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ARTICLE · 07 NOVEMBER 2024

New Security Incident Reporting Obligations For Certain Financial Institutions In Québec

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On October 23, 2024, Québec's Autorité des marchés financiers (AMF) published the Regulation respecting the management and reporting of information security incidents by certain financial institutions.

CanadaFinance and Banking
Molly Reynolds
Molly Reynolds
Julie Himo
Julie Himo
Rosalie Jetté
Rosalie Jetté
Gabrielle Da Silva
Gabrielle Da Silva
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On October 23, 2024, Québec's Autorité des marchés financiers (AMF) published the Regulation respecting the management and reporting of information security incidents by certain financial institutions and by credit assessment agents (the Regulation). The Regulation, which comes into force on April 23, 2025, will impose obligations on certain financial institutions to manage, report and maintain records of information security incidents.

What you need to know

  • Scope: The Regulationapplies to certain financial institutions regulated by existing Québec legislation.
  • New obligations:
    • Institutions must put in place an information security incident management policy and designate an individual responsible for its oversight.

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