On May 2, the Québec Autorité des Marchés Financiers (AMF) released its Annual statement of priorities with four principal orientations that focuses, among others things, on reducing the compliance burden and fostering the Fintech industry.

The AMF work to reduce the compliance burden for its regulated entities include:

• Optimize the career entry requirements

• Consult on the necessity to amend the rules applicable to the outside activities of representatives of registrants

• Streamline the procedure for the disclosure of aggregate data to be submitted to the AMF

• Participate in the simplification of certain requirements applicable to investment funds including the Canadian Securities Administrators project to modernize the prospectus filing model for investment funds

To support Fintechs and innovation the AMF will:

• Continue to contribute to the work on consumer-directed finance/open banking

• Assess whether its framework for cryptoasset should be developed ‘through the lens of the sound and prudent management practices and sound commercial practices’

• Continue to monitor developments in the cryptoasset ecosystem and regulate where applicable

• Collaborate with its national and international partners, particularly with respect to stablecoins

With regard to environmental, social and governance issues (ESG), the AMF intends to:

• Develop a specific framework for disclosure of climate-related matters

• Using scenario analysis and stress testing within financial institutions for physical risks and transition risks related to climate change

• Brainstorm with the CSA on changes needed to the current disclosure framework board diversity

Other areas of focus are related to financial education, data strategy, risk and organizational capacity management, and information system modernization.