AMF Issues First Summary of Corporate Finance Oversight Activities
Securities
Montréal - The Autorité des marchés financiers (the "AMF") today published its first Summary of Oversight and Regulatory Activities (pdf - 5 MB)
This link will open in a new windowUpdated on September 13, 2017 in respect of corporate finance. The Summary, which was prepared by the Direction principale du financement des sociétés ("AMF Corporate Finance") will serve as a go-to tool for communications between the AMF and Québec companies that seek to raise capital through the markets, as well as their advisers.
"This publication is part of the various initiatives set out in the AMF's 2017-2020 Strategic Plan, especially with respect to strengthening our role as a local regulator close to its markets, implementing initiatives to demonstrate our leadership and ability to innovate and monitoring technological changes in the financial sector," said Gilles Leclerc, AMF Superintendent, Securities Markets. "In light of the disruption that traditional business models are undergoing, the AMF must be able to anticipate regulatory, market efficiency and consumer protection issues."
The Summary includes information on the main deficiencies identified in the continuous disclosure and financing documents of companies. It also contains examples of corrected information, particularly with respect to the presentation of non-GAAP (Generally Accepted Accounting Principles) financial measures, a company's ability to continue as a going concern and the sufficiency of proceeds from a prospectus offering. As well, in addition to giving data regarding distributions made by Québec companies and the industries in which they operate, the publication covers certain issues related to technological innovations (fintech) and the measures adopted to meet the oversight challenges arising from new financial products and services.
Moreover, the publication highlights the main regulatory initiatives that the AMF will focus on with respect to corporate finance under the 2017-2020 Strategic Plan.
Information is also provided about issues that AMF Corporate Finance will examine with respect to regulatory oversight in 2017-2018, including the presentation of non-GAAP financial measures and the disclosure of the risks and financial repercussions associated with climate change.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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