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
Previous ArticleEC Publishes Draft Regulations Supplementing CRR and CRD IV
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.
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).
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.
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).
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.
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.
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.
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
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).
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.