Any outside activity constituting a provision of finance-related services must be declared to the AMF. Representatives must also declare such activities when the services are offered through a firm of which they are a shareholder, partner, director or officer.

Outside activities constituting a provision of finance-related services may also require the segregation of clienteles. Please refer to the section Outside activities requiring the segregation of clienteles.

No declaration is required if the outside activity arises from a right to practise granted by the AMF.

The AMF considers the following to be outside activities constituting a provision of finance-related services:

• Providing loan or deposit or other banking products and services
• Lending money or accepting deposits of money
• Facilitating or administering mortgages, including acting as a mortgage agent or administrator
• Carrying on a money service business, including exchanging one type of currency for another, transferring money from one person to another, or issuing or redeeming money orders, traveller’s cheques or anything similar
• Providing tax services, including preparing tax returns or providing tax advice
• Providing accounting or bookkeeping services
• Providing corporate finance services, including services provided in the capacity of a controller, treasurer and chief financial officer
• Advising persons on credit/debt restructuring
• Providing advice on mergers and acquisition
• Providing oversight or independent review or expert opinion on the management of an entity’s financial assets

Any outside activity requiring the segregation of clienteles must be declared to the AMF. Representatives who pursue any of the activities listed below are prohibited from soliciting and acting as a certified representative for natural persons (“individuals”) with  whom they have a relationship arising from the outside activity (“segregation of clienteles”). 

This rule also applies in respect of family members of the individual with whom the representative has a relationship arising from such outside activities—that is, an individual the representative knows is the individual’s spouse, the individual’s child, the spouse’s child, the individual’s mother, father, brother or sister, the spouse of the individual’s father or mother, the father or mother of the individual’s spouse or the spouse of the individual’s child.

The requirement to segregate clienteles continues to apply until the outside activity ends. In other words, representatives must segregate their clienteles until they cease to pursue the activity or cease to have a relationship with the individual and their relative(s) arising from the outside activity, as the case may be.

Insurance of persons

• Judge or police officer.
• Minister of religion or leader in a religious organization.
• Member of the Ordre professionnel des avocats du Québec.
• Member of the Ordre professionnel des notaires du Québec.
• Member of the Ordre professionnel des infirmières et infirmiers du Québec.
• Member of the Ordre professionnel des médecins du Québec.
• Teacher in an educational institution at the secondary, college or university level.
• Funeral director or any other similar duties in the funeral services industry.
• Immigration and citizenship consultant.
• Bankruptcy trustee.
• Member of management or an employee of a union, other than a union formed of representatives, or of a professional association.
• Member of the Ordre des comptables professionnels agréés, to the extent that pursuing that activity requires the representative to hold a public accountancy permit.
• Real estate broker.
• Any activity that places the representative in a position of influence due to the nature, training or specialized knowledge it requires. To help determine whether the activity places a representative in a position of influence, consider the degree of susceptibility the natural person has due to the person's reliance on the representative’s specialized knowledge, the expertise the outside activity requires, or trustworthiness associated with the outside activity.

Financial planning

• Judge or police officer.
• Minister of religion or leader in a religious organization.
• Member of the Ordre professionnel des infirmières et infirmiers du Québec.
• Member of the Ordre professionnel des médecins du Québec.
• Teacher in an educational institution at the secondary, college or university level.
• Immigration and citizenship consultant.
• Bankruptcy trustee.
• Member of management or employee of a union, other than a union formed of representatives, or a professional association.
• Real estate broker.
• Any activity that places the representative in a position of influence due to the nature, training or specialized knowledge it requires. To help determine whether the activity places the representative in a position of influence, consider the degree of susceptibility the natural person has due to the person's reliance on the representative’s specialized knowledge, the expertise the outside activity requires, or trustworthiness associated with the outside activity.

