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The budget reveals a little of what will follow the adoption of the draft law 141

by

Hubert Roy

March 28, 2018 11:00

The Budget 2018-2019 of the minister of Finance, Carlos J. Leitão, has enabled us to learn a little more about the mechanics that will follow the integration of the Guestrooms at thefinancial markets Authority, in the event of the adoption of the draft law 141.

Thus, it can be read in the budget documents only up to five employees of the Rooms could join the administrative Tribunal of the financial markets (TAMF). The purpose of this measure is to ensure an effective transition, says the government.

«In addition, the Court could rely on the addition of five positions, which would allow him to assume with efficiency increasing responsibilities. Additional funding would be provided to the Tribunal in order to integrate these new resources, » says the Budget.

Digitisation of the courts : an expertise to share

This accuracy has been made in connection with a government’s announcement in his budget speech. It allocates $ 2.5 million over five years to enable the TAMF to accompany the other tribunals under the responsibility of the government towards digitization of their activities.

Although it is independent of the Authority in making its decisions, it is the guard dog of quebec’s financial markets, which supervises the activities of the TAMF. Last Monday, in a speech to the canadian club, Montreal, Louis Morisset, president and CEO of the Authority, stressed that it wanted to develop a culture of innovation within its organization.

Data analysis tool

The Authority has developed a tool for the analysis of mass data on social networks, which allows him to detect more easily the insider trading by making connections between individuals, it would not have been able to do before. The Authority is also working on a technological tool that will allow it to migrate data from a mass of documents to electronic records.

«The Authority will soon become a reference in the collection, storage, processing and analysis of the evidence collected in the course of investigation. My ambition is to develop a genuine culture of innovation, which percolera through all the strata of the Authority, » said Mr. Morisset on Monday.

Bills 141 and 150 : «a number of consultations will be launched»

The budget also makes the point on the study of the projects of act 141 and 150. These bills will change the playing field of the insurance industry in Quebec.

The budget, first, recalls the four major objectives of the proposed act 141 :

• Create an advisory committee of consumers and users of financial products within the Authority ;

• Lay the foundations of the framework applicable to the distribution of insurance products online ;

• Change the rules governing the Fund for compensation of financial services ;

• Adapt the framework to the Desjardins group to the international standards.

Then, the budget reiterates the four key objectives of the project of act 150 :

• Modernise the law of insurance of the condominium ;

• A review of the rules relating to the ownership of brokerage firms in damage insurance, and their duties to their clients ;

• Introduce collective insurance of damage in the legal framework in quebec ;

• The introduction of rules on the transfer of insurance contracts on the lives of persons having no interest in the life of the insured.

«The implementation of the reforms contained in these projects will result in the creation or upgrading of a number of regulations. In the next year, several public consultations will be launched to ensure the success of these reforms «, one can read in the budget documents.

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