Recognition order splits regulatory duties between CIRO and AMF from now on
Quebec's financial services regulatory landscape shifted at the end of last week as authorities confirmed a new oversight body would formally take charge under provincial law.
The recognition order for the Chambre de l'assurance, the newly merged professional body overseeing insurance and financial planning practitioners in the province, took effect on July 4, 2026, the Autorité des marchés financiers (AMF) announced.
The move stems from the Act to amend various provisions mainly with respect to the financial sector, known as Law 16.
Alongside the Chambre's recognition, corresponding changes to the Canadian Investment Regulatory Organization's (CIRO) own recognition order come into force on the same date.
Together, the two sets of changes reassign supervisory duties for mutual fund dealer representatives to CIRO, while responsibility for scholarship plan dealer representatives moves to the AMF.
Regulators described the shift as part of a broader push to streamline oversight of Quebec's financial sector while strengthening the Chambre's governance structure and giving it more flexibility to respond to change.
Coordinated effort
Yves Ouellet, the AMF's president and CEO, characterized the coming into force of the orders as a meaningful milestone.
"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," he said. "AMF, Chambre and CIRO staff have been fully engaged for the past few months and will continue to work closely together to ensure a smooth transition," he added.
CIRO's president and CEO, Andrew Kriegler, welcomed the organization's expanded role overseeing mutual fund representatives in the province.
"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. I want to commend the many departments at the AMF, the Chambre and CIRO, who have modelled an exemplary form of collaboration, moving quickly to solve challenges and get to the desired outcome—a smooth transition for the industry," he stated.
Background on the restructuring
The changes trace back to Chapter I of Law 16, which took effect in July 2025 and reshaped financial sector regulation across the province. That legislation created the Chambre de l'assurance through a merger of two existing bodies, the Chambre de la sécurité financière and the Chambre de l'assurance de dommages.
While the new Chambre continues the public protection mandate previously held by its two predecessor organizations, Law 16 required certain functions tied to mutual fund dealer representatives and scholarship plan dealer representatives to move elsewhere, setting up the handoffs that take effect this week.
The Chambre oversees continuing education, ethics and professional discipline for a range of practitioners, including life and health representatives, group insurance representatives, damage insurance agents and brokers, and claims adjusters, along with ethics and discipline matters for financial planners. CIRO, meanwhile, remains the national self-regulatory body responsible for investment dealers, mutual fund dealers and trading activity across Canada's debt and equity markets.
