Cancellation of Examinations for the week of January 11, 2021
New government measures and exam sessions continued
Due to the new government measures, the Autorité des marchés financiers (AMF) is strengthening its health guidelines for examinations held on its premises in order to prevent the spread of COVID-19 and ensure a safe exam environment.
Examinations, which will resume as of the week of January 18, 2021, will therefore be held under new guidelines. In particular:
- Exam room seating will be reduced
- Masks will be provided to candidates when they arrive. They will have to be worn on the AMF’s premises at all times, including during examinations
Candidates who registered in January 2021 have received an e-mail explaining how to reregister for their examinations at no charge.End of the warning
The following section contains the questions most frequently asked by trainees about the probationary period:
When must the trainee complete the statement of applicant?
The trainee must complete a statement of applicant every time the employer submits an application for authorization of a probationary period or modification of probationary period (including extension of the probationary certificate and change in supervisor).
In the statement, the trainee must indicate all instances of bankruptcy, guilt or dual employment in his history. If these situations were not declared in the Application for examination registration authorization, they must be declared in the Application for authorization of the probationary period.
Once it has performed the necessary checks, the AMF will confirm the start date of the probationary period or modified probationary period when it issues the probationary certificate.
Do trainees have a probationary certificate number?
Trainees do not have a probationary certificate number during the probationary period. They can use their AMF client number to sign contracts or notices.
What are the trainee's obligations and responsibilities?
During the probationary period, a trainee must:
- Present himself publicly as a trainee;
- Comply with all laws, by-laws, regulations and codes of ethics governing representatives;
- Notify the AMF of any change to the information or a document that he has furnished within five days of such change, where such change occurs during the probationary period;
- Upon initially meeting a client, give the client a document, such as a business card, which indicates the information set out in the Regulation respecting the issuance and renewal of representatives' certificates This link will open in a new window:
- his name
- his work address, phone number and e-mail address
- the sectors or sector classes in which he is authorized to act
- the name of the firm, independent partnership or independent representative on whose behalf he is acting
- the title of trainee
- if the trainee deals with the client by phone , he must provide him a business card containing this information when initially sending other documents;
- Not be in any of the situations referred to in section 56 of the Regulation respecting the issuance and renewal of representatives' certificates This link will open in a new window, that is:
- the subject of a disciplinary sanction imposed by the disciplinary committee of the Chambre de l’assurance de dommage, the Chambre de la sécurité financière or the Organisme d’autorégulation du courtage immobilier du Québec (OACIQ) or by a disciplinary council established under the Professional Code;
- in default of paying any outstanding fines and costs that may have been imposed as a disciplinary sanction;
- in default of paying any fine related to an offence committed under An Act respecting the distribution of financial products and services, An Act respecting market intermediaries, the Securities Act or the Real Estate Brokerage Act;
- in default of paying the fees and annual fees payable under the Regulation respecting fees and contributions payable.
Which professional acts are authorized during the probationary period?
The trainee may, with supervision, perform professional acts for the sector or sector class authorized by the probationary certificate.
Throughout the probationary certificate validity period, the trainee will be listed in the AMF’s public register. This register confirms to consumers that the trainee is authorized to pursue activities as a trainee. If the validity period of the probationary certificate is extended or shortened, the information in the public register will be updated automatically.
- In the insurance of persons or group insurance of persons sector:
The trainee may gather information, conduct needs analyses and propose to his supervisor the products or services that may be adapted to the client’s needs, before proposing and selling them to the client;
- In the personal-lines damage insurance sector:
The trainee may gather information, and propose and sell to the client the products, coverages or guarantees adapted to his needs;
- In the commercial-lines damage insurance sector:
The trainee may gather information and propose to his supervisor the products, coverages or guarantees that may be adapted to the client’s needs, before proposing and selling them to the client;
- In the claims adjustment sector:
The trainee may gather information, propose to his supervisor the components of a claims investigation, the assessment of damage or the negotiation of a settlement, present to the insured the components of the negotiation of a settlement once they are approved by his supervisor and assist his supervisor in negotiating a settlement.
- For the mortgage brokerage sector:
The trainee may evaluate the client’s financial situation, present to his or her supervisor the proposed loan and any other recommendation pertaining to the mortgage transaction before the loan is proposed or recommendation is made to the client. The trainee may also forward the mortgage loan application to the lender, but only after it has been approved by his or her supervisor.
Are trainees allowed to take vacation?
The 12-week probationary period may not last more than 14 weeks. Trainees may take up to 2 weeks of vacation during this period.
The 6-week probationary period may not last more than 7 weeks. This allows trainees to take one week of vacation.
If the trainee did not notify the AMF of any vacation time upon applying for a probationary certificate, the application to modify probationary period (paper), together with the required fee, must be sent to the AMF before the start of vacation. This application cannot be submitted via AMF E-Services.
Once the probationary period is over, when will the trainee obtain his certificate?
At the end of the probationary period, there is a 30-day administrative period when the probationary certificate remains valid. During the administrative period, the supervisor has 10 days to submit his recommendation to the AMF. The recommendation must be approved by the employer.
The trainee can then complete an Application for a representative’s certificate and submit it to the AMF. If the application is made during the 30-day administrative period, the probationary certificate will remain valid an extra 15 days.
Is the trainee required to work a minimum of 28 hours per week during the 30-day administrative period? Is the supervisor required to oversee the trainee during this period?
During the 30-day administrative period, the trainee is no longer required to work a minimum of 28 hours per week. Since the trainee has not yet received his representative’s certificate issued by the AMF, the supervisor is still required to oversee and countersign the work done by the trainee during this period.
Is it possible to change supervisors during the 30-day administrative period?
It is possible to change supervisors during the 30-day administrative period via AMF E-Services or by completing the Application for authorization of probationary period (pdf - 530 KB)This link will open in a new windowUpdated on 1st January 2019 form, and paying the required fee. The new supervisor must satisfy all regulatory requirements and be approved by the AMF before he starts to supervise the trainee’s work.
Can a trainee change employers during the 30-day administrative period?
A trainee can change employers during the 30-day administrative period. First, the probationary period must be cancelled via AMF E-Services or by completing the Application to cancel or interrupt probationary period form. The trainee must submit an Application for a representative’s certificate, naming the new employer in the application.
He will not be permitted to act as a representative for the new employer until he receives his certificate.