Quebec regulator, the Autorité des marchés financiers (AMF), has provided clarification on the intentions attributed to it by the Conseil des professionnels en services financiers (CDPSF) in an application made to the Chambre de la sécurité financière (CSF).
The imbroglio involves training on money laundering that the CDPSF wants to see adopted by the CSF. As reported earlier, the CDPSF's CEO Mario Grégoire stated in a letter to the CEO of the CSF Marie Elaine Farley that the AMF was in favour of the two organisations working together on the matter.
Eric Stevenson, the AMF's superintendent of client services and distribution oversight, wished to clarify some the facts about this interpretation in a letter to Mr. Grégoire; FlashFinance.ca, a sister publication of The Insurance and Investment Journal, obtained a copy of the document. It points out that the AMF is not involved in recognizing continuing education applications, as the law makes the CSF responsible for this area.
"We also asked you if the Chambre had voted on whether to recognize the program supported by the CDPSF. Your comments led us to believe that an informal request had been forwarded to its President and CEO, and that it was currently studying your application," wrote Mr. Stevenson.
The superintendent added that it was "inaccurate" to suggest that the AMF was keen on the training project proposed by the CDPSF and that the AMF was acting as some kind of catalyst. "We reiterate that it is up to the Chambre to make the necessary decision as a result of the CDPSF's application, in terms of the discretion conferred on it by the law and the criteria it has adopted for analyzing requests that training programs be recognized," says Stevenson.
Louis Morisset, the CEO of the AMF, as well as Marie Elaine Farley and CSF board chairwoman Lyne Gagné were copied on the letter Stevenson sent to Grégoire.