Autorité des marchés financiers (Québec)
Encyclopedia
The Autorité des marchés financiers (AMF) is the body mandated by the government of Québec to regulate the province's financial markets and provide assistance to consumers of financial products and services.
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 (other than banks) and the distribution of financial products and services.
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 (SROs), 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.
More specifically, the AMF's mission is to:
- provide assistance to consumers of financial products and services;
- ensure that the financial institutions and other regulated entities of the financial sector comply with the solvency standards applicable to them as well as with the obligations imposed on them by law;
- supervise the activities connected with the distribution of financial products and services;
- supervise stock market and clearing house activities and monitor the securities market;
- supervise derivatives markets, including derivatives exchanges and clearing houses and ensure that regulated entities and other derivatives market practitioners comply with the obligations imposed by law;
- see to the implementation of protection and compensation programs for consumers of financial products and services, and administer the compensation funds set up by law.
. It regulates securities in the province of Quebec
. The major exchange under its purview is the Montreal Exchange
.
Other
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 (other than banks) and the distribution of financial products and services.
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 (SROs), 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.
Mission
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 (other than banks) and the distribution of financial products and services.More specifically, the AMF's mission is to:
- provide assistance to consumers of financial products and services;
- ensure that the financial institutions and other regulated entities of the financial sector comply with the solvency standards applicable to them as well as with the obligations imposed on them by law;
- supervise the activities connected with the distribution of financial products and services;
- supervise stock market and clearing house activities and monitor the securities market;
- supervise derivatives markets, including derivatives exchanges and clearing houses and ensure that regulated entities and other derivatives market practitioners comply with the obligations imposed by law;
- see to the implementation of protection and compensation programs for consumers of financial products and services, and administer the compensation funds set up by law.
AMF in Canada
Autorité des marchés financiers is one of two major securities regulators in Canada, the other being the Ontario Securities CommissionOntario Securities Commission
The Ontario Securities Commission is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario...
. It regulates securities in the province of Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
. The major exchange under its purview is the Montreal Exchange
Montreal Exchange
The Montreal Exchange or MX is a derivatives exchange, located in Montreal, that trades futures contracts and options on equities, indices, currencies, ETFs, energy and interest rates. Since 1965, it has been located in the Tour de la Bourse , Montreal's third-tallest building...
.
See also
Canada- Canadian Securities AdministratorsCanadian Securities AdministratorsThe Canadian Securities Administrators is an association of provincial and territorial securities regulators in Canada.-List of securities regulators:* BC: British Columbia Securities Commission*: jointly regulates the TSX Venture Exchange...
- Canadian securities regulationCanadian securities regulationCanadian securities regulation is managed through laws and agencies established by Canada's 13 provincial and territorial governments. Each province and territory has a securities commission or equivalent authority and its own piece of provincial or territorial legislation.Unlike any other major...
- Ontario Securities CommissionOntario Securities CommissionThe Ontario Securities Commission is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario...
Other
- USA: Securities and Exchange Commission (SEC)
- Securities CommissionSecurities CommissionSecurities Commission a statutory body entrusted with the responsibility of regulating and systematically developing the capital markets in Malaysia.-History:...