Group insurance of persons

• Judge or police officer.
• Minister of religion or leader in a religious organization.
• Member of the Ordre professionnel des avocats du Québec.
• Member of the Ordre professionnel des notaires du Québec.
• Teacher in an educational institution at the secondary, college or university level.
• Immigration and citizenship consultant.
• Bankruptcy trustee.
• Member of management or employee of a union, other than a union formed of representatives, or a professional association.
• Member of the Ordre des comptables professionnels agréés, to the extent that pursuing that activity requires the representative to hold a public accountancy permit.
• Real estate broker.

Damage insurance

• Judge or police officer.
• Minister of religion or leader in a religious organization.
• Member of the Ordre professionnel des avocats du Québec.
• Member of the Ordre professionnel des notaires du Québec.
• Teacher in an educational institution at the secondary, college or university level.
• Immigration and citizenship consultant.
• Bankruptcy trustee.
• Member of management or employee of a union, other than a union formed of representatives, or a professional association.
• Member of the Ordre des comptables professionnels agréés, to the extent that pursuing that activity requires the representative to hold a public accountancy permit.
• Real estate broker.
• Vendor, lessor or repairer of road vehicles, off-road vehicles or boats.
• Vendor, lessor or repairer of movable property, to the extent that the product or service is specifically related to the property. For example, a representative may pursue activities as a vendor, lessor or repairer of movable property of low value, such as plastic food containers, handcrafted jewelry, decorations or food products, if it is property for which the representative does not specifically offer insurance through a rider. A representative may have a relationship arising from the activity of vendor, lessor or repairer of property with their damage insurance broker or agent clientele if the property is covered as part of a comprehensive policy such as the equivalent of Coverage C – Personal Property (Contents) in Québec Personal Property Form 1501 of the Insurance Bureau of Canada.
• Contractor within the meaning of section 7 of the Building Act, CQLR, c. B-1.1.
• Supplier of services required when there is an insurance loss. These services include: post-disaster appraisal, remediation, repair or clean-up, protection of premises, controlled pumping or drying, decontamination, recovery, recycling or demolition of construction waste.

Claims adjustment

• Judge or police officer.
• Minister of religion or leader in a religious organization.
• Teacher in an educational institution at the secondary, college or university level.
• Immigration and citizenship consultant.
• Bankruptcy trustee.
• Member of management or employee of a union, other than a union formed of representatives, or a professional association.
• Real estate broker.
• Vendor, lessor or repairer of road vehicles, off-road vehicles or boats.
• Vendor, lessor or repairer of movable property, to the extent that the product or service is specifically related to the property. For example, a claims adjuster may pursue activities as a vendor, lessor or repairer of movable property of low value, such as plastic food containers, handcrafted jewelry, decorations or food products, if it is property for which the claims adjuster does not specifically offer insurance through a rider. A claims adjuster can have a relationship arising from the activity of vendor, lessor or repairer of property with their damage insurance broker or agent clientele if the property is covered as part of a comprehensive policy such as the equivalent of Coverage C – Personal Property (Contents) in Québec Personal Property Form 1501 of the Insurance Bureau of Canada.
• Contractor within the meaning of section 7 of the Building Act, CQLR, c. B-1.1.
• Supplier of services required when there is an insurance loss. These services include: post-disaster appraisal, remediation, repair or clean-up, protection of premises, controlled pumping or drying, decontamination, recovery, recycling or demolition of construction waste.

Mortgage brokerage

• Judge or police officer.
• Minister of religion or leader in a religious organization.
• Member of the Ordre professionnel des avocats du Québec.
• Member of the Ordre professionnel des notaires du Québec.
• Teacher in an educational institution at the secondary, college or university level.
• Immigration and citizenship consultant.
• Bankruptcy trustee.
• Member of management or employee of a union, other than a union formed of representatives, or a professional association.
• Member of the Ordre des comptables professionnels agréés, to the extent that pursuing that activity requires the representative to hold a public accountancy permit.
• Money lender.
• Loan administrator, except where the broker acts on behalf of a natural person who wants to take out or has taken out a loan secured by immovable hypothec.
• Member of the Ordre professionnel des évaluateurs agréés du Québec.
• Building inspector.