The Government of Québec has approved the delegation of certain functions and powers of the Autorité des marchés financiers (AMF) to the Canadian Investment Regulatory Organization (CIRO), following the legal framework set out in the Act respecting the Regulation of the Financial Sector.

According to section 59 of this Act, entities whose objectives align with the mission of the AMF may be recognized as self-regulatory organizations (SROs) responsible for supervising activities governed by laws listed in the Act. Furthermore, section 60 stipulates that only those entities formally recognized by the AMF may oversee the conduct of their members or participants regarding such activities in Québec. Section 61 allows the AMF to delegate some or all of its legislated functions and powers to a recognized organization, subject to government approval unless the delegation relates to exchanges or clearing houses specifically exempted under certain provisions of the Derivatives Act or Securities Act.

In line with this legal authority, the AMF initially recognized the CIRO as a self-regulatory organization in Québec by decision No. 2022-PDG-0050 on November 14, 2022, which was later revised through decision No. 2023-PDG-0025 dated May 12, 2023. Subsequently, the AMF delegated certain of its functions and powers to the CIRO, originally by decision No. 2023-PDG-0031 on June 8, 2023, which was approved by governmental Order No. 1455-2023 on September 20, 2023. This delegation has since been revoked and replaced with a new delegation under decision No. 2025-PDG-0024A, dated March 21, 2025. The updated delegation particularly pertains to the oversight of legal persons operating as investment dealers, mutual fund dealers, or derivatives dealers who are either current members of CIRO or applicants seeking membership. It also includes registrants who are natural persons acting on behalf of such dealers in the course of their regulated activities.

This new delegation reaffirms the Government’s support for CIRO’s role in regulating Québec’s financial sector, reinforcing the self-regulatory framework that enables industry participants to be monitored effectively under the guidance of a recognized and qualified organization. The delegation is intended to ensure a streamlined and consistent regulatory environment across jurisdictions while maintaining the integrity and oversight functions essential to investor protection and market confidence. It reflects the ongoing efforts by the AMF and the Ministry of Finance to adapt regulatory responsibilities to evolving industry structures and to foster efficient cooperation with national regulatory bodies. As such, on the recommendation of the Minister of Finance, the Government has formally approved the delegation as set out in decision No. 2025-PDG-0024A, thereby authorizing CIRO to carry out these supervisory functions in accordance with the conditions determined by the AMF.

Quebec (523-2025) April 16, 2025
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