Bill 188: Minister Leitao misses his December 9th deadline

By Hubert Roy | December 13 2016 11:30AM

Carlos Leitão

Quebec's Minister of Finance Carlos Leitao had promised that his financial services omnibus bill would be tabled by December 9th. He has missed his deadline.

Audrey Cloutier, spokesperson for Quebec’s Ministry of Finance, confirmed the fact to The Insurance and Investment Journal. However, she says that there are still only a few adjustments to make before the omnibus bill is tabled.

"It will be tabled as soon as possible. There are a few minor adjustments to be made to finalize this important bill, which has a very broad scope. It modifies a number of laws to improve supervision in the financial services industry, and in particular to ensure better protection for consumers," she said when contacted by the magazine.

The Insurance and Investment Journal tried to determine whether a timeline has been chosen for tabling the omnibus bill. Cloutier said the government was now looking at the next parliamentary session.

As far as the adjustments are concerned, she was unable to go into the details. "The bill must be presented to legislators before we can reveal the contents," she said.

Ten days after Minister Leitao's declared on November 14 that the bill would be tabled by December 9th, the provincial government lawyers' strike threw a wrench into his plans. His statement also raised some concerns in the industry.

The omnibus bill will revise a number of financial laws, including Quebec’s Act respecting the distribution of financial products and services (Bill 188).