The Minister of Finance amended the Regulation respecting the Issuance and Renewal of Representatives’ Certificates under the Act respecting the Distribution of Financial Products and Services (chapter D-9.2). The regulation, developed by the Autorité des marchés financiers (AMF), was formally adopted on January 17, 2025, as decision no. 2025-PDG-0006. The amendment establishes new rules regarding the qualifications, training periods, examination attempts, and supervisory requirements for representatives in the financial sector in Québec. These modifications aim to standardize requirements across different disciplines, ensuring that individuals entering the industry possess the necessary competencies.

The regulation amends several sections of the existing framework to refine the qualifications needed for certification, including updating terminology by replacing “complied with” with “satisfied” in Section 13 and adjusting the required experience period in Section 16 from three years in the past ten years to thirty months. Significant changes were made to examination procedures, with Section 26.1 now limiting candidates to three supplemental examinations instead of allowing unlimited attempts. Candidates who fail a third supplemental exam must wait one year before retaking the initial exam, and Section 26.2 was revoked entirely.

Further adjustments were made to the rules governing probationary periods, including modifications to the types of activities that trainees can engage in under supervision. Section 32 now explicitly permits trainees to offer financial products and services under the oversight of a supervisor, specifying their duties in insurance, claims adjustment, and mortgage brokerage. Sections 34 and 35 set minimum hour requirements for probationary periods, stipulating that they must last at least 336 hours for a sector and 168 hours for a sector class, with maximum weekly work hours capped at 40 and overall durations not exceeding 24 and 12 weeks, respectively.

Changes to supervisory rules also play a crucial role in the regulation. Section 45 was amended to require supervisors to disclose any family ties with trainees, while Section 45.1 mandates that supervisors who have failed to fulfill their duties must complete a professional development activity before being permitted to supervise trainees again. The number of trainees a supervisor can oversee was modified in Section 46, allowing a representative primarily engaged in trainee supervision to oversee up to ten trainees at once, provided their firm informs the AMF in advance if they supervise more than five.

Amendments also addressed competency development and supervision expectations. Sections 48.1, 48.2, and 48.3 introduced the requirement that presentations and documentation on probationary periods include detailed competency development plans specific to each sector or sector class. Section 49 now requires supervisors to provide reasons related to competency development when certifying a trainee’s completion of the probationary period.

Quebec (D-9.2-2025-05) February 26, 2025