Quebec's Financial Reform
Quebec Finance Minister, Carlos J. Leitão, announced in the 2016-2017 budget its intention to carry out an in-depth reform of the financial sector. As for the mortgage broker industry, the Finance Minister indicated the government's will to transfer the regulation of matters relating mortgage loans to the Autorité des marchés financiers (AMF), regulation currently conducted by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ).
Over the next weeks, the Minister of Finance will table a bill in the Assemblée Nationale to amend the financial sector regulatory framework, which will also reorganize the operations of the brokers in Quebec. Likely, the bill would create a new discipline under the Loi sur la distribution des produits et services financier (LDPSF), whose supervision will now be assumed by the AMF.
PHC pursues its representations in Quebec in order to improve the regulatory and legislative framework of the mortgage sector. PHC has made a number of recommendations to ensure an increased protection of the mortgage industry, whether regarding licensing and continuing education, unauthorized practice or tools to guarantee that the regulation is well-adapted to the mortgage industry’s new realities. This process is expected to continue through public consultations involving PHC and leading to the adoption of a new legislation for mortgage brokers. PHC is following this issue closely and will provide details of this legislative process.