The AMF is an active member of several international securities and insurance regulatory organizations, including:
International Association of Deposit Insurers (IADI)
The AMF is one of the founding members of the International Association of Deposit Insurers (IADI), which was formed in May 2002. Its mission is to promote international cooperation and share deposit insurance expertise. In cooperation with the Bank for International Settlements, IADI established the Core Principles for Effective Deposit Insurance Systems. In February 2011, the Financial Stability Board (FSB) included these Core Principles on its list of Key Standards for Sound Financial Systems. The Core Principles were revised in November 2014.
As an active member of IADI, the AMF sits on various working committees that focus on current financial and economic issues, including the Research and Guidance Committee. In addition, since October 2014, the AMF has chaired the newly formed Committee on Resolution Issues for Financial Cooperatives. Through its active participation in IADI, the AMF is able to contribute to numerous working groups and help draft documents of interest to Québec. It helps ensure that Québec’s deposit insurance and resolution system is based on best international practices.
The International Association of Insurance Supervisors (IAIS) was established in 1994. Its core objectives are to enhance the supervision of the insurance industry in order to maintain effective, fair, safe and stable insurance markets for the benefit and protection of policyholders, promote the development of well-regulated insurance markets and contribute to global financial stability.
The IAIS represents insurance regulators and supervisors from more than 200 jurisdictions, accounting for 97% of the premiums written around the world. Since 1999, the IAIS has welcomed more than 130 Observers in its membership (organizations of insurance professionals).
The AMF is an active member of the IAIS, participating in several committees, such as the Financial Crime Task Force, Governance Working Group, Accounting and Auditing Working Group, and the Market Conduct Working Group, which the AMF chaired from 2010 to 2014.
In October 2011, the IAIS adopted (and subsequently revised in October 2012 and October 2013) its insurance Core Principles, which the FSB has included on its list of Key Standards for Sound Financial Systems. They serve as a basis for the assessment of financial systems by the World Bank and the International Monetary Fund (IMF). The AMF plays a leading role in the review of these Core Principles, particularly those covering governance, commercial practices and intermediaries.
Created in 1983, the International Organization of Securities Commissions (IOSCO) is the leading international policy forum for securities regulators. The AMF is a founding member. IOSCO members have resolved to work together to promote high standards of regulation in order to maintain fair, efficient and sound markets, to exchange information on their respective experiences and thereby assist with the development of national markets, to cooperate in setting standards and establishing effective oversight of international securities transactions, to provide mutual assistance to promote market integrity by a rigorous application of standards and effective securities law enforcement measures. IOSCO collaborates closely with the G20 and the FSB on international regulatory reforms.
IOSCO’s membership regulates more than 95% of the world's securities markets in 115 jurisdictions. The AMF is a member of IOSCO and actively participates in its Board, the majority of standing committees whose mandates cover key areas of interest, such as accounting standards, information disclosure, investigations and international cooperation and frameworks governing intermediaries, market structures and mutual funds. It also serves on various ad hoc committees created by the IOSCO Board, such as committees on over-the-counter derivatives, securitization, structured products and cross-border regulation, to name but a few.
Currently, the AMF chairs a subcommittee on crowdfunding and intermediaries as well as a subcommittee studying the potential effects of commodities storage on the price of derivatives. It is also coordinating a new project on cyber-resilience.
In 1998, the IOSCO adopted its Objectives and Principles of Securities Regulation ("IOSCO Principles"), which are recognized by the G20 and the FSB as securities regulation benchmarks. The IOSCO Principles, updated in 2010, are also used by the IMF and the World Bank as part of the Financial Sector Assessment Program (FSAP) for various countries.
As well, the AMF is an active member of IOSCO's Assessment Committee and its subcommittee, the Implementation Task Force (ITF). These committees focus primarily on updating the IOSCO Principles and encouraging countries to adopt them.
The AMF is also a member of the Inter-American Regional Committee (IARC), made up of securities regulators from North, Central and South America and the Caribbean.
Finally, the AMF is a member of the Screening Group on the Implementation of the IOSCO Multilateral MOU. Adopted in May 2002, IOSCO’s Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU) is one of IOSCO’s most important contributions to international cooperation for deterring cross-border fraud and misconduct. The AMF currently co-chairs the Screening Group and the enforcement-related Committee 4.
The AMF is an active member of the Council of Securities Regulators of the Americas (COSRA), made up of securities regulators from the Americas (North, Central and South) and the Caribbean. Established in 1992, COSRA now has more than 30 members, including the United States Securities and Exchange Commission, Mexico’s Comision Nacional Bancaria y de Valores and regulators from several countries in Central and South America.
The AMF chaired COSRA from 2002 to 2004. Under the auspices of COSRA, the AMF hosted a forum in 2007 in Montréal on SME financing. It brought together more than 100 SME representatives from across the Americas. The AMF served as vice-chair of COSRA in 2011 and 2012
The AMF is also an active member of the North American Securities Administrators Association (NASAA), whose membership consists of 67 U.S. state regulators, the 13 provincial and territorial securities administrators in Canada, Mexico’s Comision Nacional Bancaria y de Valores, and the Financial Institutions Commission of Puerto Rico.
The Institut Francophone de la Régulation Financière (IFREFI) was created on June 24, 2002 by financial market regulators from French-speaking countries. Its mission is to strengthen cooperation and exchanges between its members. IFREFI membership currently includes 28 countries.
The AMF chaired IFREFI from its inception to 2004, and it continues to be an active member of the organization.
The AMF participates in the Over-the-Counter (OTC) Derivatives Regulators’ Group (ODRG), which is composed of executives and senior representatives from OTC derivatives regulators in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Québec, Singapore, Switzerland and the United States. The ODRG seeks to identify and resolve cross-border issues associated with implementation of the G-20 OTC derivatives reform agenda.
The AMF has participated in the Over-the-Counter Derivatives Regulators’ Forum (ODRF) since 2009 when it was formed by the principal derivatives regulators and banking authorities. The ODRF promotes cooperation and the sharing of experiences and information about OTC derivatives central counterparties and trade repositories.