AMF, the financial regulator of Quebec, sets out key initiatives in the 2022-2023 annual statement of priorities, which forms a part of the implementation of the AMF’s 2021-2025 Strategic Plan.
AMF will continue to focus on reducing the compliance burden on its regulated clienteles and will roll out new initiatives to support fintech firms and foster innovation. The key initiatives from AMF will be geared to:
- Collect information from deposit institutions and assess compliance with its expectations regarding sound commercial practices on an ongoing basis.
- Monitor the cryptoasset ecosystem and develop a framework for the registration of cryptoasset trading platforms that are subject to securities legislation.
- Prioritize the actions to take with respect to the recommendations from its report on the responsible use of artificial intelligence in finance.
- Incorporate environmental, social and governance (ESG) factors into financial activities and decisions, which include developing a framework for climate-related disclosures; using scenario analysis and stress testing within financial institutions for physical risks and transition risks; and reflecting on issues of diversity, equity and inclusion within financial institutions.
- Develop and implement a governance framework and a data management strategy across the organization.
- Enhance integrated risk management to facilitate the identification of priority issues and improve processes.
- Help maintain a framework for effective action with its provincial and territorial counterparts and federal regulators in Canada to promote cooperation and enhanced information-sharing.
- Enhance compliance tools and processes and work together with stakeholders to identify opportunities to optimize the compliance burden.
Keywords: Americas, Canada, Banking, Work Priorities, Fintech, Suptech, Crypto-Assets, Artificial Intelligence, ESG, Climate Change Risk, Disclosures, Scenario Analysis, Stress Testing, Physical Risk, Transition Risk, Data Collection, AMF
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