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Mario albert en
1.
Cooperatives and mutuals
– some of the challenges for regulators Mario Albert President and CEO October 11, 2012 © Autorité des marchés financiers
2.
THE ROLE OF
THE AUTORITÉ DES MARCHÉS FINANCIERS (AMF) © Autorité des marchés financiers 2
3.
THE AMF’S MISSION •
To protect consumers of financial products and services • To regulate Quebec’s financial sector: • Solvency of institutions • Stock market and clearing house activities • Securities • Distribution of financial products and services • To implement protection and compensation programs for consumers of financial products and services © Autorité des marchés financiers 3
4.
COOPERATIVES AND MUTUALS
IN QUEBEC • Financial services cooperatives 397 cooperatives that are members 41.2% of credit portfolio of a federation 46.4% of personal deposits 1 caisse that is not a member of a Non-material federation • Mutual insurance companies 39 property and casualty mutual 10.4% of market share insurance companies 26 life and health mutual insurance 3.1% of market share companies © Autorité des marchés financiers 4
5.
UNIQUE COOPERATIVE MODEL Differs
from the prevailing model in the following areas: • Governance • Financing • Capitalization © Autorité des marchés financiers 5
6.
GOVERNANCE: A FEW
DIFFERENCES • Each caisse in the group has an independent structure • Decentralization of power • Support functions (risk management, finance, product development…) and regulation are centralized within the Federation • Federation standards apply to the caisses, but certain policies are caisse-specific • Elective model • Legitimacy of the board, but challenges regarding the diversity of skills required © Autorité des marchés financiers 6
7.
IMPACT OF GOVERNANCE
ON REGULATION • Decentralization requires the Federation to supervise some of the practices of each caisse or component of the group • Federations play more of a supportive and advisory role than a decision-making role (as is the case with corporations) • To supervise the components of the group, the regulator initially uses the work performed by the federations • Skills requirements are adapted to the elective context; emphasis is placed on access to expertise and training © Autorité des marchés financiers 7
8.
FINANCING: PRIMARY DIFFERENCES •
Challenges accessing non-local markets • Less pressure to pay dividends • Income is shared with client-members (dividends) © Autorité des marchés financiers 8
9.
CAPITALIZATION: PRIMARY DIFFERENCES •
Market restricted to members • Deposit institutions: financial instruments designed to comply with the new Basel requirements • Securities are eligible for the best class of capital • Shareholders’ equity primarily consists of reserves © Autorité des marchés financiers 9
10.
THE CHALLENGES, IN
A NUTSHELL • Respecting the unique characteristics of cooperatives... ...while maintaining a regulatory framework similar to that used for banks and insurance companies • This requires a great deal of effort and creativity from the regulator © Autorité des marchés financiers 10
11.
THANK YOU © Autorité
des marchés financiers
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