This page explains how the supervision will be transferred and the steps you must take based on your current situation.

How supervision will be transferred

On May 1, 2020, your file has been transferred in its entirety from the OACIQ to the AMF. In the days thereafter, the AMF will mail you a letter informing you of the steps that a person in your situation must take to renew their certificate and maintain their registration. This letter will also include your client number, which will allow you to register for and access AMF E-Services, enabling you to perform various operations on-line with the AMF relating to your professional activities.

Access to AMF E-Services is secured through clicSÉQUR, the Québec government’s authentication service. You need to register for this service right now. See the tab below that matches your situation for information on how to do this. 

Insight

During the first week of May, AMF will send you a letter that will include you client number as well as the details about the first renewal of your certificate.

As of now, your client number can be found in the AMF’s Register of firms and individuals authorized to practise.

End of the insight

Fees

The fees indicated are based on the draft Regulation to amend the Regulation respecting fees and contributions payable(pdf - 60 KB)This link will open in a new windowUpdated on 30 April 2020Version consolidée administrative du Règlement sur les droits, les cotisations et les frais exigibles. that was published on April 29, 2020 in the Gazette officielle du Québec and will come into force on May 14, 2020. The final regulation will be published in the Gazette officielle du Québec and the AMF’s Bulletin.

Actions to take based on your current situation

Mortgage broker practising in a mortgage agency

If you are currently a mortgage broker practising in an agency on April 30, 2020, effective May 1, 2020, you will be become a representative authorized to act in the sector of mortgage brokerage and will hold the title of mortgage broker.

Your agency will be registered as a firm and you will act on that firm’s behalf, i.e., you will be “attached” to the firm.

You must set up a clicSÉQUR This link will open in a new window account before May 1, 2020. It will not be possible to complete your registration for AMF E-Services before the beginning of May, when the AMF will send you your client number.

During the first week of May, you will receive a letter indicating your client number and explaining all the steps involved in renewing your certificate for the first time. As of now, your client number can be found in the AMF’s Register of firms and individuals authorized to practise

As a mortgage broker, you will have to do the following by September 1, 2020:

If you hold the “chartered” designation:

The OACIQ allows its brokers to use the “chartered” designation. This designation will not be transferred to the AMF. However, brokers with this designation will be exempt from taking the responsible officer examination if they become independent representatives or responsible officers of a firm between now and May 1, 2022. 

Mortgage broker acting on your own account

If you’re currently a mortgage broker acting on your own account, effective May 1, 2020, you will become a representative authorized to act in the sector of mortgage brokerage and will be registered as an independent representative. You will hold the title of mortgage broker.

You must set up a clicSÉQUR This link will open in a new window account before May 1, 2020. It will not be possible to complete your registration for AMF E-Services before the beginning of May, when the AMF will send you a client number.

During the first week of May, you will receive a letter indicating your client number and explaining all the steps involved in renewing your certificate for the first time and for maintaining your registration as an independent representative. As of now, your client number can be found in the AMF’s Register of firms and individuals authorized to practise.

As a mortgage broker, you will have to do the following by September 1, 2020:

1- Renew your certificate

  • Complete the form for the renewal of your representative’s certificate
  • Attach the requested forms and documents, as applicable
  • Pay the required fees for your certificate:

2- Maintain your registration as an independent representative

If you hold the “chartered” designation

The OACIQ allows its brokers to use the “chartered” designation. This designation will not be transferred to the AMF. However, brokers with this designation will be exempt from taking the responsible officer examination if they become independent representatives or responsible officers of a firm between now and May 1, 2022.

Full-service real estate broker acting for an agency who requested to have your file transferred to the AMF

If you are currently a full-service real estate broker who requested to have your file transferred to the AMF, effective May 1, 2020, you will become a representative authorized to act in the sector of mortgage brokerage and will hold the title of mortgage broker. If the agency on behalf of which you are acting has been transferred to the AMF, it will be registered as a firm and you will be attached to it. If the agency has not been transferred to the AMF, we will inform you of your options in due course.   

You must set up a clicSÉQUR This link will open in a new window account before May 1, 2020. It will not be possible to complete your registration for AMF E-Services before the beginning of May, when the AMF will send you a client number.

During the first week of May, you will receive a letter indicating your client number and explaining all the steps involved in renewing your certificate for the first time and for maintaining your registration as an independent representative. As of now, your client number can be found in the AMF’s Register of firms and individuals authorized to practise.

