To do so, the BSF was responsible for developing a large part of the regulations, with the exception of the codes of ethics, continuing education and professional titles enacted, as the case may be, by the Chambre de la sécurité financière (Québec) (CSF), the Chambre de l'assurance de dommages (Québec) (Property Insurance Board) (CAD) or the Institut québécois de planification financière (IQPF), and part of the regulations applicable to securities representatives, which are enacted by the Commission des valeurs mobilières du Québec (Quebec Securities Commission) (CVMQ).
The BSF therefore proposed a single reference framework bringing together all the players in the distribution of financial products and services under its direction for coherent and integrated supervision of all disciplines.
1998 - Created by the "Law on the Distribution of Financial Products and Services", the BSF began its activities in the autumn of 1998.
The BSF also assumed part of the mission of the "Commission des valeurs mobilières du Québec" (Québec Securities Commission) (CVMQ) in respect of representatives and firms that were active in group savings, investment contracts or scholarship plans, in particular for the issue of exercise rights.
[3] Several regulatory adjustments have been required following the adoption of the "Law on the Distribution of Financial Products and Services", in particular the upgrading of minimum training after 2002, the ownership of firms in the life and health insurance disciplines and in the group insurance of persons (agent and broker) and the notice of special consent.
[7] 2004 - As part of the Autorité des marchés financiers (Québec) (AMF) as of February 1, 2004, the BSF ended its operations after five years.
The BSF thus transferred to the AMF, in particular, 72 statutory powers under the Act, 14 regulations and 17 directives and moratoria adopted; a survey inspection service; a supervision of distribution without a representative; an information center, and a complaint and dispute resolution mechanism; an operational structure for the management of career access (minimum training, examinations, internship); an operational structure for managing the issuance and renewal of representative and registration certificates for firms, independent companies and independent representatives; a computer system for all multidisciplinary administrative operations of training, pre-certification, certification and registration; and an up-to-date register of more than 39,000 representatives and 6660 registered companies.