Right of practise - Deposit Institutions
This section is designed to support applicants making applications related to rights to practise.
In examining an application, the AMF assesses whether it is compliant using the documents and information required to be provided for the type of application involved.
Below you will find a list of the documents and information required to be provided when filing certain applications, the assessment criteria that are used, and other regulatory provisions that may apply.
Applications
Find additional information regarding the filing of the following applications, including information and documents to be provided, by clicking on the relevant link(s) below:
Deposit institutions
Who can file an application?
Any person duly authorized by the applicant may submit an application to the AMF on the applicant’s behalf (e.g., officer, director, manager, employee or legal adviser).
The authorizing document does not have to be attached to the application unless required by law or requested by the AMF.
The information contained in this guide is not to be construed as a legal opinion or a recommendation by the AMF regarding the application of laws and regulations pertaining to a specific situation.
The advice of a legal advisor should be sought for such situations.
End of the warningAssessment criteria
Applications relating to the rights to practise of deposit institutions and trust companies carrying on or seeking to carry on deposit or trust activities in Québec are assessed using the following criteria, according to the type of application:
Knowledge about the institution
The AMF builds a comprehensive picture of the applicant by examining its ownership structure, management structure, activities, and ties and agreements with other members of its group or third parties.
Context of the application
The AMF considers the reasons given by the applicant, its target markets, any external factors that may affect the applicant’s ability to achieve its objectives, and the impact of the transaction on relevant markets in Québec.
Compliance with laws and regulations
The AMF ensures that the applicant will comply with the Deposit Institutions and Deposit Protection Act 
This link will open in a new window and its regulations and with any other applicable laws, regulations and standards.
Financial position
The AMF analyzes the nature and level of financial resources of the applicant to determine whether they are sufficient to sustain its business. The AMF also assesses the applicant’s ability to access additional capital at a reasonable cost.
The AMF makes sure that the applicant will start off with sufficient available capital to support its activities and satisfy applicable standards in its home jurisdiction and Canada. It analyzes the composition of the applicant’s earnings by source and type of income in order to assess earnings stability. The AMF also ensures the reasonableness of forecasts to determine whether the applicant will be able to maintain adequate cash flow and capital.
Governance
The AMF ensures that the applicant's directors, officers and auditor, individually and collectively, have the appropriate skills, qualifications and experience to administer the legal person.
The AMF also makes certain that the applicant has taken the necessary steps to ensure the integrity of its directors, officers and auditor.
The AMF analyzes the proposed management structure in relation to the nature, scale and complexity of the applicant’s activities.
The AMF ensures that the applicant adheres to sound and prudent management practices.
Commercial practices
To ensure adequate delivery of services to Québec consumers, the AMF ensures that the applicant adheres to sound commercial practices.
Such practices include providing fair treatment to its clientele, in particular by providing appropriate information, adopting a policy for processing complaints and resolving any disputes with clients, and keeping a complaints register.
Other regulatory provisions
Regulated entities may be subject to, and, if so, must comply with, regulatory provisions other than those under the Deposit Institutions and Deposit Protection ActThis link will open in a new window .
If a registered entity and its parent company are reporting issuers, or either one of them is, then they must also comply with the provisions of the Securities Act.This link will open in a new window
All registrants must comply with the guidelines that apply to them.
Declaration of registration
Legal persons wishing to carry on activities in Québec must be duly registered with Québec's enterprise registrar (Registraire des entreprises du Québec) in accordance with the Act respecting the legal publicity of enterprisesThis link will open in a new window, CQLR. c. P-44.1, and its enabling regulation.
E-Services
Certain actions can only be performed using AMF E-Services.
All documents and information required under the Deposit Institutions and Deposit Protection ActThis link will open in a new window must be filed via this secure channel, including:
- All your financial disclosures
- Certain applications relating to your right to practise and disclosure of the parties involved
- Certain corporate information (e.g., officers, chief representative, external auditor and appointed actuary)
If you do not have access to AMF E-Services, send an e-mail for instructions on how to file the above documents and information.
Fees and costs payable
The fees and costs payable, when prescribed, are indicated in specific sections of each application.
An invoice will be sent via the applicant’s secure message inbox if the applicant is registered for AMF E-Services.
If you are not eligible to register for AMF E-Services, you can make a payment using the mail-in payment form (pdf - 81 KB)This link will open in a new windowApril 2017.
Application processing
The AMF examines the application and contacts the applicant if and when it needs clarification or when the applicant requests information on the progress of the file.
In certain cases, the AMF may require additional information and documents in order to continue its examination of the application. This may affect the processing time.
An application is complete when the AMF has received all the requested information and documentation in a form it deems satisfactory.
Need help?
Send an e-mail to Licensing and Resolution Direction.
You can also reach our information centre:
Québec: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
End of the Information