Publications

July 21, 2023

Bill 30 – legislative changes concerning insurance

On June 7, 2023, the Minister of Finance of Quebec tabled and presented Bill 30 before the National Assembly, an omnibus bill entitled An Act to amend various provisions mainly with respect to the financial sector (hereinafter the “Bill”).  The Bill includes certain amendments to the provisions of (…)

January 19, 2023

Clarifications regarding insurance products offered on the Internet

In early 2022, the Autorité des marchés financiers (the “AMF”) conducted specific consultations on financial products offered on the Internet. Further to these consultations, the AMF published explanations on the Regulation respecting Alternative Distribution Methods (the “RADM”) in late (…)

July 7, 2022

Amendments to the Charter of the French Language: Impacts on the Insurance Sector

Bill 96 – An Act respecting French, the official and common language of Québec (the “Act”) - was adopted on May 12, 2022 and assented to on June 1, 2022, its effective date. Certain provisions are already in force; for other provisions, a transitional period ranging from several months to three (…)

May 2, 2022

Complaint processing: New framework to come for financial institutions and financial intermediaries

Last September, the AMF published its draft Regulation respecting complaint processing and dispute resolution in the financial sector (the “Draft Regulation”). The consultation period for it ended on December 8, 2021. The AMF is currently reviewing the many comments it received. The Draft (…)

February 20, 2020

Three key points about the Regulation respecting damage insurance brockerage

On December 13, 2019, the Regulation respecting damage insurance brokerage (the “Regulation”), adopted under the Act respecting the distribution of financial products and services (“ARDFPS”), came into force. The Regulation includes the following changes: New titles for firms and qualification (…)

February 13, 2020

Bill 141: Checklist on insurance products offered via the internet and distribution without a representative

Download your checklist A major reform of the financial sector and, more specifically, of the standards surrounding the practice of professionals governed by the Autorité des marchés financiers (the “AMF”) is now applicable under the Act mainly to improve the regulation of the financial sector, (…)

March 13, 2018

Builders’ Risk Insurance: Interpreting the Usual Faulty Workmanship and “LEG” Exclusions in connection with Ledcor and Acciona

Ledcor The issue in Ledcor1 was whether the builder’s risk policy taken out by the contractor that was contractually responsible for cleaning the windows of a building, covered damage to the windows caused by its poor cleaning work. The financial impact was significant since the cost of re-doing (…)

November 13, 2017

Bill 150 and the distribution of financial products and services

On October 31, 2017, Québec’s Finance Minister, Carlos J. Leitão, introduced Bill 150, An Act respecting mainly the implementation of certain provisions of the Budget Speeches of 17 March 2016 and 28 March 2017 (“Bill 150”). In this newsletter we will discuss the changes made to the Civil Code of (…)

November 8, 2017

Bill 150 and damage insurance brokerage

On October 31, 2017, Québec’s Finance Minister, Carlos J. Leitão, introduced Bill 150, An Act respecting mainly the implementation of certain provisions of the Budget Speeches of 17 March 2016 and 28 March 2017 (“Bill 150”). In this article, we will discuss the changes made to the Act respecting the (…)

October 23, 2017

Comprehensive reform of the rules governing the regulation
and operations in the Québec financial sector

On October 5, 2017, Québec's Minister of Finance, Carlos J. Leitão, has tabled Bill 141 in Québec's National Assembly. The Bill, which is 470 pages long and includes some 750 sections, is entitled An Act mainly to improve the regulation of the financial sector, the protection of deposits of money (…)

October 6, 2017

Managing potential conflicts of interest in investment funds

The high level of information asymmetry between investment fund managers and their investors1 can give rise to significant conflicts of interest which must be adequately managed. This article discusses the main conflicts of interest encountered in standard private equity, venture capital and hedge (…)

April 19, 2017

Press release from the ministère des Finances of Québec
Consultation on the 20% Rule

On April 18, 2017, the ministère des Finances of Québec announced a public consultation on the rules enacted in An Act respecting the distribution of financial products and services to limit the ownership of damage insurance firms by financial institutions. This consultation’s objective is to (…)

April 6, 2017

CRS: Be ready for July 1^st, 2017

CRS entry into force: July 1st, 2017 The Common Reporting Standard (“CRS”) will impose new obligations on financial institutions, including investment funds, as of July 1st, 2017. These rules are an addition to the existing Foreign Account Tax Compliance Act (“FATCA”), which applies to Canadian (…)