Canada: Quebec Introduces Much Anticipated Bill 141 To Revise Framework For Quebec Financial Sector

On October 5, 2017, Quebec's Minister of Finance Carlos Leitão (Minister) introduced Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (Bill) in the National Assembly, a much anticipated omnibus bill that is meant to improve the framework of Quebec's financial sector and strengthen consumer protection.

The Bill proposes significant and targeted amendments to 14 different laws in order to update and modernize the framework applicable to Quebec's financial sector. It also proposes corresponding amendments to almost 50 other laws.

This bulletin provides a summary of the main legislation impacted and the key points of the Bill. The Blakes Financial Services Regulatory group is currently performing an in-depth analysis of Bill 141 in order to provide insight into the Bill's impact on businesses. Additional information will be made available in the following weeks on specific subject matters covered by the Bill.


The Bill follows the public consultation process that the Minister started in June 2015, after he tabled four reports on Quebec's financial sector framework at the National Assembly (the Report on the Application of the Act respecting the distribution of financial products and services; the Report on the Application of the Real Estate Brokerage Act; the Report on the Application of the Derivatives Act; and the Report on the Act respecting the Caisse de dépôt de placement du Québec) (Reports) and invited interested parties to provide comments on the proposals set out in the Reports. Certain proposals, including the proposal to regulate the distribution of insurance products over the internet and eliminate the Chambre de la sécurité financière and the Chambre de l'assurance de dommages (collectively the Chambres), generated strong reactions from industry stakeholders — the Minister received close to 400 briefs during the consultation process.

The Bill was expected to be introduced by the legislative 2016 calendar's year-end, but was delayed by the general strike of the Quebec government lawyers and notaries. At the end of the spring's parliamentary session, the Minister indicated that the Bill would be introduced early in fall 2017.


The Bill proposes to replace the Act respecting insurance with the Insurers Act and the Act respecting trust companies and savings companies with the Trust Companies and Savings Companies Act. Once the Bill is passed, the proposed Insurers Act will govern the supervision and control of insurance business and the activities of licensed insurers in Quebec. The legislation governing trust and loan companies, which has been renamed Trust Companies and Savings Companies Act, has been entirely redrafted to be better harmonized and aligned with the proposed amendments set out in the new Insurers Act.

The Bill further proposes substantial amendments to the Act respecting financial services cooperatives and the Deposit Insurance Act (renamed the Deposit Institutions and Deposit Protection Act). The Act respecting financial services cooperatives is amended to, among other things, specify the rules for organizing a network of financial services cooperatives and those for the issuance of their capital shares and investment shares; provide for the continuation of financial services cooperative constituted under the laws of another jurisdiction under the Act; grant federations special powers regarding member credit unions' activities; and add a chapter on the Groupe coopératif Desjardins, which will replace the Act respecting the Mouvement Desjardins. The proposed amendments to the deposit insurance legislation include a proposal to govern the supervision and control of deposit-taking business and the activities of licensed deposit-taking institutions in Quebec.


The Bill includes amendments to the following legislations: the Civil Code of Quebec, the Automobile Insurance Act, an Act respecting the Autorité des marchés financiers (renamed Act respecting the regulation of the financial sector), the Professional Code, the Real Estate Brokerage Act, the Act respecting the distribution of financial products and services, the Money-Services Businesses Act, the Derivatives Act and the Securities Act.

The amendments that have attracted the most media coverage since the Reports were initially tabled by the Minister are those that propose:

  • To allow and provide a framework for the direct distribution of insurance products over the internet by licensed insurers (Insurers Act and Act respecting the distribution of financial products and services); and
  • To eliminate and transfer the responsibilities of certain self-regulating bodies (i.e., the Chambres) that currently have jurisdiction over the professional conduct, discipline and continuing legal education of licensed representatives that distribute various types of financial products (insurance, mutual funds and scholarship plans) and provide financial planning services in Quebec over to the Autorité des marchés financiers (AMF) (Act respecting the distribution of financial products and services).

In addition to the transfer of jurisdictions from the Chambres to the AMF, there are also amendments that are meant to clarify and consolidate the AMF's role as the sole regulator of Quebec's financial services industry. These amendments propose:

  • To define the concept of "real estate contract" to clarify the scope of the Real Estate Brokerage Act and transfer the jurisdiction of the supervision and control of mortgage brokerage from the Organisme d'autoréglementation du courtage immobilier du Québec to the AMF (Real Estate Brokerage Act and Act respecting the distribution of financial products and services)
  • To establish the "Comité consultatif des consommateurs de produits et utilisateurs de services financiers" within the AMF and update the rules applicable to the Financial Markets Administrative Tribunal (Act respecting the regulation of the financial sector).

Finally, other amendments introduce requirements to address new business realities, mostly to improve the protection of Quebec consumers. This set of proposals includes:

  • Requirements to provide an insurer with information regarding an individual's automobile driving experience when applying for, or renewing, automobile insurance coverage (Automobile Insurance Act)
  • The requirement for the AMF to obtain updated security clearance reports from the Quebec police force on each licensed money-services business every three years (Money-Services Businesses Act)
  • The addition of derivatives trading platforms as regulated entities under the Derivatives Act
  • The possibility to distribute funeral insurance policies and the inclusion of requirements specific to this type of insurance product (Civil Code of Quebec and Act respecting prearranged funeral services and sepultures)
  • Additional protections for whistleblowers who disclose breaches of financial sector legislation (Act respecting the regulation of the financial sector)
  • The definition of the role, functions and powers of the board of directors of a professional order and its professional liability insurance decision-making committee regarding the order's insurance business and, if applicable, insurer activities (Professional Code).


The government house leader has not yet indicated if Bill 141 will be subject to parliamentary committee review. Considering that there was extensive public consultation prior to the Bill's introduction, the house leader may choose to skip this step of the legislative process and, after the Bill has been passed in respect of its principle, move the Bill directly for adoption (commonly referred to as "third reading") by the National Assembly. The Bill is therefore expected to be adopted in its final form by the end of the 2018 spring parliamentary session, in time before the next election call, which is tentatively scheduled for October 2018.

Once Bill 141 is adopted, stakeholders will need to carefully monitor and watch for the release of various draft regulations to be in a position to prepare and present the Minister with comments. Various regulations will need to be enacted to implement the different measures provided in each of the legislation impacted by the Bill.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Events from this Firm
26 Oct 2018, Other, Vancouver, Canada

Cybersecurity, including data privacy and security obligations, has become a critical chapter in every company’s risk management playbook.

30 Oct 2018, Other, Toronto, Canada

Please join us for discussions on recent updates and legal developments in pension and employee benefits as well as employment law issues.

12 Nov 2018, Other, Toronto, Canada

Stories aren’t falsehoods. Stories are the root of all effective human communications: they motivate, animate and clarify. If you aren’t telling stories, you probably aren’t getting your point across.

Similar Articles
Relevancy Powered by MondaqAI
In association with
Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions