a regulatory framework that is responsive to the industry, reduces regulatory burden, and creates efficiencies all while protecting investors. The aim is to support a consistent and harmonized approach to regulation, in line with the evolving needs of investors and dealers across Canada, while maintaining investor protection.

Amendments proposed by the AMF 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.

The AMF publishes amendments 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.

The AMF announced the implementation of changes to CIRO's recognition order effective July 4, 2026.

With this announcement, the AMF has 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.