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

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs

    The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8423