In the wake of measures taken to minimize the impact of COVID-19 on Quebec’s financial system, the AMF is announcing further adjustments to the current framework.
“These measures are designed to mitigate the impact of the pandemic and distancing measures on certified representatives and money services businesses, who are experiencing a decline in business, for example, or whose certificates are expiring. In addition, they aim to modulate certain capital, leverage and liquidity requirements for financial institutions, in order to give greater recognition to measures that support consumers and businesses, and contribute more to the maintenance and eventual recovery of the economy”, said Louis Morisset, President and CEO of the Autorité des marchés financiers.
The measures are in addition to those announced on March 31, and target various players in the financial services industry, including :
- insurance and financial planning representatives, firms, independent representatives and independent companies subject to the Act respecting the distribution of financial products and services (ADFPS );
- money services businesses registered with the AMF;
- Quebec’s chartered insurers;
- financial services cooperatives, trust companies and savings companies.
The measures taken by the Autorité include deferral of payments for fees due, period extensions for certificates that have expired and, for insurers and deposit-taking institutions, relief to cope with current conditions.
You will find all the measures affecting insurance and financial planning representatives, as well as firms, independent representatives and independent companies subject to the FSPDA in the following document.
All measures affecting money-services businesses registered with the AMF can be found in the following document.
All the measures affecting Quebec’s chartered insurers can be found in the following document.
You will find here two notices affecting financial services cooperatives, trust companies and savings companies, one concerning additional measures related to capital and prudential standards, the other relating to the capital treatment of transitional provisions and provisions for losses.
The Autorité des marchés financiers is Québec’s financial sector regulator.
(source:lautorite.qc.ca)
