News Release

CFIQ Makes Submission to the AMF on New SRO

June 27, 2022 (Montreal) – The Conseil des fonds d’investissement du Québec (CFIQ) today filed its submission to the Autorité des marchés financiers (AMF) in response to the Canadian Securities Administrators (CSA) Staff Notice and Request for Comment 25-304 – Application for Recognition of New Self-Regulatory Organization and Request for Comment 25-305 – Application for Approval of the New Investor Protection Fund.

“CFIQ appreciates the measures that the AMF has proposed to ensure the Quebec investment funds industry makes a smooth transition to the New SRO,” said Eric Hallé, Chair of the CFIQ Board of Governors. “We believe that in order to remain competitive in today’s environment, dealers that operate in Quebec should fully benefit from the efficiencies that are expected from the creation of the New SRO.”

In its submission, CFIQ made a number of Quebec-specific recommendations, including:

• Coordination between AMF, New SRO and Chambre de la sécurité financière (CSF) to avoid duplication of tasks.
• Invoice Quebec dealers’ total annual fees to the New SRO based on the same formula as the dealers outside Quebec; establish a revenue sharing agreement between New SRO and CSF to compensate the CSF for its oversight services.
• Further consultation related to investor protection funds, with the end goal of a harmonized approach to investor protection.
• Maintain status quo related to complaint handling until mutual fund dealers fully transition to the New SRO.

The Investment Funds Institute of Canada (IFIC) has also made a submission to the CSA on the same consultation.

About CFIQ

CFIQ is the Quebec voice of The Investment Funds Institute of Canada (IFIC). IFIC brings together approximately 150 organizations, including fund managers and distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information:

Pira Kumarasamy
Senior Manager, Communications and Public Affairs
pkumarasamy@ific.ca
416-309-2317