As a mortgage broker, you will have to do the following by September 1, 2020:

If you hold the “chartered” designation

The OACIQ allows its brokers to use the “chartered” designation. This designation will not be transferred to the AMF. However, brokers with this designation will be exempt from taking the responsible officer examination if they become independent representatives or responsible officers of a firm between now and May 1, 2022.

Full-service real estate broker acting on your own account who requested to have your file transferred to the AMF

If you are currently a full-service real estate broker acting on your own account who requested to have your file transferred to the AMF, effective May 1, 2020, you will become a representative authorized to act in the sector of mortgage brokerage and be registered as an independent representative. You will hold the title of mortgage broker

During the first week of May, you will receive a letter indicating your client number and explaining all the steps involved in renewing your certificate for the first time and for maintaining your registration as an independent representative. As of now, your client number can be found in the AMF’s Register of firms and individuals authorized to practise.

As a mortgage broker, you will have to do the following by September 1, 2020:

1- Renew your certificate

  • Complete the form for the renewal of your representative’s certificate
  • Attach the requested forms and documents, as applicable
  • Pay the required fees for your certificate:

2- Maintain your registration as an independent representative

If you hold the “chartered” designation

The OACIQ allows its brokers to use the “chartered” designation. This designation will not be transferred to the AMF. However, brokers with this designation will be exempt from taking the responsible officer examination if they become independent representatives or responsible officers of a firm between now and May 1, 2022.

Mortgage agency

Effective May 1, 2020, mortgage agencies will become registered in the sector of mortgage brokerage and will hold the title of mortgage brokerage firm.

You must set up a clicSÉQUR This link will open in a new window account before May 1, 2020. It will not be possible to complete your registration for AMF E-Services before the beginning of May, when the AMF will send you a client number.

During the first week of May, the new firm will receive a letter indicating its client number and explaining all the steps involved in maintaining its firm registration for the first time. As of now, your client number can be found in the AMF’s Register of firms and individuals authorized to practise.

As a mortgage brokerage firm, you will have to do the following by September 1:

Real estate agency that requested to have its file transferred to the AMF

Effective May 1, 2020, any real estate agency that requested to have its file transferred to the AMF will become a firm registered in the sector of mortgage brokerage and will hold the title of mortgage brokerage firm.    

You must set up a clicSÉQUR This link will open in a new window account before May 1, 2020. It will not be possible to complete your registration for AMF E-Services before the beginning of May, when the AMF will send you a client number.

During the first week of May, the new firm will receive a letter indicating its client number and explaining all the steps involved in maintaining its firm registration for the first time. As of now, your client number can be found in the AMF’s Register of firms and individuals authorized to practise.

As a mortgage brokerage firm, you will have to do the following by September 1:

Executive officer of a mortgage agency or real estate agency

If you are currently the executive officer of:

  • a mortgage agency, or
  • a real estate agency that requested to have its file transferred to the AMF on April 30, 2020,

you will become the responsible officer of the resulting mortgage brokerage firm effective May 1, 2020.

As a responsible officer, you will have to complete professional development activities in order to the meet the AMF’s professional development requirements.

To learn more about the professional development program.

Holders of acquired rights granted by the OACIQ

Acquired rights granted by the OACIA will cease on April 30, 2020.

No provision of the Distribution Act This link will open in a new window or its regulations recognizes this type of ‘right’ granted by the OACIQ.

Only holders of a valid licence issued by the OACIQ no later than April 30, 2020 will be able to benefit from the terms of transfer to the AMF on May 1, 2020. 

Mortgage broker or real estate broker licence revoked by the OACIQ

Licence revoked by the OACIQ between May 1, 2019 and April 30, 2020

A transitional measure is available to you under lawsection 489 of An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions.. As of the date your licence is revoked by the OACIQ, you have 12 months to apply to the AMF for a certificate without having to take all the steps towards obtaining a certificate.

Licence revoked by the OACIQ before May 1, 2019

You do not benefit from the transitional measure provided under law.

To obtain a certificate in mortgage brokerage, you must satisfy all of the conditions of issuance of a representative’s certificate. 

For ease of reading, the term “mortgage brokerage firm” also refers to “independent partnerships in mortgage brokerage”.

For more information about these registration categories.