AMF identifies Desjardins Group as a systemically important financial institution for Québec


Montréal - The Autorité des marchés financiers (the "AMF") is today announcing that it has designated Desjardins Group as a domestic systemically important financial institution ("D-SIFI"), in accordance with the criteria set out by the Basel Committee on Banking Supervision. This status will result in additional capitalization and disclosure requirements, as well as enhanced supervision.

The AMF is in regular communication with Desjardins Group to ensure it provides a framework consistent with international standards, particularly those pertaining to capital adequacy. The designation of Desjardins Group as a systemically important financial institution is part of this process.

In October 2012, the Basel Committee on Banking Supervision released a document intended for regulatory authorities entitled A framework for dealing with domestic systemically important banks. Under this document, the Committee expects regulators to establish a methodology to assess the degree of systemic importance for their jurisdictions and put in place measures applicable to financial institutions designated as systemically important.

Therefore, the AMF conducted the necessary assessments over the past few months and is today publishing a Notice (Available in French only) setting out the overall orientations and guidance to be applied in respect of Desjardins Group. These expectations were harmonized with those applicable to other systemically important financial institutions in Canada. As a D-SIFI, Desjardins Group will, effective January 1, 2016, be imposed an additional 1% Tier 1 capital requirement, which will be met primarily through reserves and capital shares.

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

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