Volume 5, number 1

Summary AMF News - AMF President and CEO�s term renewed AMF active in the industry - 20^th edition of the Bourstad competition AMF News - AMF approves applications by the Montr�al Exchange and Canadian Derivatives Clearing Corporation (CDCC) Framework for financial institutions - Changes made to the consultation process for normative framework proposals AMF active in the industry - 14^th Annual Conference of Montr�al from June 9 to 12, 2008 AMF participation in the IOSCO 33rd Annual conference in Paris - Promoting IOSCO�s 35^th Annual Conference Meeting to be held in Montr�al in June 2010 AMF Activities - Seminar: Les abus envers les a�n�s : agir ensemble pour que �a cesse! (Senior citizen abuse: Together, we can prevent it!) Schedule of events

AMF News AMF President and CEO�s term renewed At its meeting on Wednesday, April 30, 2008, the members of Cabinet of the Qu�bec government renewed the mandate of AMF President and CEO, Jean St-Gelais, for a five-year term. Mr. St-Gelais accepted this appointment with pride and enthusiasm and is looking forward to his new term. He intends to pursue his mandate in continuity with the actions undertaken ever since the AMF was founded, in February 2004. The scope of the various files in which we were called upon to intervene has enabled us to establish shared values, refine our work methods and develop a proactive approach to supervision, regulation and the protection of the public, thereby promoting the efficient organization of work. Back to summary

AMF active in the industry

20^th edition of the Bourstad competition

Mr. Jean St-Gelais served as honorary chair at the gala for the 20^th edition of the Bourstad competition. The competition simulates stock market trading for high school, college and university students as well as for the general public. Organized by the Coll�ge de Rosemont, the purpose of this competition is to disseminate financial education. Almost 3,800 participants managed a fictional $100,000 portfolio for a nine-week period (from February 11 to April 11, 2008). The awards ceremony took place on May 13 in the Auditorium of the Montr�al Exchange. This year, once again, the AMF was the Bourstad�s principal partner for this event.

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AMF News

AMF approves applications by the Montr�al Exchange and Canadian Derivatives Clearing Corporation (CDCC)

On April 29, 2008, the AMF announced that it had approved the applications filed by the Montr�al Exchange (MX) and the Canadian Derivatives Clearing Corporation (CDCC) to amend their respective rules in preparation for the creation of a Canadian climate exchange market in Montr�al.

With these decisions, the MX will be able to launch trading of futures contracts in carbon dioxide equivalent (CO2e) units. The features of these contracts were developed following the release by the Government of Canada of the Regulatory Framework for Air Emissions on April 26, 2007. It sets annual CO2 reduction targets for pollution emitters in certain industrial sectors.

The AMF approval for amendments to the rules of MX and the CDCC contains terms and conditions that will enable the AMF to oversee and monitor developments in the new market and ensure that market participants are protected.

Framework for financial institutions

Changes made to the consultation process for normative framework proposals.

For the purpose of providing financial institutions with a consistent and adapted normative framework (guidelines, notices, etc.), the AMF has endeavoured to consult its clients on normative framework proposals it intends to implement. To provide greater access to future consultations, the AMF will post these proposals on its website.

We invite you to consult our website on a regular basis for information about normative framework proposals and subscribe to E-mail Info. Be sure to select the option Information related to financial institutions when subscribing.

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AMF active in the industry 14^th Annual Conference of Montr�al from June 9 to 12, 2008

Once again this year, the AMF is proud to be a partner for the 14th Annual Conference of Montr�al, which will take place at the Hilton Bonaventure. This year�s theme is Mastering Change: The Great Transition, and delegates will hear talks by prominent national and international speakers in addition to personalities and experts. This is one of the most important economic forums in the Americas.� The AMF will be sponsoring the conference events on June 9 under the theme The International Economy in Transition. In addition to acting as a principal sponsor for the Conference of Montr�al, the AMF will stage its own forum, entitled �Emissions Trading: Solution or Illusion?�, with the participation of Luc Bertrand, President and CEO, Montr�al Exchange and Deputy CEO, TMX Group, Michael K. Dorsey, Assistant Professor in Environmental Studies at Dartmouth College (U.S.), as well as Dr. Christoph B�hringer, Chair for Economic Policy, University of Oldenbourg, Germany. AMF President and CEO, Mr. Jean St-Gelais, will participate and give a speech during the opening plenary session, attended also by Messrs. Gilles R�millard, Forum Chairman, and Montr�al Mayor G�rald Tremblay. This forum will bring together numerous prominent guests, including Qu�bec Premier Jean Charest, IMF Managing Director Dominique Strauss-Kahn, former Chairman of the Board of Governors of the U.S. Federal Reserve (Fed) Paul Volcker and Asian Development Bank President Haruhiko Kuroda. ������������������������������������������������������������������������������������������������������������������������������������������������������������������� Back to summary

