The Autorité des marchés financiers (AMF) has published for comment proposed regulations that would govern the sale of insurance and financial products online, the Quebec regulator announced Wednesday.
In addition to the release of the Draft regulation respecting alternative distribution methods, the AMF also announced plans to hold a public consultation in Quebec City on Oct. 17 to examine the proposals.
Among other things, the draft sets out firms’ disclosure obligations, requirements for operating an online distribution platform and supervisory requirements.
“The draft regulation proposed by the AMF was developed taking into account concerns raised by financial services industry stakeholders, consumer protection groups and the general public during the consideration stage for Bill 141,” says Louis Morisset, AMF president and CEO, in a statement.
“The proposed framework is meant to be flexible, given the rapid advances in technology. Its aims to ensure that new financial services practices develop harmoniously, while providing protection for consumers,” he added.
The draft regulation is out for a 60-day comment period, ending Dec. 10.