Quebec Minister of Finance Monique Jérôme-Forget tabled new derivatives legislation in the provincial legislature today.

The new derivatives legislation, “will provide the industry with a clear legislative framework that meets its needs for legal security, flexibility and efficiency. It will afford users of derivatives the protection they need, helping make Quebec one of the best places in the world to trade derivatives,” Jerome-Forget noted.

The proposed framework is designed to be closely harmonized with U.S. legislation, “focusing mainly on formulating principles that will provide market participants with the latitude they need to conduct business efficiently. It recommends an oversight structure that will give operations clear and solid legal bases, without otherwise imposing constraints on the activities of sophisticated investors that constitute the main players in this market,” it noted.

Jérôme-Forget added that the bill makes Quebec the first jurisdiction in Canada to legislate in the derivatives sector. “It shows the government’s oft-expressed determination to keep the derivatives sector in Montreal, establish the carbon exchange here and ensure that the Autorite des marches financiers continues to regulate this activity sector,” she said.

“In the context of the announced merger of the Montreal Exchange and TSX Group and in view of its importance for Quebec’s economy, the bill should attract support from all parliamentarians. It also highlights the importance of keeping our securities commission, the Autorite des marches financiers, in Quebec,” she added.