Montréal – “A proactive regulator bolstering confidence in a healthy and dynamic financial sector” is the new vision adopted by the Autorité des marchés financiers (the “AMF”) to drive the 2017-2020 Strategic Plan unveiled today.
“Our new three-year plan is based on a thorough analysis of our environment and financial market trends. It reflects a period of profound change in the industry, due mainly to technological innovations. In a context such as this, we must adapt our approaches and ways of doing things while continuing to implement the best regulatory practices,” said Louis Morisset, AMF President and Chief Executive Officer. “As a regulator, we seek to ensure that all of our initiatives and actions will contribute to consumer confidence in the industry while fostering a dynamic financial sector in Québec.”
New challenges, evolving issues
In addition to continuous innovation in financial technology, the accelerated globalization of markets, the arrival of new players in the industry and the growing diversification of product and service offerings all raise new challenges with respect to regulation, oversight and consumer protection. As well, rising household debt, aging demographics and low levels of financial literacy among Québec’s population continue to be of concern, while climate change issues are becoming increasingly important.
Leadership, innovation and proximity
Over the next three years, the AMF intends to demonstrate its leadership, added value and ability to innovate, namely, by assuming a leadership role in strategic thinking on current and emerging issues, and by launching high impact initiatives for the protection of the public and the development of Québec’s financial sector.
The AMF also intends to strengthen its role as a local regulator close to its markets, in particular by offering compliance support to the industry and by exploring new avenues for consultations and discussions with consumer groups, industry participants, academia and technological innovators.
Furthermore, the AMF will draw on additional targeted actions in financial literacy to reach the most vulnerable consumers. It also plans to invest in its performance by upgrading its technological systems and applications, an ongoing necessity for keeping up with changes in the financial sector.
“This is an ambitious plan, as many of the initiatives will be deployed concurrently with the commitments undertaken in regard to the extensive reforms initiated by the G20 and the revision of financial sector legislation announced by the Government of Québec. Above all, this is an inspiring and mobilizing plan that, combined with our values of integrity, excellence, openness and engagement, will help us achieve our objectives,” concluded Mr. Morisset.
The 2017–2020 Strategic Plan is published 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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