Montréal - The Autorité des marchés financiers (the "AMF") has announced the creation of a fintech working group. Its primary mandate is to analyze technological innovations in the financial sector and anticipate regulatory and consumer protection issues.
"The creation of the Fintech Working Group further demonstrates the AMF's resolve to serve as a go-to point of contact and reference for all industry stakeholders interested in financial sector technological innovations," said AMF President and CEO Louis Morisset. "We want to broaden our understanding to ensure that over time, the regulatory environment in Québec adequately addresses the many challenges and issues raised by fintech."
The AMF has been extensively studying technological advancements and their impact on the industry and consumers. Thanks to its integrated regulator model, the AMF can examine how various issues impact the insurance, deposit institutions, securities, derivatives, distribution of financial products and services, and financial planning sectors.
The Fintech Working Group, composed of AMF experts, will analyze and make recommendations about the ability of the current regulatory framework to support changes in commercial practices, business models and financial sector technologies while ensuring a solid balance between consumer protection and market efficiency.
A component of the group's work will be to exchange with industry and consumer groups to better understand their concerns so that stakeholders can continue to receive the appropriate support in the development of their business models.
At the same time, the AMF intends to participate actively with its national and international peers in efforts to gain greater insight into technological innovations and their associated issues.
For further information, industry participants concerned and consumers are invited to contact the AMF at firstname.lastname@example.org.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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