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
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleIOSCO Publishes Good Practices on Processes for Deference
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.