Quebec’s National Assembly has passed the province’s new Derivatives Act.

“This statute, which draws on the best legislation on the matter, is a first in Canada. It reaffirms ipso facto the predominance and necessary role of the Autorité des marchés financiers in this sector in Canada,” stated the Minister of Finance, Monique Jérôme-Forget.

“It will also enable Quebec and Montreal, its financial centre, to become a leading global player in a promising, high-growth sector. Lastly, it will allow the Montreal Exchange to be more efficient on markets in a highly competitive global context,” she said.

“The new derivatives legislation gives the industry a clear legislative framework that meets its need for legal security, flexibility and transparency. It will provide investors and all users of derivatives with the protection they need, helping make Quebec one of the best places in the world to trade derivatives,” Jérôme-Forget added.