All representatives operating in a sector overseen by the Chambre de la sécurité financière (CSF) are required to pay their annual contribution in January each year.

Representatives subject to the Distribution Act

Sectors and sector classes concerned:

  • Insurance of persons
    • Accident and sickness insurance
  • Group insurance of persons
    • Group insurance plans
    • Group annuity plans
  • Financial planning

On January 5, 2018, the AMF sent representatives subject to the Distribution Act an invoice for the annual contribution to the CSF via AMF E-Services or by mail.

Payment must be made no later than February 4, 2018.

Payment can be made via E-Services or by postal service using the remittance slip.

Representatives who do not pay the invoice by the specified date will have their right to practise suspended in the sector or sector class overseen by the CSF.

Representatives subject to the Securities Act

Categories concerned:

  • Mutual funds
  • Scholarship plans

For these representatives, the amount of the annual contribution to the CSF was automatically debited in National Registration Database (NRD), from the firm’s account, on December 31, 2017.

Warning

This invoice should not be confused with your certificate renewal invoice

The fees for renewing your certificate are not included in the invoice for the contribution to the CSF. A separate invoice for the payment of renewal fees will be sent prior to the expiry date of the representative’s certificate.

End of the warning

Suspension of right to practise under the Distribution Act

Representatives who do not pay the annual contribution to the CSF will have their right to practise suspended in the sector or sector class for which they are in default.

Suspension procedure

1. Notice preceding issuance of a suspension decision by the AMF

February 2018: The AMF sends all representatives who have not paid their annual contribution to the CSF a notice preceding issuance of a decision suspending their right to practise, that is, 15 days prior to the suspension of the certificate.

The notice also stipulates the date before which the payment should be made, failing which the certificate will be suspended.

2. Suspension of a representative’s certificate by the AMF

Early March 2018: Fifteen days after the prior notice is sent, the AMF sends a suspension decision to representatives who still have not paid the contribution to the CSF. A message is also sent to the firm to which the representative is attached.

The representative must cease to pursue activities as a representative until the suspension is lifted.

3. Procedure for lifting the suspension of a representative’s certificate

  1. The representative must pay the invoice for the contribution to the CSF.
  2. The AMF lifts the suspension of the certificate upon receipt of the payment.
  3. The AMF sends the representative a letter regarding the lifting of the certificate suspension. A copy is also sent to the firm to which the representative is attached for the suspended sectors or sector classes.