Mutual Fund Dealers — Québec

Information concerning mutual fund dealers registered in Québec

CIRO is pleased to be given additional regulatory functions and powers for mutual fund dealer representatives in Québec, following the sanction of Bill 16 by the Québec government, as communicated by the Autorité des marchés financiers (AMF).

CIRO membership has been mandatory for all mutual fund dealers registered in Québec since January 1, 2023. Dealers registered as mutual funds dealers as at December 31, 2022, automatically became members of CIRO, with no additional formality, as soon as the Recognition Order took effect.

We continue to work closely with the AMF and the Chambre de l’assurance to ensure a smooth transition for all mutual fund dealers’ activities and their representatives. This transfer of functions and powers will take effect by July 4, 2026. It supports a consistent and harmonized approach to regulation, in line with the evolving needs of investors and dealers across Canada, while maintaining investor protection

We will communicate with dealer members to ensure any operational impacts are clear and transparent.

CIRO will provide updates to this page as more information becomes available.

For more information visit the Autorité des marchés financiers.

CIRO membership has been mandatory for all mutual fund dealers registered in Québec since January 1, 2023. Dealers registered as mutual funds dealers as at December 31, 2022, automatically become members of CIRO, with no additional formality, as soon as the Recognition Order takes effect.

More information regarding the Autorité des marchés financiers (AMF) plan for transitioning the oversight of mutual fund dealers in Québec can be found on the AMF website.

Mutual fund dealers registered in Québec benefit from a transition period (“transitional phase”) in order to integrate their Québec activities under CIRO. CIRO’s regulatory requirements, with the exception of the rules necessary to ensure its smooth functioning, will not apply to the dealers’ activities in Québec during this period.

The AMF will continue to supervise the mutual fund dealers registered in Québec during the transitional phase.

Recognition of CIRO by the AMF has not altered the mandate, duties and powers of the Chambre de la sécurité financière (“CSF”) as stated in the Act respecting the distribution of financial products and services, CQLR c. D-9.2.

The AMF published a notice on July 11, 2024, in section 7.1 of its Bulletin vol21no27_7-1.pdf (lautorite.qc.ca), on the implementation of the delegation of powers regarding examinations of mutual fund dealers. The AMF also published a notice on June 26, 2025, in section 7.1 of its Bulletin, regarding the effective date of the delegation of related powers, particularly the registration of mutual fund dealers and of individuals acting on their behalf. With that delegation of powers, CIRO staff in Montréal can now handle the compliance examination cycle for mutual fund dealers whose head offices are in Québec and process registration applications for all mutual fund dealers in Québec and for individuals acting on their behalf. These are important milestones for the mutual fund industry in Québec and are the result of continued collaboration with the AMF.