AMF Signs Memorandum of Understanding with Bank of Canada

Organization Deposit institutions

Québec City – The Autorité des marchés financiers (the “AMF”) and the Bank of Canada (the “Bank”) have signed a Memorandum of Understanding (“MOU”) for co-operation and information exchange with respect to the monitoring of risks pertaining to domestic systemically important financial institutions (“D-SIFIs”). The MOU will also support their respective roles as Québec’s prudential regulator and resolution authority, and Canada’s lender of last resort.

“We are pleased to sign this agreement, which is an important collaborative tool to manage systemic risk related to D-SIFIs such as Desjardins Group,” said Louis Morisset, AMF President and CEO. “The agreement is consistent with actions taken by the AMF to achieve its risk management objectives. This is a significant development that will help us prevent and deal with the potential failure of a D-SIFI and strengthen ties with the main members of our financial safety net, namely, the agencies that perform the functions of prudential regulation, supervision, resolution, lender of last resort and deposit insurance.”

The MOU formalizes the information exchange framework between the AMF and the Bank and fosters co-operation between the two agencies. This closer co-operation, designed to help avoid and mitigate the risks of a financial crisis, will create synergies for both agencies.

Expected benefits also include greater industry and consumer confidence in the stability and soundness of the Québec financial system.

Lastly, the MOU seeks to satisfy the expectations of the International Monetary Fund as part of its Financial Sector Assessment Program with respect to risk management pertaining to D-SIFIs and co-operation among federal and provincial authorities.

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

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