Regulatory Alerts2016-03-24
AMF Governance Guideline for Insurers and Financial Services Cooperatives
L’Autorité des marchés financiers has published a draft revised Governance Guideline that establishes updated regulatory requirements for life and health insurers, damage insurers, portfolio management companies, financial services cooperatives, and trust and savings companies. The updated framework aligns with the Deposit Insurance Act and related Quebec legislation, mandating enhanced governance standards for these entities. Stakeholders may submit public comments on the proposed changes until May 6, 2016, with the revised Guideline scheduled to take effect on July 1, 2016.
Governance Guideline (Deposit Insurance Act, c. A-26, at. 325.0.1 and 325.0.2) (An Act respecting financial services cooperatives, CQLR, c S-29.01, art. 565) (An Act respecting trust companies and savings companies, CQLR, c. S-29.01, art. 314.1) L’Autorité des marchés financiers (the “AMF”) is publishing for consultation the draft revised Governance Guideline (the “Guideline”) that applies to insurers of persons (life and health), damage insurers, portfolio management companies controlled by an insurer, financial services cooperatives as well as trust and savings companies credit unions that are not members of a federation, financial services cooperatives, trust companies and savings companies. The modified Guideline is expected to come into effect on July 1, 2016. Persons interested in submitting their comments are invited to provide them no later than May 6, 2016. It should be noted that comments submitted will be made public unless otherwise noted. Request for comments Comments regarding the above must be made to the following: Me Anne-Marie Beaudoin Corporate Secretary Autorité des marchés financiers 800, square Victoria, 22nd floor C.P. 246, Tour de la Bourse Montréal (Québec) H4Z 1G3 Fax : (514) 864-6381 E-mail : consultation-en-cours@lautorite.qc.ca Further information Further information is available from: Denis Poirier, Prudential Oversight of Financial Institutions Autorité des marchés financiers Tel.: (418) 525-0337, ext. 4672 Toll free: 1 877 525-0337 E-Mail: denis.poirier@lautorite.qc.ca March 24, 2016