The Autorité des marchés financiers (AMF) recently released its 2012-2013 annual report. The report reviews the actions undertaken by the AMF during the last year and identifies policy areas it will focus on in the coming months.
The report highlights, among other things, two new mandates that the Quebec government has conferred upon the AMF that have broadened the scope of its typical activities. These include administering a new framework to regulate money-services businesses pursuant to the Money-Services Businesses Act, which requires that any person or entity who operates such a business must hold a license issued by the AMF, and processing applications by businesses for authorizations to enter into public contracts or subcontracts under the Integrity in Public Contracts Act.
The report also emphasizes the AMF’s intention, in line with its five-year strategic plan (2012-2017), to reinforce its consumer protection programs, including handling of complaints and dispute resolution, and the financial services compensation fund, which compensates victims of fraud.
Looking forward, the AMF will continue to collaborate with the other members of the Canadian Securities Administrators (CSA) towards the development of a framework for the regulation of defensive tactics in Canada. Having assumed the leadership of the CSA Derivatives Committee, the AMF will also continue to pursue the development and implementation of a nationally harmonized regulatory framework for OTC derivatives. The AMF will likewise continue to consider the appropriate regulatory response to concerns about the services provided by proxy advisory firms.
During the period covered by the report, Louis Morisset assumed the position of President and CEO of the AMF formerly held by Mario Albert.