Tying in with the launch of its 2021-2025 strategic plan, Quebec's Autorité des marchés financiers (AMF) asked the RCCAQ to formulate a set of recommendations on potential ways to optimize the compliance burden, in accordance with Objective 2.3 of the AMF's strategic plan.
Through this invitation-only consultation, the AMF is seeking to ramp up its efforts to optimize the compliance burden imposed on its registrants. As stated in the invitation letter, this burden stems from standards or regulatory/administrative requirements put in place in the past few years; it is necessary to protect savers, investors and other consumers of financial products and services and to facilitate the carrying out of the AMF's mission. However, the AMF would like the compliance burden to reflect a "smart" regulatory approach taking into account certain circumstances, economic sectors and risks.
It is in this context that the RCCAQ has produced and submitted a brief entitled (French title: Cibler des enjeux – Mise en place de solutions permettant une optimisation de la charge de conformité) which is available in the Members' Area of the website, in the Briefs section.
The RCCAQ's findings and recommendations are designed to address the AMF's questions concerning industry issues over which it not only has control but also the ability to take action with respect to optimization. Although the RCCAQ's comments have more to do with insurance product distribution by the brokerage sector, they often pertain to other industry sectors.
It should be noted that the RCCAQ commissioned the consulting firm Vieira Conseil Action (VCA) to coordinate activities leading to the official response to the AMF's consultation. In this regard, the RCCAQ surveyed its members and board members about the compliance burden and ways in which it could be improved. The members consulted represent various types of brokerage firms and hold various practice management/compliance positions within AMF-registered brokerage firms.
Appendix A of the position paper includes a summary of the RCCAQ's suggested recommendations and potential improvements.
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