The Autorité des marchés financiers is the organisation responsible for financial regulation in the Canadian province of Québec. It regulates the province's financial markets and provides assistance to consumers of financial products and services. As provided for under its incorporating legislation, the AMF's mission is to enforce the laws governing the regulation of the financial sector, notably in the areas of insurance, securities, deposit institutions and the distribution of financial products and services. The AMF coordinates its activities with self-regulating bodies such as the Chambre des services financiers and the Chambre de l'Assurance de dommages, including professional ethics and continuing education.
History
Established under An Act respecting the Autorité des marchés financiers on February 1, 2004, the AMF is unique by virtue of its integrated regulation of the Québec financial sector, notably in the areas of insurance, securities, deposit institutions and the distribution of financial products and services. The "Autorité des marchés financiers" derives its authority from the "Loi sur l'Autorité des marchés financiers". It is the result of the merger of the "Commission des valeurs mobilières du Québec", the Bureau des services financiers , the Régie de l'assurance-dépôt du Québec , the Fonds d'indemnisation des services financiers and the "Inspecteur general des institutions financières" . The AMF was established by the under the name of the "National Financial Sector Management Agency", in order to integrate the functions of the Bureau des services financiers and the Commission des valeurs mobilières du Québec, which were created by The laws . It was then renamed under its current name by the Act . The people who have served as AMF's president and CEO are: Jean Saint-Gelais, Mario Albert, Louis Morisset.
Responsibilities
In addition to the powers and responsibilities conferred on it by its incorporating legislation, the AMF oversees the enforcement of laws in each of the areas it regulates. It can also draw on self-regulatory organizations, to which certain regulatory powers are delegated. The AMF is financially self-sufficient through the fees and dues paid by the persons and firms governed by the legislation it is charged with enforcing. The AMF is headed by a President and Chief Executive Officer appointed by the government. In applying its governance rules, the AMF is supported by an Internal Auditor as well as an Advisory Board.
Other mandates of the Authority
The "Autorité des marchés financiers" also administers the following mandates:
Provides the required authorization for RVER issuers and for companies wishing to enter into a public contract;
Register of individuals and businesses authorized to carry out various activities in Québec, such as insurance or administration of VRSP;
Register of issuers subject to Québec securities;
Register of insurers to which it grants the right to carry on insurance activities in Québec;
Register of deposit-taking institutions: financial services cooperatives, trust companies and savings companies to which it grants the right to carry out activities in Québec;
Register of enterprises that have been authorized to conclude public contracts and subcontracts;
Register of legal entities authorized to act as administrator of a VRSP;
Participatory financing portals operating under two types of plan: a registered dealer with the AMF or a participating financing scheme for start-ups.
AMF in Canada
Autorité des marchés financiers is one of two major securities regulators in Canada, the largest in Canada being the Ontario Securities Commission. The AMF regulates securities in the province of Quebec. The major exchange under its purview is the Montreal Exchange.
