The Quebec government is backing off from its plans to scrap the Chambre de la Sécurité Financière (CSF), a financial industry self-regulatory organization, as part of its sweeping overhaul of regulation in the province.
During a Committee on Public Finance hearing on Tuesday, Quebec Finance Minister Carlos Leitão announced that the government is abandoning its plans to roll the CSF into the provincial financial regulator, the Autorité des marchés financiers (AMF).
Leitão indicated that he continues to favour the idea of rolling the SRO, which oversees financial planners, insurance reps and scholarship plan brokers, into the AMF. However, the government is retreating reluctantly in the face of opposition to the plan.
Bill 141, which was introduced last fall, proposes a fundamental overhaul of both insurance and securities regulation in Quebec.
The Committee on Public Finance is continuing its review of the bill, which the government hopes will soon be finalized and passed by the National Assembly, to be implemented later this year.