{"id":877,"date":"2023-11-11T19:33:16","date_gmt":"2023-11-11T19:33:16","guid":{"rendered":"https:\/\/financeify.ca\/?p=877"},"modified":"2023-11-11T19:33:16","modified_gmt":"2023-11-11T19:33:16","slug":"amf-publishes-draft-dsc-ban-for-seg-fund-for-comment","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2023\/11\/11\/amf-publishes-draft-dsc-ban-for-seg-fund-for-comment\/","title":{"rendered":"AMF publishes draft DSC ban for seg fund for comment"},"content":{"rendered":"

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The Quebec Autorit\u00e9 des march\u00e9s financiers (AMF) has published draft regulations that would prevent insurers from charging customers fees for the withdrawal or transfer of segregated funds.<\/p>\n

Comments are open until Jan. 31 on Quebec’s proposed ban on deferred sales charges (DSC), which would only apply to segmented fund contracts entered into on or after June 1, 2023, the AMF said in a press release Thursday.<\/p>\n

DSCs are already banned for mutual funds. <\/p>\n

If approved, Quebec’s regulation will, from June 1, prohibit insurers from charging customers certain fees when they withdraw or transfer funds from a seg or change their purchase option.<\/p>\n

The AMF said on Thursday that it “expects insurers to cooperate in offering holders of contracts entered into before June 1, 2023, an alternative to avoid such charges on amounts invested in such contracts after that date.”<\/p>\n

Individuals and corporations violating the rules in Quebec will be subject to administrative fines of $1,000 and $5,000, respectively.<\/p>\n

The proposed nationwide DSC ban on seg funds was previously announced by the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organization (CISRO), and the Financial Services Regulatory Authority of Ontario (FSRA) published its proposal in November.<\/p>\n

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The Quebec Autorit\u00e9 des march\u00e9s financiers (AMF) has published draft regulations that would prevent insurers from charging customers fees for the withdrawal or transfer of segregated funds. Comments are open until Jan. 31 on Quebec’s proposed ban on deferred sales charges (DSC), which would only apply to segmented fund contracts entered into on or after […]<\/p>\n","protected":false},"author":1,"featured_media":878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[205,306,375,374,305,212,195,345],"class_list":{"0":"post-877","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-amf","9":"tag-ban","10":"tag-comment","11":"tag-draft","12":"tag-dsc","13":"tag-fund","14":"tag-publishes","15":"tag-seg"},"aioseo_notices":[],"yoast_head":"\nAMF publishes draft DSC ban for seg fund for comment - Financeify<\/title>\n<meta name=\"description\" content=\"The Quebec Autorit\u00e9 des march\u00e9s financiers (AMF) has published draft regulations that would prevent insurers from charging customers fees for the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeify.ca\/index.php\/2023\/11\/11\/amf-publishes-draft-dsc-ban-for-seg-fund-for-comment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AMF publishes draft DSC ban for seg fund for comment - 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