Miniature House on A Financial Graph

Quebec’s Autorité des marchés financiers (AMF) is formally taking responsibility for overseeing the province’s mortgage brokers.

The AMF announced that legislative provisions that transfer oversight of the mortgage broker sector from the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) to the AMF came into force on Friday, as did the regulator’s rules.

“The AMF welcomes this new mandate from the government,” said AMF president and CEO, Louis Morisset.

“For the past several months, we have been in constant contact with the various stakeholders in the mortgage brokerage sector and have developed a robust and effective framework aligned with the one previously established for other sectors involved in the distribution of financial products and services,” he added.

The regulator acknowledged that the shift in jurisdiction represents a “significant challenge” for firms in the sector, particularly as it’s taking place at the same time as the Covid-19 pandemic.

“The AMF has therefore made major efforts to implement a structure designed to provide personalized assistance to anyone who needs it,” it said.

“We’ve worked hard to gain a solid understanding of the mortgage brokerage industry, its participants and its specific characteristics and provide a framework that draws on best practices,” said Frédéric Pérodeau, superintendent, client services and distribution oversight, at the AMF.

“As part of the AMF’s ongoing efforts to ensure a smooth transition, a multidisciplinary team has been established to assist and support officers of new mortgage brokerage firms through this transition,” he said.