Under the Act respecting the regulation of the financial sector (formerly the Act respecting the Autorité des marchés financiers This link will open in a new window), the AMF’s mission is to:
- provide assistance to consumers of financial products and services, in particular by setting up consumer-oriented educational programs on financial products and services, processing complaints filed by consumers and giving consumers access to dispute resolution services;
- ensure that the financial institutions and other regulated entities of the financial sector comply with the solvency standards applicable to them as well as with the obligations imposed on them by law with a view to protecting the interests of consumers of financial products and services, and take any measure provided by law for those purposes;
- supervise the activities connected with the distribution of financial products and services, administer the rules governing eligibility for and the carrying on of those activities, and take any measure provided by law for those purposes;
- supervise stock market and clearing house activities and monitor the securities market, in particular, by administering the controls provided by law as regards access to the public capital market, ensuring that the issuers and other practitioners involved in the financial sector comply with the obligations imposed on them by law and taking any measure provided by law for those purposes;
- supervise derivatives markets, including derivatives exchanges and clearing houses and ensure that regulated entities and other derivatives market practitioners comply with the obligations imposed by law; and
- see to the implementation of protection and compensation programs for consumers of financial products and services and administer the compensation funds set up by law.
The AMF performs its functions and exercise its powers in a way as to:
- foster the confidence of the public and of the business community as regards financial institutions and practitioners in the financial sector as regards solvency and the competence of agents, advisers, brokers, representatives and other practitioners in the financial sector;
- promote the availability of high-quality, competitively priced financial products and services for individuals and enterprises in all regions of Québec;
- see to the establishment of an effective and efficient regulatory framework that promotes the development of the financial sector and facilitates innovative management and commercial practices;
- grant the public and the business community access to reliable, accurate and complete information on the financial institutions and practitioners in the financial sector and on the financial products and services offered; and
- protect consumers against unethical, abusive or fraudulent practices and give individuals and enterprises access to various dispute resolution mechanisms.
Codes of ethics and professional conduct
The AMF has adopted two codes of ethics and professional conduct. The first applies to the President and CEO, while the second is intended for all staff members, including public office holders. Within the AMF, it should be noted that the President and CEO, the superintendents, the corporate secretary and the executive directors are all considered to be public office holders.