Regulatory Alerts2019-06-19
AMF Notice on Guidelines Following June 13, 2019 Statutory Amendments
The Autorité des marchés financiers (AMF) issued this notice to align its regulatory guidelines with the June 13, 2019 coming into force of the Insurers Act, Trust Companies and Savings Companies Act, and Deposit Institutions and Deposit Protection Act amendments. These legislative changes grant the AMF explicit authority to establish guidelines, which remain fully valid but require updated statutory cross-references to reflect repealed or amended provisions as of the effective date. The AMF will systematically revise all existing guidelines to incorporate these legislative updates and narrow their application by excluding portfolio management companies controlled by insurers.
[Translation] Guidelines On June 13, 2019, the Insurers Act,1 the Trust Companies and Savings Companies Act2 and amendments made to the Deposit Institutions and Deposit Protection Act3 came into force. These statutes determine the enforcement and other powers, including the power to establish guidelines, of the Autorité des marchés financiers (the “AMF”). The Act respecting financial services cooperatives4 also gives the AMF the power to establish guidelines for financial services cooperatives.5 The new statutes and amendments that came into force do not affect the validity of the AMF’s existing guidelines. These will remain in effect as if they had been established under the new provisions. That said, for all guidelines currently in effect, until such time as they are updated, a reference to any Act that has been repealed or amended or to any of its provisions must be read as a reference to that Act in effect on June 13, 2019 or to any of its provisions.6 The legislative amendments also modify the scope of the guidelines, which, as of June 13, 2019, no longer apply to portfolio management companies controlled by an insurer. Lastly, as part of its ongoing initiative to make its guidelines more user-friendly, the AMF will review all changes resulting from these legislative amendments and make any necessary adjustments to ensure that all guideline content properly reflects the new provisions. Additional Information Additional information is available from the AMF Information Centre: Québec City: 418-525-0337 Montréal: 514-395-0337 Toll-free: 1-877-525-0337 Fax: 418-647-9963 www.lautorite.qc.ca June 13, 2019 1 S.Q., 2018, c. 23, s. 3. 2 S.Q., 2018, c. 23, s. 395. 3 Sections 345 to 368, 369 and 370 to 372, paragraph 1 of section 373, sections 375, sections 377 to 381, section 382 except for paragraph 11, and sections 383 to 389 and 391 of the Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (S.Q. 2018, c. 23), which are now in force, amend the Deposit Insurance Act (CQLR, c. A-26). The Deposit Insurance Act has been renamed and is now called the Deposit Institutions and Deposit Protection Act. 4 CQLR, c. C-67.3. 5 Section 565.1, CQLR, c. C-67.3. 6 S.Q. 2018, c. 23, s. 811.