Le Lézard
Classified in: Business
Subject: CPG

Consultation on the Draft Regulations respecting mortgage brokerage


MONTRÉAL, Oct. 3, 2019 /CNW Telbec/ - The Autorité des marchés financiers (AMF) today published the Draft Regulations relating to mortgage brokerage supervision together with a notice and request for comment on them.

An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions, assented to on June 13, 2018, introduced a number of changes to the Act respecting the distribution of financial products and services (Distribution Act). In particular, the government will transfer mortgage brokerage supervision to the AMF on May 1, 2020. As of that date, mortgage agencies and mortgage brokers that are currently holders of a licence issued by the Organisme d'autoréglementation du courtage immobilier du Québec (Organization) will be required to carry on their activities in accordance with the Distribution Act and its regulations.

The AMF has chosen to apply the existing framework for the other sectors governed by the Distribution Act to mortgage brokerage. It is also proposing to add rules specific to this sector to take into account the sector's particular characteristics. The AMF is proposing to adopt the following regulations:

A notice and request for comment published with the Draft Regulations explains the rules respecting career entry, registration, professional development and the pursuit of mortgage brokerage activities. It also clarifies the process by which supervision of mortgage broker and mortgage agency activities will be transferred to the AMF.

The AMF's regulations applicable to mortgage brokerage will come into force on May 1, 2020. In preparation for the integration of this sector, the AMF is working with the Organization to facilitate the transfer.

Comment period 
Those interested in submitting comments regarding the Draft Regulations may do so before November 16, 2019.

Public information session
The AMF will hold a public information session to explain the key orientations of the Draft Regulations and to open a discussion with interested stakeholders. 

Date: Friday, October 18, 2019
Time: 9:30 a.m. to 12:45 p.m.
Location: Palais des congrès de Montréal 
The session will also be broadcast live over the Internet.

For details, please visit our website.

The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector.

Information:

Media only: 
Jean-Maurice Bouchard
514-395-0337, ext. 2347

Information Centre: 
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

Website: www.lautorite.qc.ca 
Twitter: @lautorite 
Linkedln: Autorité des marchés financiers (Québec)

 

SOURCE Autorité des marchés financiers


These press releases may also interest you

at 01:28
Embracer Group AB ("Embracer") and its subsidiaries have as previously communicated this morning entered into eight acquisition agreements (the Transactions").The Transactions improve the group's capabilities within mobile publishing and development,...

at 01:16
Embracer Group AB ("Embracer"), through its wholly owned subsidiary Saber Interactive[1] ("Saber"), has today entered into an agreement to acquire 100 percent of the shares in 3D Realms Entertainment ApS ("3D Realms"). 3D Realms, based in Aalborg,...

at 01:15
Embracer Group AB ("Embracer"), through its wholly owned subsidiary Saber Interactive[1] ("Saber"), has today entered into an agreement to acquire 100 percent of the shares in Slipgate Ironworks ApS ("Slipgate") and 40 percent of the shares in 3D...

at 01:09
Embracer Group AB ("Embracer"), through its wholly owned subsidiary Koch Media GmbH ("Koch Media"), has entered into an agreement to acquire 100 percent of the shares in the France-based DigixArt from its current owners. DigixArt is a development...

at 01:05
Fiverr International Ltd. , the company that is changing how the world works together, today reported financial results for the second quarter of 2021. Complete operating results and management commentary can be found in the Company's shareholder...

at 01:05
Regulatory News: Vifor Pharma Group reported profitable revenue growth in H1 supported by a strong recovery in Ferinject® / Injectafer® with sales up 22.8% at CER as a result of improved patient access as COVID-19 restrictions eased in key markets....



News published on 3 october 2019 at 14:05 and distributed by: