Featured Product

    AMF Publishes Statement of Key Planned Initiatives for 2019-2020

    June 27, 2019

    AMF published the statement of key planned initiatives for 2019-2020 to inform the industry and the general public of the key regulatory and supervisory initiatives that it plans to carry out this year. These initiatives are part of the implementation of the 2017-2020 strategic plan of AMF. This is the first time AMF has published a statement highlighting its key planned initiatives in all relevant sectors. Going forward, this will be an annual exercise.

    The key planned initiatives for 2019-2020 include the following:

    • AMF plans to develop a guideline on margin requirements for derivative contracts not cleared by a central counterparty for insurers and deposit institutions. The guideline will be in line with the BCBS and IOSCO framework presenting international best practices for margin requirements for non-centrally cleared derivatives. 
    • Following the implementation of IOSCO’s Principles for financial benchmarks, AMF and Canadian Securities Administrators (CSA) will continue to work on establishing a regulatory framework for benchmarks that is consistent with best practices.
    • Since 2017-2018, AMF has held various consultations, sent out questionnaires, and submitted the initial draft capital oversight standards for insurers of persons and damage insurers adapted to IFRS 17 on insurance contracts. The results of these initiatives will inform the research and development work to be performed in 2019-2020 in collaboration with various stakeholders, including the OSFI, Assuris, the Canadian Institute of Actuaries, the Canadian Life and Health Insurance Association, and the Insurance Bureau of Canada. This work will make it possible to monitor IFRS 17 implementation by insurers, adjust regulatory disclosure forms, and adapt capital oversight standards for such insurers.
    • AMF will continue to prepare for May 01, 2020, when it will integrate the mortgage brokerage sector, which is currently regulated by the OACIQ (Organisme d’autoréglementation du courtage immobilier du Québec). AMF will develop an initial qualification program in cooperation with mortgage brokerage sector participants and will establish a professional development framework for this new clientele. AMF will also continue its discussions with sector participants to incorporate the requirements to be met by mortgage brokerage firms and representatives into the body of regulations under the Act respecting the distribution of financial products and services.
    • AMF will launch a consultation on the regulatory and normative framework to implement the recommendations of the Canadian Council of Insurance Regulators (CCIR), with the aim to harmonize the frameworks for segregated funds and mutual funds.
    • Further to the updating of the IAIS Insurance Core Principles, particularly ICP 19 on conduct of business (or sound commercial practices) and to reflect the work done across Canada on the fair treatment of consumers, AMF will update its Sound Commercial Practices Guideline this year.

    Keywords: Americas, Canada, Quebec, Banking, Insurance, Securities, Derivatives, Central Counterparty, Financial Benchmarks, IFRS 17, Insurance Contracts, ICP, IOSCO, IAIS, BCBS, AMF

    Featured Experts
    Related Articles
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    EIOPA Consults on Reporting and Disclosures Under Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7293