AMF — Autorité des Marchés
Financiers (Québec)
The AMF is Québec's provincial financial regulator. It oversees financial markets, financial intermediaries and the distribution of financial products and services in Québec. If you live in Québec and trade forex or crypto, the AMF is your main provincial regulator.
The Autorité des marchés financiers (AMF) is Québec's government body responsible for regulating provincial financial markets and protecting consumers of financial products and services. Created in 2004 by the Act respecting the Autorité des marchés financiers, it consolidated functions previously spread across several entities (Bureau des services financiers, Commission des valeurs mobilières du Québec, etc.).
The AMF is headquartered in Québec City with an office in Montréal. It reports to the Ministère des Finances du Québec and to the National Assembly. The AMF is a member of the Canadian Securities Administrators (CSA), the national umbrella of provincial and territorial regulators.
For a Québec trader, the AMF is particularly important because any broker or financial advisor soliciting clients in Québec must be registered in its register — in addition to being a CIRO member at the federal level.
| Mission | Description |
|---|---|
| Intermediary registration | Maintains the register of all brokers, advisors and representatives authorized to operate in Québec |
| Market surveillance | Monitors securities market activities and reporting issuers in Québec |
| Investor protection | Informs and protects consumers against financial fraud and unauthorized investments |
| Insurance regulation | Supervises insurers, insurance brokers and authorized agents in Québec |
| Crypto regulation | Supervises crypto platforms offering securities products in Québec |
| Discipline | Can impose sanctions, fines, prohibitions and authorization withdrawals |
Before investing with a broker or financial advisor in Québec, verify their registration in the AMF's Register of companies and individuals authorized to practice.
🔹 Go to lautorite.qc.ca → Registers → Register of companies and individuals authorized to practice
🔹 Enter the broker's name or registration number
🔹 Verify the status shows "Authorized" and not "Withdrawn" or "Suspended"
🔹 You can also call the AMF at 1-877-525-0337 (toll-free in Québec)
The AMF is one of the most active provincial regulators on cryptocurrencies in Canada. Its position is clear: any platform offering crypto products that constitute securities (contracts, derivatives, crypto funds) must be registered with the AMF or obtain an exemption.
| Platform type | AMF requirement | Examples |
|---|---|---|
| Spot crypto exchange (CEX) | Mandatory FINTRAC registration + CSA compliance | Coinbase, Kraken, Newton, Shakepay, NDAX |
| Crypto CFD broker | Mandatory CIRO + AMF registration | AvaTrade Canada, FOREX.com |
| DEX (decentralized protocols) | Grey area · No direct registration possible | Aster DEX, dYdX |
| Crypto funds (Bitcoin ETF) | AMF + CIRO + prospectus | ETF Bitcoin de Purpose, Evolve |
| Stablecoins (issuers) | Evolving oversight · CSA consulting | USDC, QCAD |
In Québec, both organizations coexist and complement each other. A serious broker must satisfy both requirements:
| Criterion | AMF (Québec) | CIRO (Canada) |
|---|---|---|
| Juridiction | Province of Québec | All of Canada |
| Type d'organisme | Provincial government body | Self-regulatory organization |
| Création | 2004 | 2023 (ex-OCRCVM depuis 2008) |
| Public register | ✓ lautorite.qc.ca | ✓ ocri.ca |
| Financial protection | Compensation via the Financial Services Compensation Fund (FISF) — mutual fund dealing | CIPF up to $1M CAD |
| Possible sanctions | ✓ Fines · Prohibition · Imprisonment | ✓ Fines · Suspension · Expulsion |
🔹 Online: lautorite.qc.ca → Complaints and reports → Online form
🔹 By phone: 1-877-525-0337 (toll-free · Monday–Friday 8am–8pm)
🔹 By email: information@lautorite.qc.ca
For urgent complaints (ongoing fraud): The AMF can act quickly to freeze assets or issue injunctions. In case of fraud, also contact the Sûreté du Québec (SQ) and the Canadian Anti-Fraud Centre (1-888-495-8501).