Compliance Guidance Program

Issued following the adoption of Bill 141, the new regulations came into effect just over a year ago. Information sources are available from the AMF and ChAD for those seeking to clarify the various changes.

However, the day-to-day application of new measures can sometimes be complex, depending on your business model and operational choices. The brokerage sector finds itself in a transition phase; the RCCAQ wants to keep on supporting its members and providing them with guidance during this period.

Providing guidance at key moments

Prevention and self-assessment

Compliance is an ongoing concern, particularly when new provisions affect our day-to-day processes. A number of firms may require external guidance to ensure they are following the right management practices while maintaining their overall performance.

On behalf of its members, the RCCAQ has forged a new partnership with the consulting firm Vieira Conseil Action (VCA), which offers brokerage firms a broad range of services ranging from sound governance to performance optimization. Other services include:

  • Diagnostic summary of brokerage firms, focusing on business practices
  • Consulting services for implementing supervision/audit plans
  • Inspection-related support

Under this new partnership, Carolynn Vieira, President/CEO of VCA, will be giving RCCAQ members an exclusive 10% discount, valid for all the company's services. Please watch this video for further information.

The RCCAQ will be gradually rolling out an array of tools aimed at providing members with practical information. In addition to shedding light on certain measures (e.g. disclosures) by means of specific situations, we hope to facilitate the self-assessment process for brokerage firms. In the meantime, please feel free to consult the AMF's tools dealing with good governance and its disclosure-related expectations.

Legal consultation

When it comes to AMF inspections, brokerage firms may find themselves having to tackle questions concerning findings or recommendations. Under the second main component of the RCCAQ's guidance program, members may receive a free legal consultation (up to 4 hours) to clarify certain points raised by the AMF.

Since we are currently in a transition phase, our legal consultation service is subject to the following specific conditions:

  • Only RCCAQ member firms are eligible.
  • The purpose of the legal consultation must be directly related to the application of the new regulatory measures (e.g. disclosure provisions, applying the "3 insurers requirement" for personal insurance matters, etc.). Legal questions concerning measures pertaining to the previous legislative/regulatory framework will not be eligible.
  • A pre-qualification review will be conducted by the RCCAQ. If all the eligibility conditions are met, your request will be submitted to our legal advisor.

The RCCAQ would like to take this opportunity to remind you that it works actively with the AMF to represent brokerage firms' interests and to clarify the expectations of all parties. This close working relationship is well established and the RCCAQ intends to keep it that way. If certain legal issues arise, the RCCAQ will be sure to provide the AMF with relevant information in this regard.

How do we sign up for the program?

If you are part of a member firm and would like to sign up for the program, please email us: accompagnement141@rccaq.com

If your request has to do with the compliance consultation component, your request will be submitted to our partner Vieira Conseil Action, which will follow up with you (remember, you are eligible for a 10% discount, exclusively for RCCAQ members).

If your request has to do with the legal consultation component concerning the new regulatory measures governing our sector, we will examine the information provided and will get back to you shortly thereafter to confirm the status of your request.

Maintaining your business practices and operations in compliance is a major undertaking for brokerage firms. The questions and concerns that have been raised during this transition period are normal. Thanks to our new guidance program, the RCCAQ feels confident that the tools and services it provides will help our members adapt to the new regulatory realities.