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Financial services

Québec's Finance Minister Tables Bill 92 to Modernize the Province's Financial Sector

Strategic Insights

— 2 min read

The Quebec Finance Minister has introduced Bill 92 to amend various provisions mainly with respect to the financial sector, aiming to modernize the province's regulatory framework. The bill, which was assented to on June 4, 2025, amends approximately twenty statutes and regulations, primarily in the areas of insurance, securities, financial institutions, and real estate brokerage. The bill's provisions include the creation of a new self-regulatory organization, the Chambre de l'assurance, through the merger of the Chambre de la sécurité financière and the Chambre de l'assurance de dommages. The bill also expands the scope of the Fonds d'indemnisation des services financiers, a financial services compensation fund, to include victims of fraud, embezzlement, and other financial malpractices.

Key Takeaways:

  • The Chambre de l'assurance, a new self-regulatory organization, will replace the Chambre de la sécurité financière and the Chambre de l'assurance de dommages, simplifying regulatory oversight of financial product sellers.
  • The expanded scope of the Fonds d'indemnisation des services financiers now includes victims of fraud, embezzlement, and other financial malpractices, and all those involved in the distribution of financial products and services in Québec will be subject to the Fund.
  • Insurance companies with substantial operations outside Québec can appoint more directors who have a better understanding of the markets where these Québec-chartered insurers operate.
  • New regulatory powers have been granted to the Autorité des marchés financiers (AMF), allowing it to determine management rules for firms, independent partnerships, and independent representatives regarding governance matters.
  • Administrative penalties and fines in the financial sector have been increased, with the Financial Markets Administrative Tribunal now having the power to impose an administrative penalty of up to $2,000,000 per day for contravening certain laws.
  • The Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) has been authorized to refuse to issue or suspend/revoked licenses for real estate brokerage firms that do not meet the required "degree of honesty" or integrity.
  • A new complaints regulation, respecting complaint processing and dispute resolution in the financial sector, was introduced on February 15, 2024, coming into force on July 1, 2025.

Statistics:

  • 20 statutes and regulations amended
  • 3 new self-regulatory organizations to be established
  • $2,000,000 - new daily administrative penalty for contravening certain laws
  • July 1, 2025 - effective date for the new complaints regulation
  • 40% - new threshold for insurance company directors' residency requirements

Sources:

  • Bill 92, An Act to amend various provisions mainly with respect to the financial sector
  • Mondaq, "Québec's Finance Minister Tables Bill 92 to Modernize the Province's Financial Sector"
  • Fasken, "Québec Introduces Bill 92 to Modernize the Province's Financial Sector"
  • Autorité des marchés financiers (AMF), "Notice of Consultation - Proposed Regulatory Changes to the Regulation respecting the Eligibility of a Claim submitted to the Fonds d'indemnisation des services financiers"

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