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
PRA Relaxes Reporting and Disclosure Deadlines for InsurersRelated Articles
EBA Sets Out Work Priorities and Deliverables for 2021
EBA published its annual work program for 2021. The work program describes the activities and deliverables for the coming year in the context of the six key strategic areas of work.
PRA Proposes to Amend SS11/13 on Internal Ratings-Based Approaches
PRA is proposing, via the consultation paper CP14/20, to introduce two complementary expectations on the level of mortgage risk-weights in UK for banks applying the internal ratings-based approaches.
ECB Confirms Compliance of €STR with Financial Benchmark Principles
ECB published its statement of compliance with the IOSCO principles for financial benchmarks developed by IOSCO.
OSFI Updates Timelines for Implementation of IFRS 17
OSFI updated the timelines for implementation of IFRS 17 on insurance contracts.
IFRS Consults on Global Approach to Sustainability Reporting
IFRS launched a consultation to assess the demand for global sustainability standards.
EIOPA Sets Out Work Priorities for 2021-2023
EIOPA has set out the work priorities for 2021-2023, taking into account the current market situation in light of the COVID-19 pandemic.
US Agencies Finalize Three Interim Final Rules Issued Amid Pandemic
US Agencies (FDIC, FED, and OCC) finalized three interim final rules that were published in March and April this year to ease the impact of disruptions caused by the COVID-19 pandemic.
US Agencies Finalize Interim Final Rules Issued Amid Pandemic
US Agencies (FDIC, FED, and OCC) finalized two rules, which are either identical or substantially similar to the interim final rules in effect and issued earlier this year.
APRA Proposes to Increase Transparency of Banking Data
APRA announced that it is resuming consultation on the confidentiality of data submitted to APRA by the authorized deposit-taking institutions.
EIOPA Consults on Use of Risk Mitigation Techniques Under Solvency II
EIOPA is consulting on a supervisory statement on the use of risk mitigation techniques by insurance and reinsurance undertakings.
