AMF enhances derivatives oversight expertise


Montréal – The Autorité des marchés financiers (AMF) invited representatives of securities and derivatives regulators to a conference held on February 4 and 5, 2010 for insight into the latest techniques for investigating and detecting fraud in derivatives markets, particularly with respect to currency trading (forex).

Experts from the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), two U.S.-based regulatory agencies tasked with supervising the derivatives market, conducted specialized training for some 120 inspectors, investigators and lawyers from the AMF and numerous other securities and derivatives regulators in Canada.

The purpose of the two-day event was to enhance the effectiveness, consistency and timeliness of actions taken by the AMF in fraud-related matters that impact individual currency traders. Active traders are often victims and incur substantial financial losses.

"This week's event will bolster the reputation of the AMF's Centre of Excellence for Derivatives and the team led by Derek West. It contributes to the Centre's mission of developing and implementing a modern regulatory framework for the Québec derivatives market that takes into account the reality of Canadian and North American markets," noted Louis Morisset, AMF Superintendent, Securities Markets.

"Held almost one year to the day after the adoption of the Derivatives Act, this conference confirms the AMF's leadership role in the Canadian derivatives market and will strengthen the expertise of AMF professionals," added Mr. Morisset.

The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.

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