Money-Services Businesses: The AMF Revises its Proposed Regulatory Framework
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 12/15/11 -- The Autorite des marches financiers (the "AMF") announced that it will be making adjustments to the proposed regulatory framework for the Money-Services Businesses Act(1) following the held in June 2011.
A number of the amendments suggested by the AMF are intended to reduce the administrative burden on money-services businesses ("MSBs") resulting from the original proposed regulatory framework. These amendments, which are being published today in a from the AMF, will shortly be submitted for approval to the Minister of Finance and the government. The proposed amendments include:
Coming into force
The Regulation under the Money-Services Businesses Act and the Regulation respecting Fees and Tariffs(2) are expected to come into force on April 1, 2012. However, the statutory and regulatory provisions dealing with the operation of automated teller machines are expected to come into force on January 1, 2013. As of each of these dates, MSBs will have a six-month transition period within which to file an application for a licence with the AMF.
The new Act, which is administered by the AMF, will require MSBs to hold a licence issued by the AMF in order to operate in the following sectors:
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The Autorite des marches financiers is the regulatory and oversight body for Quebec's financial industry.
(1) The regulatory framework refers to the draft Regulation under the Money-Services Businesses Act, the draft Regulation respecting Fees and Tariffs and the draft Policy Statement to the Money-Services Businesses Act.
(2) Prior to its approval by the government, this regulation will be published once again for a 45-day comment period.
Contacts:
Media only:
Sylvain Theberge
514-940-2176
Information Centre:
Quebec City: 418-525-0337
Montreal: 514-395-0337
Toll-free: 1-877-525-0337
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Datum: 15.12.2011 - 14:32 Uhr
Sprache: Deutsch
News-ID 1066631
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