After more than 25 years with Quebec’s Chambre de la sécurité financière (CSF), including the last 10 as president and CEO, Marie Elaine Farley is stepping down as of July 3.
The decision comes amid the adoption of Quebec’s Bill 92, a wide-ranging piece of legislation that will result in the merger of the CSF with the Chambre de l’assurance de dommages (ChAD) on July 4, creating a new organization: the Chambre de l’assurance.
Farley had argued against the merger.
“The government has decided to reform the regulatory framework, particularly to complete the harmonization of Quebec securities practices with pan-Canadian rules and to transfer the supervision of mutual fund representatives to the Canadian Investment Regulatory Organization,” said Farley. “Now that the discussions have taken place and the decisions have been made, I conclude this professional chapter with great pride in the work accomplished, which was extremely rewarding on every level.”
“On behalf of the CSF board of directors, I would like to express my sincere gratitude to Ms. Farley for her immense contribution to public protection and the supervision of professionals in the distribution of financial products and services,” said Jean-Philippe Vézina, chairman of the CSF board of directors.
“Under Ms. Farley’s presidency, the CSF has become an innovative and efficient organization, supported by a culture of excellence,” said Mario Albert, designated chairman of the board of directors of the new Chambre de l’assurance and director of the CSF.
In related news, Quebec Finance Minister Eric Girard has appointed Chantal Lamoureux to head the new Chambre de l’assurance. She is currently president and CEO of the Institut de planification financière.
These quotes were delivered in French, and have been translated.