MONTRÉAL, Oct. 25, 2018 /CNW Telbec/ - The Autorité des marchés financiers (the "AMF" or the "Authority") is publishing, for a 30-day comment period, draft regulations and guidelines resulting from the passage of Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions. These draft regulations and guidelines are intended, in particular, to define the bail-in regime that would apply to the Desjardins Group were it to become or be on point of becoming non-viable, and to set out the regulatory requirements for the total loss absorbing capacity to be maintained by that institution. The AMF designated the Desjardins Group as a domestic systematically important financial institution in 2013.
This framework is based on the international standards of the Financial Stability Board and the Basel Committee on Banking Supervision with respect to systemically important financial institutions and is substantially similar to the bail-in regime that the federal government is applying to the major Canadian banks.
The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector.
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SOURCE Autorité des marchés financiers
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