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 and FPC Finalize Changes to Leverage Ratio Framework in UK

    The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA

    October 08, 2021 WebPage Regulatory News
    News

    CFPB Proposes Rule on Small Business Lending Data Collection

    The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.

    October 08, 2021 WebPage Regulatory News
    News

    PRA Decides to Maintain O-SII Buffers for Another Year

    The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.

    October 08, 2021 WebPage Regulatory News
    News

    FSB Report Assesses Implementation of Recommendations on Stablecoins

    The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.

    October 07, 2021 WebPage Regulatory News
    News

    APRA Updates Loan Serviceability Expectations for Home Lending

    In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.

    October 06, 2021 WebPage Regulatory News
    News

    CPMI and IOSCO Consult on Guidance on Stablecoin Arrangements

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.

    October 06, 2021 WebPage Regulatory News
    News

    EBA and EIOPA Set Out Work Priorities for 2022

    The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.

    October 05, 2021 WebPage Regulatory News
    News

    MFSA Issues Reporting Updates and Guidance for Banks

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.

    October 05, 2021 WebPage Regulatory News
    News

    EC Publishes Decision on List of Equivalent Third Countries Under CRR

    The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).

    October 04, 2021 WebPage Regulatory News
    News

    EC Rule on Contractual Recognition of Write-Down and Conversion Powers

    EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.

    October 04, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7552