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Professional Development Requirements

Reference period from December 1, 2015 to November 30, 2017

The Regulation of the Chambre de la sécurité financière respecting compulsory professional development applies to every professional holding an authorization issued by the Autorité des marchés financiers allowing him to practise in any of the following sectors and registration categories:

  • Group savings plan brokerage;
  • Scholarship plan brokerage;
  • Insurance of persons;
  • Group insurance of persons.

A representative must accumulate the following professional development units (PDUs):

  • 10 PDUs in general subjects;
  • 10 PDUs in compliance with standards, ethics and business conduct*;
  • 10 PDUs in topics specific to each sector or registration category in which he is authorized to pursue activities:
Insurance of persons 10 PDUs
Group insurance of persons 10 PDUs
Group savings plan brokerage 10 PDUs
Group savings plan brokerage and Scholarship plan brokerage 10 PDUs specific to group savings plan brokerage + 5 PDUs specific to scholarship plan brokerage
Scholarship plan brokerage 10 PDUs including a minimum of 5 PDUs specific to scholarship plan brokerage (the remaining PDUs must be accumulated in group savings plan brokerage or in scholarship plan brokerage)

* Every two reference periods (every four years), three of the PDUs a representative must accumulate in the subjects of compliance with standards, ethics and business conduct must be obtained during a training activity developed by the CSF and offered by it or in partnership with it.

During a reference period, PDUs accumulated in excess of the number required in a specific sector or registration category or in compliance with standards, ethics and business conduct will be credited to general subjects.

It is important for representatives to check that the training activities attended are recognized by the CSF. We recommend that representatives who pursue activities in the financial planning sector check with the Institut québécois de planification financière (IQPF).

MANDATORY COURSE ON COMPLIANCE

Every other reference period, or every 4 years, all members of the Chambre must obtain at least 3 Compliance PDUs by following a training activity that was built by or offered in partnership with the CSF. The 3 PDUs are counted as part of the amount that is usually requested of representatives.

The PDUs may only be granted once during the 4-year period during which the course is mandatory.

ENTERING PROOFS OF ATTENDANCE

Entering proofs of attendance through the CSF’s website

A representative may enter their proofs of attendance in their Member’s area, online. They will then only have to submit a copy of the proofs of attendance if the CSF requests it in order to verify the accuracy of the information. In that case, a copy must be submitted within the 30 days which follow the CSF’s request.

Entering proofs of attendance through the CSF

Unless a representative has entered their attendance certificates in his PDU record themselves, they must send the CSF a copy of their proofs of attendance for the recognized activities. A representative may also submit their proofs of attendance via the firm or broker for whom they act or via the independent partnership of which they are a partner or employee.

Retaining proofs of attendance

A representative must keep the proofs of attendance or certificates of exam results issued by the person, organization or educational institution that provided them with a training activity recognized by the CSF. These must be kept for 24 months following the end of the reference period (until November 30, 2019 for the current reference period).

RECOGNIZED SUBJECTS

The regulation of the Chambre de la sécurité financière respecting compulsory professional development stipulates that PDUs must be accumulated in the following subjects:

GENERAL SUBJECTS

Management of a financial services firm

  • Civil Code
  • Accounting
  • Economics
  • Finance
  • Business planning for clients
  • Business planning for representatives
  • Financial planning
  • Tax planning
  • Actuarial sciences
  • Legislative environment
  • Intestate and testamentary successions

SUBJECTS SPECIFIC TO EACH SECTOR OR REGISTRATION CATEGORY

Insurance of persons

  • Client counselling
  • Underwriting or risk management
  • Disability insurance
  • Life insurance
  • Trusts
  • Risk management in insurance of persons
  • Underwriting in insurance of persons
  • Accident or health insurance plans
  • Segregated funds
  • Strategy of wealth accumulation and use
  • Financial needs analysis
  • Deferred income plans
  • Investor profile and asset allocation
  • Investment strategy
  • Retirement and estate planning

Group insurance of persons

  • Client counselling
  • Underwriting or risk management
  • Disability insurance
  • Life insurance
  • Group insurance and group pension plans
  • Benefits and underwriting in group insurance and group annuity plans
  • Setting up a group insurance and group annuity program
  • Preparing a rate schedule and analyzing group insurance and group annuity quotes
  • Preparing a group insurance and group annuity recommendation
  • Public and private plans
  • Processing group insurance claims

Group savings

  • Client counselling
  • Underwriting or risk management
  • Retirement and estate planning
  • Trusts
  • Strategy of wealth accumulation and use
  • Deferred income plans
  • Mutual funds
  • Investor profile and asset allocation
  • Investment strategy
  • Knowing the client
  • Registered plans

