Québec hands mutual fund oversight to CIRO as new insurance chamber takes effect
CIRO’s president and CEO, Andrew Kriegler, welcomed the organization’s expanded role overseeing mutual fund representatives in the province.
“We are honoured to expand our involvement in the regulatory oversight of mutual fund representatives in Québec. With today’s announcement, we have created greater regulatory clarity and a single point-of-contact for mutual fund dealers and their representatives, which will ultimately serve to protect investors in Québec. I want to commend the many departments at the AMF, the Chambre and CIRO, who have modelled an exemplary form of collaboration, moving quickly to solve challenges and get to the desired outcome—a smooth transition for the industry,” he stated.
Background on the restructuring
The changes trace back to Chapter I of Law 16, which took effect in July 2025 and reshaped financial sector regulation across the province. That legislation created the Chambre de l’assurance through a merger of two existing bodies, the Chambre de la sécurité financière and the Chambre de l’assurance de dommages.
While the new Chambre continues the public protection mandate previously held by its two predecessor organizations, Law 16 required certain functions tied to mutual fund dealer representatives and scholarship plan dealer representatives to move elsewhere, setting up the handoffs that take effect this week.
The Chambre oversees continuing education, ethics and professional discipline for a range of practitioners, including life and health representatives, group insurance representatives, damage insurance agents and brokers, and claims adjusters, along with ethics and discipline matters for financial planners. CIRO, meanwhile, remains the national self-regulatory body responsible for investment dealers, mutual fund dealers and trading activity across Canada’s debt and equity markets.
