The Autorité des marchés financiers will be making adjustments to a proposed new regulatory framework for the money services businesses.
The AMF says the amendments are intended to reduce the administrative burden of the proposed regulatory framework, which will require money services firms to hold a licence issued by the AMF in order to operate in various sectors: currency exchange; cheque cashing; funds transfers; the operation of automated teller machines; and, the issue or redemption of traveller’s cheques, money orders or bank drafts.
The proposed amendments include: eliminating certain requirements; easing certain reporting deadlines; and, reducing fees.
The proposed amendments were published Thursday in a notice from the AMF, and will shortly be submitted to the Quebec Minister of Finance for approval.
The new regulations are expected to come into force on April 1, 2012; and the provisions dealing with the operation of ATMs are expected to come into force on Jan. 1, 2013. Beyond that, firms will have a six-month transition period to apply for a licence with the AMF.