Scholarship plans

  • Client counselling
  • Underwriting or risk management
  • Investor profile
  • Knowing the client
  • Strategy of wealth accumulation and use
  • Scholarship plans

COMPLIANCE WITH STANDARDS, ETHICS AND BUSINESS CONDUCT

The following is a non-exhaustive list, solely for informational purposes, of subjects which may fall within this topic:

  • Notions of ethics, standards of conduct and professional ethics
  • Code of ethics of the Chambre de la sécurité financière and Regulation respecting the rules of ethics in the securities sector
  • Decisions of the Disciplinary Committee
  • Role of the syndic and inquiry process
  • Role of the Disciplinary Committee and disciplinary process
  • Compliance notions and programs
  • Statutory and regulatory obligations of firms, independent representatives and independent partnerships
  • Statutory and regulatory obligations of representatives
  • Laws and regulations concerning the practice of members, firms, independent representatives and independent partnerships

Any structured training activity aimed at improving expertise in subjects related to laws, regulations and professional ethics in matters of insurance of persons, group insurance of persons, group savings plan brokerage or scholarship plan brokerage may be recognized under this topic.

CARRYING OVER OF PDUs

A maximum of 5 excess PDUs accumulated during the last three months of a reference period (that is, from September 1 to November 30 of an odd-numbered year), may be carried over to the following reference period or after the exemption period. The transfer of these PDUs must be made by the representative through his secure PDU record via the members' area.

EXEMPTIONS

Exemptions for a new sector

A representative who obtains an authorization to conduct business from the Autorité des marchés financiers for the first time is exempt from accumulating PDUs for a period of one year. After this exemption, he must accumulate a number of PDUs calculated on the basis of the number of full months not elapsed during the reference period in effect.

Other Exemptions

A representative is exempt from the professional development requirements if he/she is absent or on leave during a period of at least 4 consecutive weeks due to sickness or accident, or for family or parental reasons.

To receive an exemption, the representative must send a written request to the Chambre, specify the dates and motives of his/her request and present any supporting documents or medical certificates. The representative will receive a written answer from the Chambre.

For more information regarding this matter, please contact the information center by e-mail at ufc@chambresf.com.

You can also consult the prorata or exemption calculation board.

INFORMATION NOTICE AND NOTICE OF NON-COMPLIANCE

Failure to comply with the rules governing compulsory professional development will lead to a suspension of the representative’s certificate or of his registration in the sectors or registration categories in which the requirements have not been met.

Information notice
No later than 30 days prior to the end of a reference period, the CSF will send an information notice to every representative who has not accumulated the required number of PDUs, informing him of the consequences of non-compliance with the professional development requirements.

Notice of non-compliance
No later than 30 days after the end of a reference period, the CSF will send a notice of non-compliance to every representative who has not accumulated the required number of PDUs, informing him of the consequences of non-compliance with the professional development requirements. The Autorité des marchés financiers will be informed that a notice of non-compliance was sent to the representative.

REINSTATEMENT OF A CERTIFICATE

Procedure for Lifting a Suspension of the Right to Practise Following a Member’s Non-compliance for a Professional Development Reference Period

The Autorité des marchés financiers is informed when a representative fails to satisfy his professional development requirements. In such a case, it suspends his certificate or registration for each sector or registration category for which he has not fulfilled his professional development requirements.

A representative can remedy this default by earning the missing PDUs, but only as of the date on which his certificate or registration was suspended.

It should be noted that any PDUs accumulated between the beginning of the new reference period and the date of the suspension cannot be used to make up a shortfall in the previous training period. Instead, they will be applied to the new training period.

For example, if, as at November 30, 2015, a representative was missing 6 PDUs, he would be required, after the date on which his right to practise was suspended, to participate in a 6-hour training activity in the missing subject.

Processing of the Lifting of a Suspension

  • When a representative obtains the missing PDUs for the purpose of lifting the suspension of his right to practise, he must enter the proofs of attendance for the training activities in his PDU record or send them to the CSF as soon as possible.
  • An administrative fee of 27 $ will be asked of any representative missing PDUs at the end of the period who failed to enter all his attendance certificates in his file and who will want to enter them after the 30th of November of an odd-numbered year. An additional 27$ administrative fee will also be imposed to any representative missing PDUs at the end of the period who will require the CSF’s services to enter their attendance certificates in their file. 
  • The CSF will recognize the PDUs entered in the representative’s record for the preceding reference period and will notify the Autorité des marchés financiers as soon as his record has become compliant.
  • The Autorité des marchés financiers will lift the suspension of the right to practise in the days following its receipt of the CSF’s notification.

A representative cannot practice in the sectors or registration categories with respect to which his certificate or registration was suspended due to the failure to comply with professional development requirements. He can only practice in the sectors or registration categories with respect to which he has satisfied his obligations and for which he holds a valid certificate or registration.