Inspection

In terms of inspection, the role of the AMF is to ensure that financial sector participants comply with legal requirements and thereby protect the interests of consumers of financial products and services. To help fulfill its mission, the AMF conducts inspections, as often as it deems necessary, of financial sector participants to ensure they comply with their requirements.

Inspections are conducted in a spirit of co-operation, as inspectors collaborate with registrants so as to seek solutions for any deficiencies noted.

Types of inspection

Scheduled on-site inspections

AMF Inspection visits the establishment of a registrant. The registrant is informed in advance of our inspection in a letter informing him of the date of our arrival and the name of the inspectors. With this type of inspection, the AMF is able to verify certain requirements, such as the duty of supervision, the keeping of books and registers, the protection of personal information, advertising, representations and solicitations.

Unscheduled on-site inspections

AMF Inspection also conducts unscheduled on-site inspections. Such inspections are determined based on certain risk factors.

Off-site

AMF Inspection conducts off-site inspections of a registrant’s establishment by mailing questionnaires and requesting documents and other information.

Items covered by inspection

An inspection may cover various items depending on the sector concerned.

Obligations as a representative, firm or independent partnership

The general obligations of a representative, firm or independent partnership are set out in An Act respecting the distribution of financial products and services and its related regulations as well as the code of ethics and professional conduct applicable to the relevant sector.

• Regulations related to an Act respecting the distribution of financial products and services

To better understand some of your obligations:

• Separate account
• Analysis of financial needs
• Obligation to file a written copy of the analysis of your clients’ financial needs
• Procedures for the replacement of insurance of persons contracts
• Law and regulations regarding the distribution of financial products and services