The Autorité des marchés financiers says that it plans to do more to improve oversight, deter financial crimes, and improve investor literacy in Quebec, while also defending its jurisdiction over securities regulation.

The pledges come in a new five-year strategic plan released Thursday by the provincial securities regulator. The AMF says that its plan is “designed to strengthen the regulatory framework”, as it aims to meet consumers’ high expectations of it.

“To achieve this goal, the AMF will remain in the forefront of trends and reforms by providing integrated strategic monitoring and analysis of changing markets and regulatory developments and by demonstrating leadership at national and international forums,” it says.

“The recent financial crises have underscored the need for more comprehensive oversight of markets and institutions. It is therefore appropriate to continue with the full deployment of our integrated regulator model to ensure efficiency in the markets and better protect the public,” said AMF president and CEO, Mario Albert.

The plan indicates that the AMF will devote resources to ensuring it retains jurisdiction over securities regulation, as the federal government looks for ways to pursue some form of national regulation. “The federal government still seeks to have a say in securities regulation, now citing its responsibility for financial stability as justification. Consequently, the AMF will have no choice but to allocate resources to assist the Québec government in maintaining its powers,” it says. And, it pledges to co-operate with provincial regulators to help maintain an effective framework across the country.

The AMF says it will also propose further improvements to existing laws, regulations and sanction regimes, and will adopt best practices for inspections and investigations. It aims to identify areas and products where the potential for fraud is greatest and will “sharpen its oversight activities”.

“Without giving a complete list of oversight initiatives ahead for the AMF, they include forming a team specializing in sophisticated products, improving the regulation and surveillance of the derivatives market, implementing the requirements of Basel III , as well as deploying a regulatory framework governing money services businesses. Finally, the AMF will keep a close eye on the arrival of any issuers within the context of the Québec government’s Plan Nord project,” it says.

The regulator is also planning to develop its own financial literacy index, allowing it to measure the knowledge and behaviour of consumers, and set continuous improvement targets.

It notes that it has set 2015 as the deadline for completing a thorough review of its compensation, complaint examination and deposit insurance programs, as well as for formulating recommendations for improvements.

And, also by 2015, the AMF intends to set up: an integrated strategic monitoring and analysis group responsible for tracking national and international market trends and regulatory developments; an integrated dossier monitoring framework; and an integrated risk management framework and a mechanism for regular follow-up.

“Our vision revolves around three main elements: to become the top-of-mind resource for consumers, to present a fully integrated approach to financial sector regulation and to be an influential and high-performing organization. This is an ambitious challenge, but one I am convinced we will be able to meet,” concluded Albert.