External Relations

AMF participation in the IOSCO 33rd Annual conference in Paris - Promoting IOSCO�s 35^th Annual Conference Meeting to be held in Montr�al in June 2010

From May 26 to 29, 2008, the AMF participated in the IOSCO�s 33^rd Annual Conference in Paris. This conference provided an opportunity for discussion between market participants and regulators. It was also a chance to review recent developments in various aspects of financial regulation. Special panels covered such topics as market organization, issues concerning asset management and development of alternative management, issues related to financial reporting and corporate governance, and financial intermediary challenges and strategies.

The event was also an opportunity for the IOSCO to present its recent work and its priorities. There was particular emphasis on recent changes in European regulations and on issues linked to the development of cross-border activities.

The AMF used the occasion to promote the IOSCO�s 35th Annual Conference, to be held in Montr�al from June 6 to 10, 2010. To follow the latest conference developments, consult the IOSCO 2010 website at www.iosco2010.com.

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AMF Activities

Seminar: Les abus envers les a�n�s : agir ensemble pour que �a cesse! (Senior citizen abuse: Together, we can prevent it!)

The AMF was part of the second edition of Colloque sur la pr�vention de la fraude et de l�exploitation financi�re chez les a�n�s (fraud and financial exploitation of senior citizens). This seminar was held in Longueuil on April 4, 2008, and again in Qu�bec City on April 29.

Anne-Marie Poitras, Superintendent, Client Services and Compensation, addressed the seminar and discussed the findings of a study conducted by the Canadian Securities Administrators on the social impact of investment fraud. This study demonstrated that, contrary to many preconceived notions, the victims of financial fraud are often well educated and have a good grasp of financial services and products. It should be noted that about 3% of Quebeckers have already been the victims of financial fraud, and only 17% of persons approached with a fraudulent investment scheme had reported the incident. This study is available on the AMF website.

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Date	Activities
June 9, 2008	International Economic Forum of the Americas The AMF is a proud partner of the 14^th Annual Conference of Montr�al, to take place at the Hilton Bonaventure. This year�s theme is Mastering Change: The Great Transition. On June 9, Mr. Jean St-Gelais will be participating in the forum�s opening plenary session, attended also by Messrs. Gilles R�millard, Forum Chairman and Montr�al Mayor G�rald Tremblay. Mr. Pierre Bernier, AMF Executive Vice-President, will conduct a discussion on the carbon exchange.
June 11 and 12, 2008	U.S. Commodity Futures Trading Commission Me Nathalie Drouin, Executive Director, Enforcement and Legal Affairs, will participate in the 2^nd Annual Commodity Markets Manipulation Conference : Global Trading Markets.
June 18 to 20, 2008	Meeting of the Canadian Securities Administrators (CSA) Mr. Jean St-Gelais will participate in the meeting of the CSA to take place in Alberta. He is also the Chair of the CSA.
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AMF-INFO is published by the Direction des communications of the Autorit� des march�s financiers.

Qu�bec city
Place de la Cit�, tour Cominar
2640, boulevard Laurier
4^e �tage
Qu�bec (Qu�bec) G1V 5C1
Phone : 418 525-0337

Montr�al
800 square Victoria, Tour de la Bourse,
22^e �tage
Montr�al (Qu�bec) H4Z 1G3
Phone : 514 395-0337

Elsewhere : 1 877 525-0337

E-mail: [email protected]

To find out more about the AMF, consult our website at� www.lautorite.qc.ca.

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