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YOUR ADVISOR IS A MEMBER?

Register of Persons Authorized to Practise

The Register of firms and individuals authorized to practise, which is maintained by the Autorité des marchés financiers, allows you to determine if an individual or firm is entitled to pursue activities in the financial products and services sector. It contains the contact information for over 31,500 professionals who are CSF members duly authorized to act in the sectors and registration categories supervised by the CSF*.

To access the register, click here.

* It should be noted that professionals duly authorized to act in the sectors and registration categories supervised by the CSF are automatically CSF members.

Ways of Carrying on Business

Section 14 of the Act respecting the distribution of financial products and services (Distribution Act) states that no representative may pursue his activities unless he does so under one of the ways of carrying on business. The way of carrying on business refers to the manner in which the holder of the right to practise, that is, the representative, pursues his professional activities.

The Distribution Act, the Regulation respecting the registration of firms, representatives and independent partnerships and the Regulation respecting firms, independent representatives and independent partnerships define three ways of carrying on business:

  • Firms;
  • Independent partnerships;
  • Independent representatives.

In practical terms, for a representative to be entitled to practise, he must hold a certificate issued by the Autorité des marchés financiers as well as professional insurance and he must be authorized to practise in one of the ways of carrying on business mentioned above. In addition, he must have paid the fees to obtain his certificate and have paid his dues to the CSF.

In order to act as a financial planner, a representative must hold a diploma issued by the Institut québécois de planification financière (IQPF).

Over 90% of financial planners hold a certificate issued by the Autorité des marchés financiers and are members of the CSF. The others are members of other professional orders pursuant to an agreement with the Autorité des marchés financiers.

The following orders have such an agreement with the Autorité des marchés financiers: the Chambre des notaires du Québec, the Ordre des comptables agréés du Québec, the Ordre des comptables généraux accrédités du Québec and the Ordre des administrateurs agréés du Québec.

For example, in order to become an independent representative, that is, be self-employed, a representative must register as such with the Autorité des marchés financiers. Otherwise, the representative must engage in his activities on behalf of a firm or independent partnership registered in that capacity. Some requirements are specific to each way of carrying on business, and it is only after having chosen the way in which he will engage in his professional activities that a representative will know what rules apply.

The securities sector underwent major changes in 2009. Since the reform of the registration system, the rules relating to registration have been set out in the new Regulation 31-103 respecting Registration Requirements and Exemptions.

Registration for mutual fund dealer representatives and scholarship plan dealer representatives became permanent. Therefore, certificates are no longer issued for these representatives. They must carry on their activities through a dealer.