In response to the impact of COVID-19 pandemic, AMF has decided to postpone the launch of its new strategic plan to April 01, 2021. Therefore, in 2020-2021, AMF will continue to implement its 2017-2020 strategic plan. AMF has highlighted the decision to postpone the launch of the new strategic plan in its 2020-2021 annual statement of priorities. AMF published this annual statement amid COVID-19 pandemic to inform industry and the general public of its main orientations of the past few months and those planned for the current year. The annual statement of priorities spotlights five key areas of prioritization identified by AMF: consumer protection; sustained monitoring of the economic and financial environment; leadership, collaboration, and cooperation in national and international forums; governance and data science; and ability to adapt to the new environment.
The key planned initiatives for 2017-2020 include the following:
- Where possible, to promote the streamlining or simplification of the regulatory or normative framework. AMF will work to consolidate the numerous guidelines applicable to financial institutions and insurers. It will also implement a scheme facilitating access to the capital markets by reporting issuers with a first-rate continuous disclosure record and reduce certain administrative formalities and regulatory requirements applicable to emerging issuers and asset managers.
- AMF will work to develop expertise regarding the Canadian over-the-counter (OTC) derivatives market by making the most of trade repository data.
- AMF intends to strengthen its links with key stakeholders in the fintech ecosystem of Québec. These links will facilitate the implementation of measures to guide and support new stakeholders through the regulatory framework and, where possible, the establishment of a regulatory sandbox.
- AMF will contribute to discussions on the disclosure practices of issuers regarding climate change and socially responsible investing. AMF intends to publish the findings and conclusions of its reviews and determine whether regulatory proposals are required to ensure that issuers provide investors with appropriate disclosure on these issues for purposes of investment decisions.
- AMF will develop new avenues for discussions and consultations with industry participants, consumer groups, academia, and technological innovators.
- AMF will develop an interface designed for stakeholders in the financial products and services industry, including compliance guides and questionnaires, to help them understand the regulatory requirements and establish a culture of compliance.
- AMF will optimize the operational effectiveness and efficiency, particularly with respect to the administrative and technological processes of AMF.
Keywords: Americas, Canada, Quebec, Banking, Insurance, Securities, COVID-19, Derivatives, Strategic Plan, Fintech, Climate Change Risk, ESG, Governance, Regulatory Sandbox, AMF
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