After the Education and Good Governance Fund (EGGF) and the sources of funding allocated to it were abolishedAn Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (S.Q. 2018, c. 23), assented to on June 13, 2018, amended section 38.1 of the Act respecting the regulation of the financial sector, abolishing the Education and Good Governance Fund and the sources of funding allocated to it. The sums collected by the AMF as fines and from administrative sanctions or penalties, which were previously allocated to the Fund, are now remitted to the Minister of Finance., the AMF explored ways it could continue to pursue some of the objectives of the EGGF. Following this process, the AMF is establishing a new Strategic Financial Education, Outreach and Research Partnerships Program.

Under the new program, the AMF intends to continue to prioritize financial education, which remains at the core of its mission, and invest in the development of societal awareness campaigns and in the improvement of financial literacy in Québec, particularly through the design and dissemination of educational programs. The AMF may use the accumulated amounts to establish projects or partnerships addressing specific issues or needs related to its mission. The projects may be in the form of awareness campaigns carried out by the AMF (alone or with eligible partners), the development and dissemination of educational programs, or financial support for financial education initiatives of eligible partners with the expertise or networks needed to maximize impact.

Efforts must still be made to encourage Quebeckers to exercise greater vigilance in managing their personal finances and convince them of the benefits of doing so. This is clear from the AMF IndexLaunched in 2012, the AMF Index is based on a Web survey of 1,500 individuals who are partly or fully responsible for managing their household’s finances. Respondents rate the relevance of 40 knowledgeable financial behaviours and state whether or not they adopt those behaviours on a regular basis. The AMF Index measures the financial behaviours of Quebeckers with respect to: management of personal finances, credit management (interest and debt), investment, dealings with a financial advisor, insurance products, level of awareness of financial fraud, and retirement planning. The AMF Index also provides a snapshot of three broad categories of consumers of financial products and services: knowledgeable, ambivalent and indifferent., which has seen only a very slight improvement since its debut, increasing from 58.5% in 2012 to 60.6% in 2018. However, it is recognized that a long-term effort is required to make gains in such an index and that sustained initiatives are necessary for meaningful changes to be achieved.

The new program focuses on the establishment or development, whether at the AMF’s initiative or not, of innovative, high-impact or structuring projects—particularly through the bringing together of experts, researchers or organizations—that will have lasting and measurable benefits for Québec’s population, target groups or established networks.

The program also focuses on support for projects that promote the development of knowledge about current or emerging issues of particular interest to the AMF in light of its mission, role or strategic objectives. These projects, which may or may not be initiated by the AMF, may be in the form of specific research, the establishment of research funds or centres, or the creation of research chairs.

In connection with the program, the AMF is launching an open-ended call for proposals for applicant organizations. The potential financial support is based on an assessment of preliminary projects submitted throughout the year and then on a second assessment of a more detailed version of the project submitted by the applicant organization.

Only eligible applicant organizations that have received a positive assessment on their preliminary project will be invited to go on to the next step.

The AMF reserves the right to periodically publicize on its website or by other means, and give preference to, the topics or issues that are of particular interest to it.

Eligibility criteria and call for proposals process

At the time it submits its application, the organization must be legally constituted and have had a branch in Québec for at least a year. The applicant organization must be a private corporation, educational institution or research chair, foundation, professional order, cooperative, association, coalition consisting of several such organizations, or non-profit organization.

The applicant organization must not be a federal or provincial government department or body, municipality or municipal body, firm or individual authorized to practise by the AMF, organization affiliated with a firm authorized to practise by the AMF, or firm or individual that has been subject of a penalty for a violation of a law administered by the AMF or who has been convicted of or has pleaded guilty to a  criminal offence.

Eligible projects will be reviewed by an assessment committee consisting of AMF experts according to following criteria, among others:

  • The relevance, value-added and interest of the topic or project for the AMF.
  • The tie-in with the mission, mandates and strategic orientations of the AMF or the Québec Financial Education Strategy.
  • The tie-in with a new issue observed in the Québec financial sector.
  • The innovativeness of the project and the thoroughness of the proposed approach to meeting the objectives and achieving concrete and meaningful results.
  • Alignment with and non-duplication of the AMF’s work or other existing initiatives.
  • Potential for collaboration, coordination and expertise sharing in order to increase project benefits.

After the preliminary projects have been assessed, the AMF will invite only the selected eligible applicant organizations to submit a complete proposal package within 45 days following the invitation. Applicant organizations will receive a response within 90 days of submitting the detailed package.

Organizations must submit their applications to partenariatsAMF@lautorite.qc.ca using the AMF form (lien vers le formulaire). The form must be completed in French.