The firm’s responsible officer oversees the conduct of the representatives and ensures that they and the firm’s employees act in accordance with the Distribution Act and its regulations.
In particular, the responsible officer ensures that the firm processes the complaints filed with it in a fair manner. See the Complaint examination page for more information.
Appointment of a responsible officer
At the time of registration, the firm must send the AMF a document confirming the appointment of the officer responsible for its principal establishment and the person designated to act as a correspondent with the AMF. Only the responsible officer is authorized ex officio to sign the application for registration and all AMF forms.
Conditions for being appointed the responsible officer of a firm
Insurance, claims adjustment and financial planning sector
In insurance, claims adjustment or financial planning
The holder of a certificate issued by the AMF has no other requirement to satisfy in order to be appointed a responsible officer.
A candidate who is not certified in Québec must send the AMF a copy of his diplomas and his CV in order to demonstrate that he has the skills to act in this capacity. Determining the skills of a candidate who wishes to serve as a firm’s responsible office is based, in particular, on the following criteria:
- relevant experience in the financial services field;
- functional authority for his or her position;
- ability to run the firm's operations in Québec;
- aptitude to ensure that the firm’s activities comply with the Distribution Act and its regulations.
If the AMF is unable to conclude with certainty that the candidate has the necessary skills to act as a responsible officer, the candidate must pass the examination on legal concepts and legislation in order to gain the required knowledge. To learn more, consult the Examinations section.
The firm appoints a responsible officer. To qualify for the position of responsible officer, the designated individual must:
- Hold a certificate authorizing him or her to act in the sector of mortgage brokerage.
- Pass the AMF responsible officer examination. While no training is required, the designated person will need to prepare for the examination by studying the Guide de préparation pour l’examen du dirigeant responsable (pdf - 9 MB)This link will open in a new windowUpdated on 4 May 2020F-117 - Dirigeant responsable - Guide en courtage hypothécaire (F-117) (Responsible Officer Examination Preparation Guide - in French only) which will be provided free-of-charge to all candidates in May 2020.
- Then complete the requisite professional development program.
Candidates will not have to complete a probationary period.
You’re a responsible officer or independent representative and need help?
Make an appointment with an Information Centre agent.
It’s important that you enter only your business contact information (telephone no. and e-mail address fields)End of the Information
A good practice is to designate an officer responsible for supervising application of the registrant’s compliance program (CPO). Compliance should be everyone’s concern, not only of the CPO and compliance staff. Whether it is the responsible officer or a CPO, this person should be responsible for ensuring the following:
- Establish, maintain and periodically review compliance policies and procedures;
- Apply those policies and procedures;
- Carry out closer monitoring of material deficiencies;
- Report to senior management or the board of directors as soon as possible any deficiencies that create a significant risk for the registrant, particularly those that are recurring or that may cause injury to clients;
- Submit an annual report on the registrant’s operational compliance to senior management or the board of directors.
The registrant should provide for the replacement of the CPO in the event of his absence or inability to act13.
The registrant’s CPO should have sufficient experience and knowledge to carry out his mandate. At a minimum, the CPO should have extensive knowledge of the legislative and regulatory framework applicable to the registrant. The following criteria can also be considered in assessing a CPO’s competence:
- The CPO holds a certificate issued by the AMF;
- The CPO has relevant experience and training in financial services or management.
The level of experience and training sought varies based on the complexity of the CPO’s duties. For example, the duties of a CPO of a small firm that offers a single class of insurance products do not involve the same level of complexity as those of a CPO of a large firm with an extensive product and service offering.
Lastly, the firm should also ensure that its CPO is available to assume these responsibilities.
The registrant’s CPO should have the independence, powers and resources required to execute the mandate. He should also have access to the registrant’s senior management or board of directors to ensure that sufficient, relevant information on compliance management is communicated when necessary.