Montréal – The 2007-2008 Annual Report of the Autorité des marchés financiers (AMF) was tabled today in the Québec National Assembly. The Report includes the AMF's financial statements and covers its primary activities for the fiscal year from April 1, 2007 to March 31, 2008, particularly with respect to the administration of the following laws: the Deposit Insurance Act, the Securities Act and the Act respecting the distribution of financial products and services.
The past year marked the full and complete recognition of the AMF as the integrated regulatory and oversight body for Québec’s financial sector. "The scope of the various issues in which we have had to intervene has helped us refine our work methods, develop a proactive attitude toward oversight and regulation, and enhance the efficient organization of our tasks," said AMF President and CEO Jean St-Gelais.
Highlights of the AMF's fourth year of operations include:
- improved effectiveness of oversight activities;
- significant increase in the number of investigations, inspections and legal proceedings and a decline in the time required for such purposes;
- introduction of Bill 64 in December 2007 for harmonizing the various control measures that may be used by the AMF, which was adopted in June 2008;
- the establishment of the Centre of Excellence for Derivatives in June 2007;
- the public consultation on the proposed combination of Montréal Exchange Inc. and TSX Group Inc.;
- active co-operation with the Canadian Securities Administrators (CSA) toward the implementation of the securities passport system.
The 2007-2008 Annual Report is available on the AMF website.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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