CDIC signs a Memorandum of Understanding with the Autorité des marchés financiers
OTTAWA – April 23, 2018 – The Canada Deposit Insurance Corporation (CDIC) is pleased to announce that it has signed a Memorandum of Understanding (MOU) with the Autorité des marchés financiers (AMF).
Under the MOU, CDIC and AMF have agreed to strengthen their cooperation on matters of common interest and to facilitate the exchange of information in the event of crisis situations pertaining to the resolution of certain CDIC member institutions. The MOU complements the 1969 agreement between the two organizations.
“The signing of this agreement builds upon our longstanding partnership with the AMF, which dates back five decades,” stated Michèle Bourque, President and CEO of CDIC. “This enhanced collaboration will strengthen the protection we offer depositors”.
The AMF is the body mandated by the Québec government to regulate Québec’s financial sector and assist consumers of financial products and services. It administers all legislation governing Québec’s financial sector, including the Deposit Insurance Act. Québec’s deposit insurance plan has contributed to the stability of Québec’s financial system and the confidence of participants since its inception in 1967. The AMF ensures the protection of deposits, takes preventive action to reduce the risk of insolvency of an institution and may be required to implement resolution operations in the event of an institution’s failure.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. We are funded by premiums paid by member institutions and do not receive public funds to operate.
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Director, Communications and Public Affairs