Montréal - The Autorité des marchés financiers (the "AMF") today published for comment clearing house, central securities depository and settlement system requirements.
The AMF is proposing new requirements for recognized clearing houses that carry on central counterparty, central securities depository or settlement system activities, recognized central securities depositories and recognized settlement systems, to ensure a framework consistent with the new international standards applicable to financial market infrastructures. These standards are set out in the Principles for financial market infrastructures report released in 2012 by the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions. They address the concerns of the G20 and the Financial Stability Board regarding the strengthening of core financial infrastructures and markets, including derivatives markets and important infrastructures.
When enforced, the proposed requirements will enhance safety and efficiency in clearing, depository, settlement and recording arrangements and limit systemic risk and foster transparency and financial stability.
The AMF worked jointly with the Ontario Securities Commission (OSC), the British Columbia Securities Commission and the Bank of Canada to ensure consistency of the interpretation and application of these standards and to develop policies specific to the Canadian context. The OSC and the Manitoba Securities Commission are also publishing related consultation materials today. It is the AMF's understanding that the British Columbia Securities Commission, the Alberta Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Financial and Consumer Services Commission (New Brunswick) and the Nova Scotia Securities Commission intend to develop and publish a multilateral rule and a multilateral policy similar to the AMF's consultation materials.
The AMF comment period will end on March 19, 2014. The Notice and Request for Comment and proposed Regulation 24-503 respecting Clearing House, Central Securities Depository and Settlement System Requirements and Policy Statement to Regulation 24-503 respecting Clearing House, Central Securities Depository and Settlement System Requirements are available for consultation on the AMF website.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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