Quebec’s securities regulators and politicians have announced the creation of a $14.6 million investor education fund.

The Fonds réservé à l’éducation des investisseurs et à la promotion de la gouvernance will be used to promote: investor education, investor protection, promoting good governance, and improving knowledge about the financial sector.

The fund consists of a reserve from the province’s new super regulator, the Autorité des marchés financiers (AMF), made up of various fees collected by the organization and administrative penalties imposed on those who fail to comply with a requirement prescribed by law or regulation.

The AMF says that the criteria for receiving money from the fund will be released shortly. Proposals will be subject to analysis and a recommendation by the members of the Conseil consultatif de régie administrative to AMF management.

The Minister of Finance for Quebec, Yves Séguin said, “it is clear that the fund represents a unique way of ensuring the development, vitality and expansion of Quebec’s financial sector. It also encourages the promotion of good management practices and intends to establish high standards of corporate governance”.

Séguin, joined the Minister of Labour and Minister responsible for the national capital region, Michel Després, and Jean St-Gelais, CEO of the AMF, in opening the regulator’s new head office in Quebec City.

“Having all the employees in one place will promote the sharing of the resources, skills and expertise of all those who used to work apart,” said St-Gelais.

Séguin used the occasion to reiterate the three goals guiding the AMF: better protecting consumers; simplifying matters for intermediaries in the financial products and services industry; and better monitoring market convergence and evolution.