Public Consultation Session on Consultation Paper 81-408 on Option of Discontinuing Embedded Commissions

    April 18, 2017

    The Direction principale des fonds d'investissement of the Autorité des marchés financiers (AMF Investment Funds) invites members of the investment fund industry to a consultation session on Consultation Paper 81-408 – Consultation on the Option of Discontinuing Embedded Commissions (the "Consultation Paper"). The purpose of this session is to solicit feedback and opinions on:

    the potential effects of the considered option on investors and market participants;
    alternative options or measures that could sufficiently manage or mitigate the investor protection and market efficiency issues set out in the Consultation Paper.
    This session is intended for anyone interested in participating in the consultations. A briefing document will be sent to registered participants a few days in advance.

    The session will take place on Friday, May 12, 2017, from 8:45 a.m. to noon at 800, rue du Square-Victoria (tour de la Bourse), 11th floor (IATA reception area) in Montréal. Please confirm your attendance by completing the registration form.

    Anyone unable to attend in person may join the session by telephone and must also complete the registration form.

    The AMF is pursuing its consultations on the option of discontinuing embedded commissions. Since September 2, 2016, the AMF has taken part in 26 presentations, discussion meetings and roundtables with various stakeholders, primarily mutual fund dealers both in Montréal and outside the Montréal area, including in Québec City, Drummondville, Gatineau, Sherbrooke and Trois-Rivières.

    These meetings have been very productive and allowed the AMF to gather additional feedback and gain a better understanding of certain issues raised in the Consultation Paper.

    The AMF will participate in other in-person consultations over the coming weeks and will also organize discussion groups with individual investors.

    The AMF reiterates that its goal is to conduct an in-depth review of the potential effects on investors and market participants of discontinuing embedded commissions, including on the provision and accessibility of advice for Québec investors and on business models in Québec.

    Those interested in submitting written comments or briefs must do so no later than June 9, 2017.

    Should you have any questions, please contact:
    Mathieu Simard, Senior Adviser
    Direction principale des fonds d'investissement

    The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.


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    Sylvain Théberge: 514-940-2176

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    Autorité des marchés financiers