MONTREAL, Oct. 04, 2021 (GLOBE NEWSWIRE) — The Conseil des fonds d’investissement du Québec (CFIQ) today filed its submission to the Autorité des marchés financiers (AMF) in response to the Canadian Securities Administrators (CSA) Position Paper 25-404, New Self-Regulatory Organization (SRO) Framework.
“CFIQ applauds the extensive work that has been completed by various stakeholders in support of the investment funds industry,” said Eric Hallé, Chair of the CFIQ Board of Governors. “We always support initiatives that work towards improving investor outcomes, and our priority is to ensure that the intended benefits behind the creation of the new SRO extend into the Quebec market.”
CFIQ provided a number of Quebec-specific recommendations in its submission regarding the new SRO, including:
- Increasing the size of the Board of Directors to ensure adequate Quebec industry representation;
- Quebec industry participation in the integrated working group;
- Service in French in all divisions and strong section office in Quebec (if the head office is outside of Quebec);
- Clearly defined roles for the AMF, the Chambre de la sécurité financière and the new SRO;
- Flexible regulatory application, taking into account the business models of dealers and alignment with Quebec’s reality, particularly civil law; and
- Establishing timelines that include further consultation at each key stage of implementation.
CFIQ is the Quebec voice of The Investment Funds Institute of Canada (IFIC). IFIC brings together 150 organizations, including fund managers and distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
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