2018C23, r. 1 - Regulation respecting certain transitional measures for the carrying out of the Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions

Updated to 30 April 2020

This document has official status.

chapter 2018C23, r. 1

Regulation respecting certain transitional measures for the carrying out of the Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions

Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions

(2018, chapter 23, s. 810).

0.1. Despite the coming into force of the Act respecting insurance, enacted by section 3 of chapter 23 of the Statutes of 2018, the provisions of the Act respecting insurance (chapter A-32), as they read on 12 June 2019, remain applicable to professional orders to the extent that they administer, on that date, a professional liability insurance fund in accordance with section 86.1 of the Professional Code (chapter C-26).

In addition, despite the coming into force of sections 4 to 12 of chapter 23 of the Statutes of 2018, the provisions of the Professional Code concerning professional liability insurance funds, as they read on 12 June 2019, remain applicable to professional orders that, on that date, administer such a fund.

This section ceases to have effect on 1 April 2020.

O.C. 553-2019, s. 1.

1. An authorized Québec insurer may continue to hold its contributed capital securities or participations and any share of the right of ownership, even if it is in excess of the limits prescribed by section 84 of the Insurers Act (chapter A-32.1), where such holdings did not contravene the Act respecting insurance (chapter A-32), as it read on 12 June 2019.

O.C. 1474-2018, s. 1.

2. A financial services cooperative may continue to hold contributed capital securities or participations and any share of the right of ownership, even if it is in excess of the limits prescribed by section 473 of the Act respecting financial services cooperatives (chapter C-67.3), where such holdings did not contravene the Act respecting financial services cooperatives, as it read on 12 July 2018.

O.C. 1474-2018, s. 2.

3. Section 591 of the Act respecting financial services cooperatives (chapter C-67.3) must, for the period from 13 July 2018 to 12 June 2019, be read by striking out everything that comes after “members of a federation” in that section.

O.C. 1474-2018, s. 3.

4. An authorized Québec deposit institution may continue to hold its contributed capital securities or participations and any share of the right of ownership, even if it is in excess of the limits prescribed by section 28.31 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), enacted by section 353 of chapter 23 of the Statutes of 2018, where such holdings did not contravene the Act respecting trust companies and savings companies (chapter S-29.01), as it read on 12 June 2019.

O.C. 1474-2018, s. 4.

5. An authorized Québec trust company may continue to hold its contributed capital securities or participations and any share of the right of ownership, even if it is in excess of the limits prescribed by section 68 of the Trust Companies and Savings Companies Act (chapter S-29.02), where such holdings did not contravene the Act respecting trust companies and savings companies (chapter S-29.01), as it read on 12 June 2019.

O.C. 1474-2018, s. 5.

6. Until the end of the first meeting of the board of directors of the Organisme d’autoréglementation du courtage immobilier du Québec following the moment where 6 directors appointed by the Minister will be part of that board, every board member may be the chair, even if, despite section 58.1 of the Real Estate Brokerage Act (chapter C-73.2), the member has not been appointed by the Minister.

O.C. 1474-2018, s. 6.

7. The time within which a real estate broker’s licence holder referred to in the third paragraph of section 493 of chapter 23 of the Statutes of 2018 must notify the Organisme d’autoréglementation du courtage immobilier du Québec of his or her intention to act either on behalf of the firm or independent partnership or as an independent representative is extended from 13 March 2019 to 1 December 2019.

O.C. 1474-2018, s. 7.

7.1. Brokerage contracts and other deeds related to a brokerage transaction evidenced on a form published by the Organisme d’autoréglementation du courtage immobilier du Québec and whose use is mandatory under the first paragraph of section 11 of the Regulation respecting contracts and forms (chapter C-73.2, r. 2.1) are deemed to be determined by the Minister of Finance under section 129 of the Real Estate Brokerage Act (chapter C-73.2) and the forms that evidence them are deemed to be approved by the Minister under the second paragraph of section 129.1 of that Act.

O.C. 553-2019, s. 2.

7.2. Despite the first paragraph of section 160 of the Real Estate Brokerage Act (chapter C-73.2), the next report on the carrying out of the Act must be submitted to the Government by the Minister of Finance not later than 1 May 2025 rather than 1 May 2020.

O.C. 553-2019, s. 2.

7.3. Sections 1, 128 and 216 of the Act respecting the distribution of financial products and services (chapter D-9.2), amended respectively by sections 505, 542 and 561 of the Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (2018, chapter 23), apply, as amended, as of 1 May 2020.

Sections 1, 128 and 216 of the Act respecting the distribution of financial products and services, as they existed before the amendments, continue to apply until 30 April 2020.

O.C. 553-2019, s. 2.

7.4. Despite the first paragraph of section 580 of the Act respecting the distribution of financial products and services (chapter D-9.2), the next report on the application of the Act must be submitted to the Government by the Minister of Finance not later than 1 October 2024 rather than 1 October 2019.

O.C. 553-2019, s. 2.

8. Sections 115.15.9 to 115.15.14 of the Act respecting the regulation of the financial sector (chapter E-6.1) do not apply to the appointment of members of the Financial Markets Administrative Tribunal, until the date of coming into force of the first regulation enacted under section 115.15.10 of that Act.

Sections 115.15.16 to 115.15.19 of that Act do not apply to the renewal of the term of the Tribunal members until the end of a 12-month period after the date of coming into force of the first regulation enacted under section 115.15.17 of that Act.

O.C. 1474-2018, s. 8.

9. The provisions of the Act respecting the Autorité des marchés financiers (chapter A-33.2) relating to remuneration, employee benefits and other conditions of employment of the Financial Markets Administrative Tribunal members, as they read on 12 July 2018, remain applicable despite the coming into force of the new provisions in that respect enacted by section 631 of chapter 23 of the Statutes of 2018.

The first paragraph ceases to have effect on the date of coming into force of the first regulation enacted under section 115.15.20 of the Act respecting the regulation of the financial sector (chapter E-6.1).

O.C. 1474-2018, s. 9.

10. The qualifications required by law for becoming a member of the Financial Markets Administrative Tribunal, including 10 years’ experience relevant to the exercise of the functions of the Tribunal, are not required of persons who are members of the Tribunal on 12 July 2018, even on the subsequent renewal of their terms, for as long as they remain members.

O.C. 1474-2018, s. 10.

10.1. The provision introduced by subparagraph c of paragraph 1 of section 641 of chapter 23 of the statutes of 2018 into the first paragraph of article 1073 of the Civil Code requiring an evaluation, at least every 5 years by a member of a professional order designated by the Government, of the amount of the insurance to be taken out by a syndicate of co-owners to cover the reconstruction of the immovable held in divided co-ownership becomes effective, in respect of a co-ownership for which such an amount was evaluated by a member of a professional order within the 4 years preceding 15 April 2020, 5 years after the date of the evaluation.

O.C. 442-2020, s. 5.

11. (Omitted).

O.C. 1474-2018, s. 11.

TRANSITIONAL

2019

(O.C. 553-2019) SECTION 3. Section 2 inasmuch as it enacts section 7.1 of the Regulation respecting certain transitional measures for the carrying out of the Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions has effect since 13 July 2018.

REFERENCES

O.C. 1474-2018, 2019 G.O. 2, 25

O.C. 553-2019, 2019 G.O. 2, 921

O.C. 442-2020, 2020 G.O. 2, 874