Bill 141 Adopted, Reforming The Quebec Financial Sector Legal Framework

The Quebec National Assembly finally adopted An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions ("Bill 141") on June 13, 2018, after months of hearings and several years of consultation with the Quebec financial sector. The main purpose of the  omnibus bill is to modernize the regulation of the financial sector and improve consumer protection by amending several laws governing the financial sector.

Bill 141 was initially introduced in the National Assembly by Quebec's Minister of Finance, Carlos J. Leitão, on October 5, 2017. After public consultations in December 2017 and January 2018, Bill 141 was referred to the Public Finance Committee for a clause-by-clause review. The Committee tabled a report on its detailed review on June 12, 2018, proposing hundreds of amendments to Bill 141, as presented in October 2017. The most significant amendments to the initial bill are that