The Securities and Investment Management Association (SIMA) is backing sweeping changes to Quebec’s financial sector regulation, calling Bill 92 a “significant step forward” in modernizing oversight and cutting regulatory complexity across the province’s insurance and investment industries.
In its submission to the Quebec government’s consultation, SIMA voiced strong support for the proposed merger of the Chambre de la sécurité financière (CSF) and the Chambre de l’assurance de dommages (ChAD) into a single, unified regulator—the Chambre de l’assurance.
The association is also advocating for the transfer of mutual fund representative oversight to the Canadian Investment Regulatory Organization (CIRO), aligning Quebec’s standards with national regulatory practices.
“Bill 92 represents a significant step forward in modernizing Quebec’s financial sector regulation framework,” said Marie Brault, chair of SIMA’s Quebec board of governors.
“Aligning mutual fund representative oversight with CIRO will foster a more efficient, consistent, and investor-focused regulatory environment. This will better protect investors and reduce regulatory burden on industry participants, allowing them to focus on innovation and growth.”
CIRO was established in 2023 through the merger of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada. SIMA's submission highlights CIRO’s existing presence in Quebec, including French-language services and a dedicated regional council.
The association said this infrastructure positions CIRO to oversee mutual fund and investment dealer representatives under a single regulatory framework.
It outlined several expected benefits of these changes, including a more integrated approach to investigating misconduct, consistent continuing education requirements, and reduced administrative costs for mutual fund representatives. SIMA also said that consolidating oversight under CIRO would eliminate the possibility of duplicate regulatory fees.
In addition to supporting the formation of the new Chambre de l’assurance, SIMA is calling for mechanisms to allow information-sharing between the Chambre and CIRO. The association says such cooperation would support more comprehensive supervision of representatives who work across the securities, insurance, and financial planning sectors.
