Act Respecting the Distribution of Financial Products and Services Part 1

Lesson 1 Title I Representatives

This section of the Act deals with the definition of an “insurance representative.” This term may apply to one or more persons who are certified to distribute financial products and services in the insurance sector. This introduction section also identifies persons not considered under this legislation as being insurance representatives, in that they are not certified by the Authority to pursue the activities described within the Act. Also described are the conditions under which representatives can pursue the distribution of products and services, the manner in which they must conduct themselves, and the way they must collect and use client information.

Lesson 2 Title II Registration

This section of the Act sets out what constitutes a “firm” and who can register as a firm in Quebec. There are conditions under which registration as a firm can be denied. A firm’s obligations to deal with clients in an ethical and responsible manner are outlined here, as well as regulations surrounding record-keeping and the use of client information.

Financial regulations are covered here in terms of premiums, commissions and the collection of money by representatives. An important reference here (#103) refers to the creation of policy by firms, for investigation and resolution of complaints. Mention is made of access by inspectors to company records. The Financial Markets Administrative Tribunal is introduced in its role with regard to penalties assigned where firms have been guilty of omissions or contraventions to the Act.

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