AMF Postpones Launch of Strategic Plan to April 2021 Due to Crisis
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
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Previous Article
IOSCO Publishes Good Practices on Processes for DeferenceRelated Articles
BIS Examines Use of Big Data and Machine Learning at Central Banks
BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.
APRA Finalizes Reporting Standard for Operational Risk Requirements
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB Publishes Guide for Determining Penalties for Regulatory Breaches
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS Sets Out Good Practices to Manage Operational Risks Amid COVID
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR Announces New Data Collection Application for Banks and Insurers
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.
EIOPA Launches Study on Non-Life Underwriting Risk in Internal Models
EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.
SRB Publishes Overview of Resolution Tools Available in Banking Union
SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.
EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
