The Derivatives Act This link will open in a new window CQLR, c. I-14.01 came into force on February 1, 2009. Recognizing the exponential growth in derivatives markets and products, the Act is providing a modern and flexible framework for derivatives products adapted to the industry.
Qualifications – Offering derivatives to the public
What is a qualified person?
A qualified person is a person, other than a recognized regulated entity, that has been authorized by the AMF to create and market certain derivatives (refer to the list of derivatives included in the qualification decisions). Derivatives offered to the public typically include, but are not limited to, foreign exchange contracts (“forex”) and contracts for difference (“CFDs”) on a variety of underlying interests such as equities and commodities.
Who needs to be qualified?
Any person that wishes to create or market a derivative is required to apply to the AMF for qualification before the derivative is offered to the public.
In addition, the qualified person must offer derivatives to the public through a dealer, or register with the AMF as a dealer.
Who is qualified?
The following persons have been qualified by the AMF and are therefore authorized to offer derivatives to the public:
- Friedberg Mercantile Group Ltd. (pdf - 121 KB)This link will open in a new window (Decision No. 2015-EDERI-0014 dated 2015-10-06, Bulletin dated 2015-10-08 - Vol. 12, No. 40)
- GAIN Capital - FOREX.com Canada Ltd. (pdf - 122 KB)This link will open in a new window (Decision No. 2012-DPED-0003 dated 2012-10-03, Bulletin dated 2012-10-18 - Vol. 9, No. 42)
- Interactive Brokers Canada Inc. (pdf - 134 KB)This link will open in a new window (Decision No. 2012-DPED-0004 dated 2012-12-12, Bulletin dated 2012-12-13 - Vol. 9, No. 50)
- OANDA (Canada) Corporation ULC (pdf - 134 KB)This link will open in a new window (Decision No. 2012-DPED-0005 dated 2012-12-12, Bulletin dated 2012-12-13 - Vol. 9, No. 50 and Decision No. 2016-EDERI-0002 dated 2016-04-05, Bulletin dated 2016-04-07 – Vol. 13, No. 14)
- Questrade, Inc. (pdf - 119 KB)This link will open in a new window (Decision No. 2015-EDERI-0012 dated 2015-08-17, Bulletin dated 2015-08-20 – Vol. 12, No. 33)
The following persons have been temporarily exempted from qualification and are therefore also authorized to offer derivatives to the public:
- CMC Markets UK PLC (pdf - 125 KB)This link will open in a new window (Decision No. 2011-PDG-0108 dated 2011-07-18, Bulletin dated 2011-07-22 - Vol. 8, No. 29)
How do I apply for qualification?
The following must be submitted as part of an application for qualification:
- Schedule B of the Derivatives Regulation This link will open in a new window CQLR, c. I-14.01, r. 1;
- Schedule C of the Derivatives Regulation This link will open in a new window;
- Form 33-109F4 (“Registration of Individuals and Review of Permitted Individuals”) set out in Regulation 33-109 (pdf - 625 KB)This link will open in a new window respecting Registration Information, CQLR, c. V-1.1, r. 12), duly completed by every permitted individual, as defined in section 1.1 of the Regulation;
- The fee required under section 7 of the Regulation entitled Tariffs for costs and fees payable in respect of derivatives This link will open in a new window, CQLR, c. I-14.01, r. 1.