The Quebec financial services regulator, Autorité des marchés financiers, has recognized the Investment Dealers Association of Canada as a self-regulatory organization in Quebec.

The AMF says that in order to achieve SRO recognition, the IDA conferred the powers and resources required to carry on its self-regulatory activities on its Quebec district. “This includes for example the Quebec district’s autonomy to initiate inspections or inquiries related to matters originating in Quebec, a guarantee that hearings will take place in Quebec and be conducted in French, a separate budget for Quebec operations and the adoption of regulations in English and French simultaneously and with the same legal force,” it says.

In turn, the AMF delegates some of its powers to the IDA, including the functions and powers related to the registration of reps, and the power to inspect members. The AMF has passed along its decision to the Minister of Finance for government approval.

The AMF says that its recognition of the IDA as an SRO will help ensure an effective regulatory framework for Quebec’s financial sector, promote the development and efficiency of the financial sector as well as protect the public.