A new Quebec regulatory body created last year, the Chambre de l’assurance, has assumed supervision of life and health insurance advisors, property and casualty insurance reps and brokers, and financial planners in the province. It officially became a recognized self-regulatory organization (SRO) on Friday, triggering the transfer of supervisory responsibilities announced under Bill 92, passed by the Quebec government last June.
Meanwhile, effective July 4, the Canadian Investment Regulatory Organization (CIRO) will assume responsibility for overseeing Quebec mutual fund dealer representatives, in line with other major jurisdictions. Representatives of scholarship plan dealers will now be supervised directly by the Autorité des marchés financiers (AMF).
“The coming into force of these decisions marks an important step toward a simpler and more harmonized regulatory framework for the financial sector, while maintaining investor protection,” Yves Ouellet, president and chief executive officer of the AMF, said in a statement. The AMF approved the new regulatory structure in April 2026.
CIRO will also become responsible for the continuing education requirements of mutual fund dealer reps as of July 4. Course accreditation and the administration of continuing education records will now be handled through its systems.
Responsibility for complaint handling, case assessments, investigations and disciplinary decisions involving the conduct of representatives has also been transferred to CIRO. The self-regulatory organization (SRO) will assume responsibility for ongoing files and matters involving alleged misconduct that occurred before July 4, 2026.
To preserve the independence of the disciplinary process, CIRO has established a mechanism that separates investigative functions from decision-making responsibilities, said Alexandre Bardoux, CIRO’s regional director of regulation for Quebec and Atlantic Canada.
Bill 92 streamlined Quebec’s financial sector framework, merging two of the province’s SROs — the Chambre de la sécurité financière (CSF), which previously oversaw mutual fund reps, financial planners and life and health insurance reps, and the Chambre de l’assurance de dommages (ChAD), which was responsible for property and casualty insurance representatives. It transferred the supervision of mutual fund reps to CIRO, and the rest to a new organization, Chambre de l’assurance.
When the bill was passed last year, however, industry groups complained that it had been rushed through, without adequate consultation from either the province or the AMF.
Chantal Lamoureux, president and CEO of the Chambre de l’assurance, said she welcomed the opportunity to carry out the organization’s mandate “with transparency, agility and collaboration.”
In a statement, CIRO president and chief executive officer Andrew Kriegler said the change provides greater regulatory clarity for mutual fund dealers and their representatives, who will now deal with a single regulator. He also highlighted the collaboration between the AMF, the Chambre and CIRO, which allowed the transition to be completed on schedule.
The Chambre de l’assurance was created in July 2025 through the merger of the CSF and ChAD. According to its first activity report, covering the period from July 4 to Dec. 31, 2025, the organization temporarily combined the boards of the two predecessor organizations and established a transition committee to oversee the integration.
This story originally appeared in our French language sister publication Finance et Investissement and has been translated.