Quebec revises financial sector regulations to align with other Canadian provinces' rules and regulations
As of June 4, 2025, several provisions of the Act amending various provisions primarily in the financial sector have come into force. This Act, part of a broader, coherent initiative by the Canadian Securities Administrators, aims to harmonise Quebec's financial sector laws with those of other Canadian jurisdictions.
Key Changes
The Regulation respecting complaint processing and dispute resolution in the financial sector is the centrepiece of the changes. This regulation, which came into force on July 1, 2025, establishes a standardised and harmonised framework for handling consumer complaints by financial institutions, intermediaries, and credit assessment agents in Quebec.
Changes Affecting the Autorité des marchés financiers (AMF)
The AMF's role is strengthened by granting it oversight over complaint processing procedures. Financial firms are now required to submit annual statistics on complaints to the AMF, enhancing its capacity for sector-wide monitoring and transparency. Consumers dissatisfied with the handling of their complaints can escalate matters to the AMF for further review, increasing the regulator's dispute resolution powers.
Changes Affecting Financial Sector Participants
Institutions must formally acknowledge receipt of any consumer complaint within specified timeframes. They are required to maintain an internal file documenting each complaint, actions taken, and outcomes. A final decision on a complaint must generally be issued within 60 days of receipt. They must comply with new reporting obligations, including providing the AMF with data on complaint volumes and outcomes annually.
These requirements promote consistency, transparency, and accountability in complaint handling across the financial sector. The AMF benefits from greater oversight powers and data-gathering abilities, reinforcing its mandate to maintain a dynamic, transparent, and trustworthy financial system in Quebec. Financial sector participants face more rigorous procedural and reporting obligations, designed to improve consumer protection and ensure fair treatment.
Impact Summary
The regulation aligns with international best practices and stakeholder consultations and is part of the AMF’s 2025–2029 Strategic Plan aimed at enhancing the consumer experience in Quebec’s financial marketplace. The Act’s primary effect has been to standardise consumer complaint handling, enhance transparency and accountability among financial institutions, and extend the AMF’s supervisory and enforcement role in these matters.
In addition, the Act subjects businesses offering securities trading services, particularly those dealing with cryptoassets, to the Securities Act framework even if they do not qualify as exchanges. The AMF's recognition is deemed to have been granted for the Chambre de l'assurance to act as a self-regulatory organization. The Act removes all provisions related to the CSF and the ChAD from the ARDFPS, merging these two organizations into a single entity called the Chambre de l'assurance.
The CSA intend to work collaboratively to develop the legal framework applicable to trading platforms. The creation of the Chambre de l'assurance is part of the changes to the laws administered by the AMF. The new Chambre de l'assurance is established under Part III of the Companies Act.
Sources: [1] Autorité des marchés financiers. (2025). Bulletin d'actualités - Loi modifiant diverses dispositions principalement dans le secteur financier. Retrieved from https://www.lautorite.qc.ca/en/newsroom/bulletins/bulletin-dactualites-loi-modifiant-diverses-dispositions-principalement-dans-le-secteur-financier
[2] Canadian Securities Administrators. (2025). Act amending various provisions primarily in the financial sector. Retrieved from https://www.securities-administrators.ca/en/act-amending-various-provisions-primarily-in-the-financial-sector/
- The changes in the financial sector, such as the Regulation respecting complaint processing and dispute resolution in the financial sector, are primarily focused on business areas, like banking, investments, and insurance, aiming to harmonize complaint handling procedures across these sectors in Quebec.
- As per the Act amending various provisions primarily in the financial sector, businesses offering securities trading services, including those dealing with cryptoassets, will now be subject to the Securities Act framework, aligning with more robust regulations and supervision by the Autorité des marchés financiers (AMF).
