| Agency overview | |
|---|---|
| Formed | February 1, 2004 (2004-February-01) |
| Jurisdiction | Canadian province of Quebec |
| Headquarters | Quebec City, Quebec[1] |
| Agency executive |
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| Website | www |
The Autorité des marchés financiers (AMF; lit. 'Financial Markets Authority') is a self-funding government agency responsible for financial regulation in the Canadian province of Quebec. 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 (other than banks) and the distribution of financial products and services.
The AMF coordinates its activities with self-regulating bodies such as the Chambre des services financiers (Chamber of Financial Security) and the Chambre de l'Assurance de dommages (Chamber of Damage Insurance), including professional ethics and continuing education.
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.
The『Autorité des marchés financiers』(Authority of financial markets) derives its authority from the『Loi sur l'Autorité des marchés financiers』(Financial Market Authority Act). It is the result of the merger of the『Commission des valeurs mobilières du Québec』(Québec Securities Commission - CVMQ), the Bureau des services financiers (Quebec) (Financial Services Bureau - BSF), the Régie de l'assurance-dépôt du Québec (Québec Deposit Insurance Corporation) (RADQ), the Fonds d'indemnisation des services financiers (Financial Services Compensation Fund) (FISF) and the『Inspecteur general des institutions financières』(Inspector General of Financial Institutions) (IGIF).
The AMF was established by the act 2002-45 of December 11, 2002 under the name of the "National Financial Sector Management Agency", in order to integrate the functions of the Bureau des services financiers (Quebec) and the Commission des valeurs mobilières du Québec (Securities Commission of Quebec), which were created by The laws bill 2002-45 of December 11, 2002- 48 of 16 December 1982.
It was then renamed under its current name by the Act 2004-37 du 17 décember 2004.
The people who have served as AMF's president and CEO are: Jean Saint-Gelais (2004-2010), Mario Albert (2010-2013), Louis Morisset (2013-today).[2]
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.
The『Autorité des marchés financiers』also administers the following mandates:
The Authority permits public access to various registers:
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.
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