The Autorité des marchés financiers (the “AMF”) has released its 2023 Annual Report on Financial Institutions and Credit Assessment Agents (pdf - 7 MB)
This link will open in a new window (available in French only), which was tabled yesterday in the National Assembly by Québec’s Minister of Finance.
In addition to updating the statistical information required under the various laws administered by the AMF, the report presents the main work completed by the organization in 2023 relating to the regulation and oversight of sound and prudent management practices and sound commercial practices applicable to Québec’s financial sector.
“In an environment marked by economic uncertainty and rapid technological change, one of our key objectives is to make the initiatives the AMF is implementing or considering implementing more transparent and predictable for financial institutions,” said Yves Ouellet, AMF President and CEO. “As the report clearly shows, robust and consistent regulation by the AMF has supported financial institutions’ efforts to enhance their soundness and resilience amid the challenges encountered by them over the past year.”
“One file that was a continuing focus for all our teams during the year was risk management,” added Patrick Déry, AMF Superintendent of Financial Institutions. “Whether it’s interest rates, cryptoasset exposures, climate change or earthquakes, the AMF did not hesitate to take the lead in providing the sector with a better safety net for the benefit of consumers.”
In addition to its work related to risk management, the AMF implemented several regulatory initiatives that affect consumers directly, including the Regulation respecting complaint processing and dispute resolution in the financial sector, which, among other things, introduces a precise definition of a “complaint” that will apply across Québec’s financial sector and requires institutions to process most complaints within 60 days of receipt.
The AMF also published capital adequacy requirement guidelines applicable to life and health insurers, property and casualty insurers, financial services cooperatives, trust companies, savings companies, and other authorized deposit institutions.
