Voluntary revocation of authorization (s. 32.2 to 32.8 DIDPA)
Application
This procedure applies to a deposit institution that applies for the revocation of its authorization.
Application for revocation
Under the first paragraph of section 32.3 DIDPA 
This link will open in a new window, the voluntary revocation of an authorization requires the filing of an application with the Autorité des marchés financiers (“AMF”) for that purpose (section 1).
The applicant must show that it is in one of the situations set out in section 32.7 DIDPA This link will open in a new window. If it has made arrangements to have an authorized financial institution or a bank succeed it, (s. 32.2 This link will open in a new window, par. 2), it must describe them.
Under the second paragraph of section 32.3 DIDPA This link will open in a new window a written notice concerning the application must be filed with the application (section 2). The AMF publishes the notice in its Bulletin (s. 32.6, 1st par. DIDPA This link will open in a new window).
If an authorized financial institution or a bank is to succeed the authorized deposit institution, then the authorized deposit institution must send the published notice to each of its depositors (s. 32.6, 2nd par. DIDPA This link will open in a new window).
The provisions relating to applications for voluntary revocation are found in sections 32.2 to 32.8 of the Deposit Institutions and Deposit Protection Act This link will open in a new window (DIDPA), CQLR, c. I-13.2.2.
1. Application for voluntary revocation
The information to be included in the application for revocation is set out in section 32.4 DIDPA This link will open in a new window.
A written notice concerning the application, the documents prescribed by regulation of the AMF and the costs and fees prescribed by government regulation must be filed with he application (see section 2), (s. 32.3 DIDPA This link will open in a new window).
Information to be included in an application for voluntary
| INFORMATION/DOCUMENTS | SOURCE | CLARIFICATION BY THE AMF |
|---|---|---|
| 1.1 An application for revocation must describe any arrangements made to have an authorized financial institution or a bank succeed the applicant | 32.4, 1st par. DIDPA | n/a |
| 1.2 The application must include any other information determined by regulation of the AMF | 32.4, 2nd par. DIDPA | No information prescribed by regulation |
Documents to be enclosed with an application for revocation
| INFORMATION/DOCUMENTS | SOURCE | CLARIFICATION BY THE AMF |
|---|---|---|
| 1.3 A written notice concerning the application | 32.3, 2nd par. DIDPA | See the information in section 2 |
| 1.4 The documents prescribed by regulation of the AMF | 32.3, 2nd par. DIDPA | No information prescribed by regulation |
| 1.5 The fees and costs prescribed by government regulation | 32.3, 2nd par. DIDPA | No fees prescribed by government regulation for this application |
2. Notice concerning the application for revocation
Information to be included in the notice concerning the application for revocation
| INFORMATION/DOCUMENTS | SOURCE | CLARIFICATION BY THE AMF |
|---|---|---|
| 2.1 A notice concerning an application for revocation must state: | 32.5 DIDPA | n/a |
| 2.1.1 The date on which the authorized deposit institution intends to cease its deposit institution activities | 32.5 DIDPA | n/a |
| 2.1.2 The names and addresses of the authorized financial institutions or banks that will succeed it, if applicable | 32.5 DIDPA | n/a |
The AMF publishes the notice in its Bulletin pursuant to section 32.6, 1st par. DIDPA This link will open in a new window.
3. Decision
The AMF will grant an application for revocation only if the authorized deposit institution shows that it is in one of the situations set out in paragraphs 1 to 3 of section 32.7 DIDPA This link will open in a new window.
After making a decision, the AMF must send the deposit institution a document attesting its decision and publish it in its Bulletin (s. 32.8 DIDPA This link will open in a new window).
Conditions for granting an application for revocation
| INFORMATION/DOCUMENTS | SOURCE | CLARIFICATION BY THE AMF |
|---|---|---|
| 3.1 The AMF will grant an application for revocation only if the authorized deposit institution shows that: | 32.7 1st par. DIDPA | n/a |
| 3.1.1 It no longer owes deposits of money received in carrying on deposit institution activities | 32.7 1st par. (1) DIDPA | n/a |
| 3.1.2 It can continue to owe such deposits, without soliciting or receiving new ones, until their maturity date, in compliance with the provisions of this Act | 32.7 1st par. (2) DIDPA | n/a |
| 3.1.3 The arrangements made to have an authorized financial institution or a bank succeed the applicant are adequate and ensure the protection of depositors, and that it has sent the latter the notice of application required under the second paragraph of section 32.6 | 32.7 1st par. (3) DIDPA | n/a |
Fees and costs payable
No fees are prescribed for the time being.
Refer to the complete list of fees and costs payable to the AMF for more information.
Processing time
Except in specific circumstances, the AMF will revoke an authorization to carry on deposit institution activities within 90 days from the date the application is complete.