Featured Product

    AMF Issues Guide to Credit Assessment Agents, Mulls Climate Disclosure

    November 17, 2022

    AMF, the financial regulator of Quebec, published the guideline on sound commercial practices and is seeking comments, until December 16, 2022, on the draft guideline for supervision and control of the commercial and management practices of credit assessment agents. AMF also published guidelines on sound commercial practices and the fair treatment of clients. In addition, the Canadian Securities Administrators (CSA) announced assessing the impact of international developments on proposed climate-related disclosure rule.

    The draft guideline for credit assessment agents provides credit assessment agents with the necessary information to determine the requisite strategies, policies, procedures, and processes and apply them based on the nature, size, and complexity of their activities. Credit assessment agents collect, use, compile, produce, and disclose consumer data in accordance with applicable legislation. Businesses such as financial institutions use the consumer credit data provided by credit assessment agents in their day-to-day operations. The draft guideline covers policies and processes related to governance, sound commercial practices, operational risk management, information and communications technology (ICT) risks, outsourcing and cloud computing risk management, business continuity, and related supervisory activities. The draft guide states that any outsourcing arrangement entered into with a service provider operating outside Canada or that processes, stores, or transfers data outside Canada is considered to be offshoring. Outsourcing or offshoring arrangements, as specified in the guideline, must be disclosed to AMF on request.

    While assessing the proposed climate disclosure rulethe Canadian Securities Administrators (CSA) is actively considering international developments and how these developments may impact or further inform the proposed climate-related disclosure rule, which was published in October 2021. As part of an international development, the U.S. Securities and Exchange Commission (SEC) proposed amendments to rules, in March 2022, which would require registrants to provide certain climate-related information in their registration statements and annual reports. The International Sustainability Standards Board (ISSB) also proposed a general standard for the disclosure of sustainability-related financial information, in addition to climate-related disclosure standard. While the CSA, SEC, and ISSB proposals are all largely based on recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD), some substantive differences exist. CSA plans to analyze the key differences and monitor evolution of these proposals. Moreover, CSA is revisiting the letters received during the 2021 consultation process, which included feedback on the two international proposals, and is also reviewing the Canadian stakeholder feedback that was submitted directly to the SEC and ISSB.


    Keywords: Americas, Canada, Banking, Regtech, Climate Change Risk, SEC, ISSB, Disclosures, ESG, Operational Resilience, Credit Assessment, Lending, Quebec, AMF

    Featured Experts
    Related Articles

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793