Mortgage broker who is attached to an agency that will be registered as a firm on May 1, 2020 and who is already registered as an independent representative with the AMF

The AMF’s supervision of mortgage brokerage will affect your situation.

Under the rules applicable to the transfer of mortgage brokerage activities, on May 1, 2020, a mortgage broker who is attached to an agency will become a mortgage broker acting on behalf of that agency which has become a firm in the mortgage brokerage sector. The mortgage broker will therefore become a representative who holds a mortgage brokerage certificate issued by the AMF and who is attached to a firm.

A mortgage broker who already holds a representative’s certificate issued by the AMF and is registered as an independent representative in another sector covered by the Distribution Act This link will open in a new window cannot also be attached to a firm as the law does not allow a representative to simultaneously be registered as an independent representative and act on behalf of a firm.

Insight

You must notify the AMF of your choice of how you will carry on business by e-mail before April 30, 2020.

If you do not submit your choice by this date, the AMF will add the mortgage brokerage sector to your registration as an independent representative.

End of the insight

Choosing a way to carry on business and the steps to be taken

You must choose one way to carry on business for all of your activities as a representative under the Distribution Act.

For example, you can choose to add the mortgage brokerage sector to your registration as an independent representative or choose to pursue all of your activities on behalf of one or more firms.

You will have to complete all the steps corresponding to your way to carry on business no later than April 30, 2020 in order to be authorized to carry on activities as a mortgage broker as of May 1, 2020.

Add the mortgage brokerage sector to your registration as an independent representative

  1. No further action on your part is required. On May 1, 2020, the AMF will automatically add the mortgage brokerage sector to your registration as an independent representative.
  2. As of May 1, 2020, you will no longer be authorized to carry on mortgage brokerage activities on behalf of the agency for which you are currently acting.
  3. You have until April 30, 2021 to pass the examination pertaining to the skills that must be possessed by a responsible officer. This examination is mandatory for your registration as an independent representative under section 4.1. of the Regulation respecting the registration of firms, representatives and independent partnerships (pdf - 120 KB)This link will open in a new windowUpdated on 8 April 2020.

Register a mortgage brokerage firm with the AMF to act on behalf of your own firm in all sectors

  1. Complete the Registration of firm or independent partnership (pdf - 542 KB)This link will open in a new windowUpdated on 13 December 2019 form and send it to the AMF with the prescribed schedules before May 1, 2020.
  2. 2. You have until April 30, 2021 to pass the examination pertaining to the skills that must be possessed by a responsible officer. This examination is mandatory for your registration as a firm under section 2.1. of the Regulation respecting the registration of firms, representatives and independent partnerships (pdf - 120 KB)This link will open in a new windowUpdated on 8 April 2020.

Continue to act on behalf of the agency for which you are currently acting and attach yourself to one or more firms

You will have to apply to withdraw your registration as an independent representative by submitting a completed Withdrawal from sector or withdrawal of registration (pdf - 200 KB)This link will open in a new windowUpdated on 1st May 2020 form to the AMF before May 1, 2020.

To continue to practise in your other sectors, you must take steps immediately to attach yourself to a firm registered in one or more of the sectors in which you wish to practise.

  1. Send the Attachment of representative (pdf - 196 KB)This link will open in a new windowUpdated on 1st May 2020 form to the firm on whose behalf you wish to act in mortgage brokerage.

The firm must complete the form and send it to the AMF before May 1, 2020.