Desjardins Group applauds introduction of bill
to reform Quebec's financial sector
Lévis, October 5, 2017 - Desjardins Group President and CEO Guy Cormier responded to the introduction of a bill to strengthen Quebec's financial regulation, saying, "This bill will give Quebec some of the most modern financial legislation in the world."
The bill comes on the heels of an extensive consultation process and a series of Quebec finance minister reports over the past few years. It aims to achieve a number of important goals, including adjusting Desjardins Group's prudential management to comply with international rules put into effect after the 2008 financial crisis by amending the Act Respecting Financial Services Cooperatives, the Act Respecting the Autorité des Marchés Financiers and the Deposit Insurance Act.
It will also amend the Act Respecting Insurance and the Act Respecting the Distribution of Financial Products and Services, which have not been overhauled since 1974 and 1998, respectively. Both laws will be updated to better address constant changes to financial products and services and their distribution and to strengthen consumer protection.
The minister's approach will standardize the concepts, principles, drafting techniques and vocabulary used in all laws governing the financial sector, including the Securities Act.
"The action being taken by the Quebec National Assembly is especially important given the strategic role the financial sector plays in Quebec. It contributes more to Quebec's GDP than the IT and communications sector, the mining sector or the residential construction sector, and it accounts for nearly 147,000 Quebec jobs," added Mr. Cormier.