The Autorité des marchés financiers (AMF) on Monday announced the creation of a fintech working group.
“The group’s primary mandate is to analyze technological innovations in the financial sector and anticipate regulatory and consumer protection issues,” the announcement from the Quebec securities regulator says.
The fintech working group will also be engaging with both the industry and consumer groups to gain their perspective on these emerging issues.
The unit is expected to “make recommendations about the ability of the current regulatory framework to support changes in commercial practices, business models and financial sector technologies while ensuring a solid balance between consumer protection and market efficiency,” the AMF adds.
“The creation of the fintech working group further demonstrates the AMF’s resolve to serve as a go-to point of contact and reference for all industry stakeholders interested in financial sector technological innovations,” says Louis Morisset, AMF president and CEO, in a statement.
“We want to broaden our understanding to ensure that over time, the regulatory environment in Quebec adequately addresses the many challenges and issues raised by fintech,” he adds.
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