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.
An active member of IADI, the AMF joined the Executive Council in 2016. It also sits on various working committees that focus on current financial and economic issues, including the Core Principles and Research Council Committee and the Research and Guidance Technical Committee, and is a member of the North America Regional Committee together with North American deposit insurers.
In addition, since October 2014, the AMF has chaired the Subcommittee on Resolution Issues for Financial Cooperatives. The AMF also participates in the annual Americas’ Deposit Insurance Forum, which brings together representatives from North and South American deposit insurers and resolution agencies.
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 ensures 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 over 97% of premiums written around the world. Since 1999, the IAIS has welcomed more than 130 Observers (organizations of insurance professionals) to its membership.
The AMF is an active member of the IAIS, participating in several committees, such as the Financial Crime Task Force, the Governance Working Group, the Accounting and Auditing Working Group, the Capital, Solvency and Field Testing Working Group and the Market Conduct Working Group, which the AMF chaired from 2010 to 2014.
In October 2011, the IAIS adopted (then extensively revised in October 2012) its Insurance Core Principles (ICPs), which the FSB has included on its list of Key Standards for Sound Financial Systems. The ICPs serve as a basis for the assessment of financial systems by the World Bank and the International Monetary Fund (IMF). The AMF played a leading role in revising these Core Principles, particularly those covering governance, commercial practices and intermediaries.
Moreover, the AMF has headed validation teams that assessed a number of applications by IAIS members seeking to become signatories to the Multilateral Memorandum of Understanding.
International Financial Consumer Protection Organisation (FinCoNet)
In spring 2017, the AMF became a member of FinCoNet This link will open in a new window, an international organization of supervisory authorities with responsibility for financial consumer protection. Mandated by the G20 and the Organisation for Economic Co-operation and Development, FinCoNet focuses on deposit institutions, working in particular to promote sound market conduct.
The AMF was confirmed as an active member of FinCoNet at its Annual General Meeting held in Tokyo in November 2017, and will now participate in the work of this organization.
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, toexchange 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 and 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 and 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, structured products, cross-border regulation and market conduct, to name but a few.
In 1998, IOSCO adopted its Objectives and Principles of Securities Regulation (the "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.
The AMF is the vice-chair of IOSCO's Assessment Committee and its Implementation Task Force (ITF) subcommittee. The role of the Assessment Committee is to update the IOSCO Principles and encourage countries to adopt them.
The AMF is also a member of IOSCO’s Inter-American Regional Committee (IARC), made up of securities regulators from North, Central and South America and the Caribbean.
Finally, the AMF chairs IOSCO Committee 4, whose mandate is to recommend guidance to enhance the quality and effectiveness of enforcement activities carried out by market regulators. The AMF also chairs the Screening Group on the Implementation of the IOSCO Multilateral MOU, which is responsible for validating the applications of regulators seeking to become signatories to IOSCO’s Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU). Adopted in May 2002, the MMoU is one of IOSCO’s most important contributions to international cooperation for deterring cross-border fraud and misconduct. In May 2016, IOSCO adopted a new, Enhanced Multilateral Memorandum of Understanding (EMMoU) intended to further increase the effectiveness of international standards regarding the exchange of information and cooperation among regulators. The Screening Group is also responsible for reviewing applications of regulators seeking to become signatories to the EMMoU.
The AMF is an active member of the Council of Securities Regulators of the Americas (COSRA), made up of securities regulators from North, Central and South America and the Caribbean. Established in 1992, COSRA now has more than 30 members, including the United States Securities and Exchange Commission, Mexico’s Comisión Nacional Bancaria y de Valores y de Valores and regulators from several countries in Central and South America. COSRA and IOSCO’s IARC share similar objectives and, as much as possible, hold their meetings jointly.
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 Comisión Nacional Bancaria y de Valores, and the Financial Institutions Commission of Puerto Rico. The AMF currently chairs NASAA’s International Committee.
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 some 15 years ago, 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) This link will open in a new window 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.