The Autorité des marchés financiers (AMF) and the government of Quebéc announced the approval of delegation of powers to the Canadian Investment Regulatory Organization (CIRO). As described in our May 2022 bulletin, it had already been contemplated that all mutual fund dealers in Québec would become members of CIRO. They would be transitioned to CIRO in two phases where membership was effective as of January 1, 2023, but not subject to CIRO rules except for its operating rules until a later date. This delegation of powers is one of the first steps in the permanent transition, which will result in CIRO as the organization to register dealing representatives of mutual fund dealers in the province and administer compliance examinations. The timing of the implementation of this delegation of powers has yet to be announced but will include a transition period to allow mutual fund dealers registered in Québec to make changes to their systems for their integration into CIRO's platform.
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