Bill 141: The Most Significant Changes For Quebec's Financial Sector In Decades

On October 5, 2017, Quebec Minister of Finance, Mr. Carlos Leitão (Minister), tabled in the National Assembly Bill 141 (Bill) which will have significant effects on all institutions and intermediaries active in Quebec's financial sector. For a number of years, our institutions have been governed by a legislative framework, several components of which are outdated.

Some of our laws have not been revised significantly in over 30 years, such as the Act respecting trust companies and savings companies. Others, such as the Act respecting the distribution of financial products and services, are less than 20 years old, but the evolution of distribution channels and technological methods, particularly the Internet, make it critical that they be modernized in order to keep up with the considerable developments in this industry. Others, such as the Act respecting financial services cooperatives, which now governs Desjardins Group, or the Act respecting insurance, must also be