Headquarters Québec, Canada | ||
Formed February 1, 2004 (2004-February-01) Jurisdiction Canadian province of Quebec Agency executive Louis Morisset, President and CEO Website | ||
The Autorité des marchés financiers (AMF) is the organisation responsible for financial regulation in the Canadian province of Québec. It regulates the province's financial markets and provides assistance to consumers of financial products and services.
Contents
History
Established under An Act respecting the Autorité des marchés financiers on February 1, 2004, the AMF is unique by virtue of its integrated regulation of the Québec financial sector, notably in the areas of insurance, securities, deposit institutions (other than banks) and the distribution of financial products and services.
Responsibilities
In addition to the powers and responsibilities conferred on it by its incorporating legislation, the AMF oversees the enforcement of laws in each of the areas it regulates. It can also draw on self-regulatory organizations (SROs), to which certain regulatory powers are delegated.
The AMF is financially self-sufficient through the fees and dues paid by the persons and firms governed by the legislation it is charged with enforcing.
The AMF is headed by a President and Chief Executive Officer appointed by the government. In applying its governance rules, the AMF is supported by an Internal Auditor as well as an Advisory Board.
Mission
As provided for under its incorporating legislation, the AMF's mission is to enforce the laws governing the regulation of the financial sector, notably in the areas of insurance, securities, deposit institutions (other than banks) and the distribution of financial products and services.
More specifically, the AMF's mission is to:
- provide assistance to consumers of financial products and services (Financial Education);
- ensure that the financial institutions and other regulated entities of the financial sector comply with the solvency standards applicable to them as well as with the obligations imposed on them by law;
- supervise the activities connected with the distribution of financial products and services;
- supervise stock market and clearing house activities and monitor the securities market;
- supervise derivatives markets, including derivatives exchanges and clearing houses and ensure that regulated entities and other derivatives market practitioners comply with the obligations imposed by law;
- see to the implementation of protection and compensation programs for consumers of financial products and services, and administer the compensation funds set up by law.
AMF in Canada
Autorité des marchés financiers is one of two major securities regulators in Canada, the largest in Canada being the Ontario Securities Commission. The AMF regulates securities in the province of Quebec. The major exchange under its purview is the Montreal Exchange.