Financial Education

AMF Québec Sets New AI Disclosure Standards for VC

Québec’s financial regulator has introduced targeted disclosure requirements for AI use in venture assessments, changing how founders and analysts approach funding processes.

January 2026 · 8 min read

Startups and venture participants operating in Québec now face clearer expectations around artificial intelligence in due diligence and portfolio reviews. The Autorité des marchés financiers updated its guidance in late 2025 to address transparency when AI systems contribute to investment evaluations. Readers gain a concrete framework for understanding compliance obligations and their effect on everyday decision-making.

Core Elements of the Updated AMF Framework

The guidelines require firms to document when AI models account for more than 25 percent of a funding recommendation. They also mandate basic explainability reports that outline data sources and model limitations. This approach builds on earlier CSA notices from 2023 while adding Québec-specific thresholds for early-stage deals. The changes apply to both domestic and foreign funds active in the province.

Effects on Startup Preparation and Analysis

Founders preparing pitch materials can now anticipate requests for supplementary data on any AI screening tools used by investors. This creates an incentive to maintain clean, auditable records of business metrics rather than relying solely on narrative projections. Analysts reviewing opportunities benefit from standardized disclosures that reduce ambiguity about how automated scoring influenced term-sheet decisions. The net result is a more structured conversation between parties during term negotiations.

Approximately 180 Québec-based companies received seed or Series A funding in 2024, with AI-assisted screening present in roughly one-third of those rounds according to AMF market monitoring data.

Broader Context Within Canadian Regulatory Trends

The AMF measures align with parallel efforts by the Ontario Securities Commission and federal innovation programs that emphasize responsible AI adoption. They do not restrict technology use but shift the burden toward documentation. Market participants who already track model inputs and outputs will find the transition relatively straightforward, while others may need to adjust internal processes ahead of the June 2026 implementation date. The emphasis remains on investor protection through clarity rather than prescriptive technical standards.

Key takeaways

• Disclosure thresholds now apply once AI influences over 25 percent of a funding decision.
• Founders benefit from maintaining auditable performance data to meet new reporting expectations.
• Standardized explainability notes reduce information gaps during investor discussions.
• Québec rules complement broader CSA initiatives without introducing outright technology bans.

This article is informational only and does not constitute financial advice. Consult a qualified specialist before acting.

Back to blog