Aggregated News From Investment Management Regulators

AMF CA

PlexCoin matter: The Québec Superior Court asks creditors to file a proof of claim in order to participate in a possible distribution

The Québec Superior Court asks any person holding a claim in the matter of Dominic Lacroix to file a proof of claim with Raymond Chabot Administrateur Provisoire Inc., appointed Receiver of Dominic Lacroix, no later than on August 4, 2021. On May 7, 2021, the Honourable Daniel Dumais, Judge of the Québec Superior Court, issued a Claims Procedure Order. Under this order, any person with a claim in the matter of Dominic Lacroix must file a proof of claim with the Receiver by completing and filing the online claim form at the address www.raymondchabot.com/en/companies/public-records/dominic-lacroix/ no later than on August 4,...

CSA and IIROC issue reminder of the implementation date for mandatory transparency requirements related to debt securities

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) remind banks of mandatory transparency requirements that take effect on May 31, 2021, requiring them to report information about corporate and government debt transactions to IIROC. On June 4, 2020, the CSA adopted amendments to National Instrument 21-101 Marketplace Operation that introduce post-trade transparency requirements for government debt securities and expanded transparency requirements for corporate debt securities. The changes require that a person or company that executes transactions in corporate or government debt securities provide information on their trades to IIROC, the information processor, for public...

AMF proposes adjustment to its framework respecting uninsured residential mortgage loans

The Autorité des marchés financiers (the “AMF”) continually tracks changes in household debt levels in Québec and documents those changes in its annual reports on financial institutions. It is from this perspective that the AMF is proposing to revise the qualifying rate for uninsured residential mortgage loans in order to mitigate the risk of an increase in mortgage loan defaults. The proposed new qualifying rate is the higher of the contractual mortgage rate plus 2% or 5.25% as a minimum floor. The main objective of the proposed measure continues to be to add a margin of safety that ensures borrowers will...

AMF warns about the risks associated with crypto assets

Amid the current speculative frenzy surrounding cryptocurrencies and other crypto assets, the Autorité des marchés financiers (the “AMF”) once again cautions Quebeckers about the inordinately high risks associated with them. Initial cryptocurrency offerings, commonly referred to as ICOs (Initial coin offerings), are very risky, highly volatile investments that exist in an environment that makes them susceptible to manipulation and fraud. Coins are created using readily accessible technology and are easily marketed on decentralized exchanges, without any third-party intervention or authorization. For example, many ICOs are launched on Ethereum, a decentralized blockchain that is open to everyone and whose use is unregulated....

AMF issues best practice guidance for prospectus filings

The Autorité des marchés financiers (the “AMF”) has seen a significant number of confidential prospectus pre-files submitted in recent months and is providing best practice guidance to issuers to assist in their capital raising efforts. The harmonized process for full reviews of prospectuses on a confidential pre-file basis (the “pre-file process”) was put in place in March 2020, as part of the Canadian Securities Administrators’ (“CSA”) burden reduction initiatives . Since then, 16 issuers have received AMF staff input in a pre-file process, providing issuers with greater flexibility and more certainty in planning their prospectus offerings. The AMF reminds issuers of the...

The AMF releases its 2021-2025 Strategic Plan

The Autorité des marchés financiers (the “AMF”) is announcing today the release of its 2021-2025 Strategic Plan, which presents the main orientations that will guide AMF’s choices, decisions and actions for the next four years. The AMF’s new strategic plan is based, in particular, on a detailed analysis of the current context and the organization’s internal and external environments, perspectives gained from its many interactions with consumers and stakeholders in the Québec financial products and services distribution industry, and recent years’ survey results. “We are excited and proud to release our new plan. I am convinced that it will enable the...

Canadian securities regulators establish regulatory regime for financial benchmarks

The securities regulatory authorities of British Columbia, Alberta, Saskatchewan, Ontario, Québec, New Brunswick, and Nova Scotia today adopted final rules to establish a Canadian regulatory regime for financial benchmarks. “With the adoption of these rules, the public can be confident that Canadian financial benchmarks remain robust, reliable, and aligned with international standards,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. Currently, there are no formal securities regulatory requirements or oversight in Canada for benchmarks, and those that administer them, contribute data used to determine them or use them. The rules published today provide a comprehensive...

Québec Financial Education StrategyAMF contest means over 11,000 students now know more about financial concepts, despite the pandemic

The Autorité des marchés financiers (the “AMF”) is proud to recognize the remarkable contributions of 227 teachers across Québec to their students’ financial education. The teachers actively participated in the 2020-2021 edition of the Talking money in class! contest by completing an activity using tools provided by the AMF and the Réseau québécois de l’éducation financière. Thank you and congratulations to all the teachers who took part in the contest for helping their students become more financially literate. Five of them won a prize of $1,000 each in a random draw. They are: Élisa Audet-Turcotte (assisted by Alexandra Marcoux-Dion), École...

Canadian securities regulators on track to publish final amendments to enhance protection of older and vulnerable clients

The Canadian Securities Administrators (CSA) is on track to publish the final amendments that will enhance the protection of older and vulnerable clients across Canada, in early summer 2021. CSA staff expect the final amendments will be similar to the changes proposed in March 2020 and come into force on December 31, 2021, subject to all necessary approvals. The amendments are part of the CSA’s strategic goal to enhance investor protection by providing registrants with tools and guidance to address situations involving potential financial exploitation or diminished mental capacity, when working with older and vulnerable clients. In 2020, the CSA published a...

The Canadian Securities Administrators renew terms of Chair and Vice-Chair to 2022

The Canadian Securities Administrators (CSA) today announced the renewal of the terms of both the CSA Chair Louis Morisset, President and CEO of the Autorité des marchés financiers, and the CSA Vice-Chair Kevin Hoyt, CEO of New Brunswick’s Financial and Consumer Services Commission. The terms have been renewed until June 30, 2022 to align with the CSA’s 2019-2022 Business Plan. “It has been my pleasure to serve as the CSA Chair for the past six years, and my honour to be able to bring the current CSA Business Plan to completion by 2022,” said Mr. Morisset. “I am grateful for the...

Canadian securities regulators outline regulatory framework for compliance for crypto asset trading platforms

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) today published a notice outlining securities law requirements that apply to crypto asset trading platforms (CTPs) and how they may be tailored by regulators for the CTPs business model. “The guidance in our notice details steps platform operators need to take to comply with securities legislation as they prepare to fully integrate into the Canadian regulatory structure,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “To bring their operations into compliance, CTPs should contact their local securities regulator now...

AMF seeking candidates for five positions on Technological Innovation Advisory Committee

The Autorité des marchés financiers (the “AMF”) is calling for applications to fill five positions on its Technological Innovation Advisory Committee (“TIAC”). Mandate of the TIAC The TIAC serves as a forum for sharing practical insights into technological innovation in the financial services and products industry and maintaining an open dialogue between industry stakeholders and the AMF. The TIAC’s mission is to monitor technological developments in the financial markets and assist the AMF in identifying and analyzing issues related to financial innovation in Québec’s financial sector. To maximize its effectiveness, members must have extensive experience in their respective fields and a solid...

Regulator Information

Regulator Name: Financial Markets Authority
Abbreviation: AMF
Jurisdiction: Canada

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