The Autorité des marchés financiers (AMF), Quebec’s financial services regulator, has announced the creation of a financial technology (fintech) working group whose primary mandate is to analyze technological innovations in the sector and anticipate regulatory and consumer protection issues.
“The creation of the fintech working group further demonstrates the AMF’s resolve to serve as a go-to point of contact and reference for all industry stakeholders interested in financial sector technological innovations,” said AMF president and CEO Louis Morisset in a press release issued Monday. “We want to broaden our understanding to ensure that over time, the regulatory environment in Québec adequately addresses the many challenges and issues raised by fintech.”
The AMF said in the release that it has been “extensively studying” technological advancements and their impact on the industry and consumers. “Thanks to its integrated regulator model, the AMF can examine how various issues impact the insurance, deposit institutions, securities, derivatives, distribution of financial products and services, and financial planning sectors,” the regulator said.
Composed of AMF experts, the working group will analyze and make recommendations about the ability of the current regulatory framework to support changes in commercial practices, business models and financial sector technologies, while ensuring a solid balance between consumer protection and market efficiency.
A component of the group’s work will also be to create an exchange with industry and consumer groups to better understand their concerns so that stakeholders can continue to receive the appropriate support in the development of their business models, the release explained. “At the same time, the AMF intends to participate actively with its national and international peers in efforts to gain greater insight into technological innovations and their associated issues.”