AMF priorities for year ahead include crypto, total cost reporting

Quebec’s Autorité des marchés financiers (AMF) published its priorities for 2023–24 on Thursday, with numerous initiatives in play ranging from improving complaint handling to stepping up regulation within the cryptoasset sector.

The priorities, based on the regulator’s 2021–25 strategic plan, included consumer-focused initiatives such as providing tools to help consumers file complaints in the financial sector as well as tools to strengthen financial literacy.

The regulator will publish a model framework for the use of artificial intelligence, the statement of priorities said, and produce related educational materials for consumers.

As part of enforcement, the regulator intends to combat offers of illegal products on social media through improved detection, particularly for cryptoassets.

In partnership with the Canadian Securities Administrators (CSA), the AMF said it will continue to develop a framework for the registration of cryptoasset trading platforms that are subject to securities legislation.

It will also continue to optimize its insider trading and market manipulation detection and investigation tools.

Compliance priorities included finalizing amendments related to outside activities and professional liability insurance of representatives and registrants, and continuing an initiative to more effectively collect data from financial institutions.

The AMF also said it will continue to work on several ongoing projects with the CSA and insurance regulators, including disclosure related to total cost reporting for investment and segregated funds, and guidance on upfront compensation in segregated funds.

Regarding sustainable finance, the regulator said it will incorporate ESG factors into financial activities and decisions.

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