Montréal - The Autorité des marchés financiers (the "AMF") welcomes the report issued by the International Monetary Fund This link will open in a new window on the Canadian financial sector that highlights once again a strong regulatory and supervisory framework based on provincial jurisdictions.
"The IMF assessment points out that the oversight and prudential supervision of the Canadian financial sector is strong, effective and compliant with the standards and practices established by international bodies, while proposing certain recommendations for further improvements that we support," said AMF President and CEO Louis Morisset. In particular, with respect to commercial or conduct of business practices adopted by financial institutions, the report states that the AMF regime is in line with international best practice and it has adequate resources to conduct effective risk-based supervision.
Although the Fund is less affirmative than in the past, the AMF notes that the Fund has once again decided to be part of the debate over the framework for the regulation and supervision of securities markets rather than limit itself to the objective conclusions of its own report as to the results achieved by the current framework. "Surprisingly the IMF is still preoccupied with the Canadian constitutional debate even though the issue is clearly not part of its assessment mandate. The IMF should simply restrict itself to acknowledging that the current framework enables Canada to comply with the highest international standards with respect to securities regulation," added Mr. Morisset.
"We at the AMF believe that the federal government's proposed cooperative capital markets regulator is a setback for the current system because it will ultimately generate inefficiencies, duplication of tasks as well as a loss of influence and expertise in all jurisdictions, other than Ontario. The current system gives regulators flexibility and autonomy for reflecting upon major public policy issues," concluded Mr. Morisset.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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