Montréal - The Autorité des marchés financiers (the "AMF") is pleased to announce that Jean-François Fortin, Executive Director, Enforcement, and Jean Lorrain, Senior Director, International Relations and Strategic Monitoring, have been elected to head major committees of the International Organization of Securities Commissions (IOSCO).
"The election of two AMF colleagues is evidence of our expertise and leadership at IOSCO," noted Louis Morisset, President and Chief Executive Officer of the AMF. "Our involvement in IOSCO enables us to share our expertise while giving us access to the best oversight and regulatory approaches being developed around the world. We can adapt them for the benefit of Québec's markets and consumers."
Jean-François Fortin has been elected Chair of the Committee on Enforcement and the Exchange of Information, and of the Screening Group. After acting as Vice-Chair for almost four years, Mr. Fortin will become the first representative of a North American regulator to chair these key committees.
The mandate of the Committee on Enforcement and the Exchange of Information (also known as Committee 4) is to recommend policies to enhance the quality and effectiveness of law enforcement initiatives carried out by market regulators. It is made up of representatives of 35 leading regulatory authorities in the Americas, Europe and Asia.
The mission of the Screening Group, also composed of representatives of 35 regulators, is to confirm compliance with the membership requirements by IOSCO members wishing to become signatories of IOSCO's Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU). To date, 109 organizations have ratified the MMoU. The role of the Screening Group also includes implementing a new Multilatéral Memorandum of Understanding adopted in May of this year that aims to raise international standards for the exchange of information and cooperation among regulators.
Moreover, Jean Lorrain was elected as Vice-President of IOSCO's Assessment Committee, whose role is to develop programs to identify and assess implementation by members of IOSCO principles and other standards and policies approved by IOSCO. The objective of these programs is to improve investor protection, strengthen market efficiency and reduce systemic risk.
Louis Morisset is a member of the Board of IOSCO, which is the main forum for international cooperation among securities regulators. Its members cooperate in promoting high standards of regulation, exchange information on their respective experiences and work together to develop standards and effective supervision of international securities transactions.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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