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Using social media: reminder about compliance requirements
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Last spring, we conducted a remote inspection focused on social media use. The responses of nearly 500 firms confirm that these platforms are widely used but that adherence to compliance rules remains inconsistent. Customized interventions were carried out with certain respondents and others are being planned.
The AMF reiterates that the Act respecting the distribution of financial products and services governs representations, advertising and solicitation, regardless of the means of communication used, including social media. Firms must therefore put in place control mechanisms to ensure compliant and responsible use of social media.
To help you, we offer the Governance and Compliance Guide and the Representations Guide, which were created to support you in strengthening your culture of compliance.
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The AMF publishes its expectations for third-party risk management
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The AMF is publishing the Third-Party Risk Management Guideline. This guideline is intended for authorized insurers, financial services cooperatives, authorized trust companies and authorized deposit institutions. It takes effect on April 1, 2027, with certain nuances regarding existing arrangements. The English version will be available on the AMF website in the coming weeks.
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Compliance of work permits for temporary residents
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A firm that employs a foreign worker must ensure that the work permit issued by Immigration, Refugees and Citizenship Cananda (IRCC) is compliant and valid.
For example, for a closed work permit, the name of the employer indicated on the permit must match the name of the firm to which the candidate or representative is attached. It cannot be the name of an entity that owns the firm.
These conditions must be met before the AMF can issue or renew a certificate authorizing an individual to act as a representative.
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Candidate and representative solvency
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Reminder regarding mandatory declarations
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A representative or new candidate must notify the AMF if they:
- have declared bankruptcy
- make an assignment of property
- have been placed under a receiving order pursuant to legislation relating to bankruptcy or insolvency
- file a consumer proposal or a proposal
Firms should make their current and future representatives aware of these obligations.
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An insolvency event could affect a representative’s right to practise. Firms should implement control measures to identify any insolvency events involving their current and future representatives.
Refer to the Bankruptcy or proposal page
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