I-0.2, r. 0.3 - Regulation respecting quotas of brokers and trust companies

Replaced on 2 August 2018

This document has official status.

chapter I-0.2, r. 0.3

Regulation respecting quotas of brokers and trust companies

Act respecting immigration to Québec

(chapter I-0.2, s. 3.4, 1st par., subpars. c, d, e, f and g).

Replaced, M.O. 2018-007, 2018 G.O. 2, 3351; eff. 2018-08-02; see chapter I-0.2.1, r. 2.

1. A broker or trust company must hold a quota assigned by the Minister to enter into an investment agreement with a foreign national who submits an application for a selection certificate where the number of applications to be received by the Minister during a period is determined by a decision made under section 3.5 of the Act respecting immigration to Québec (chapter I-0.2).

“Investment agreement” means an agreement signed in accordance with section 34.1 of the Regulation respecting the selection of foreign nationals (chapter I-0.2, r. 4).

M.O. 2015-009, s. 1.

2. A broker or trust company wishing to hold a quota must send to the Minister a notice of participation not later than 5 weeks before the date scheduled as the beginning of the period for receiving applications.

M.O. 2015-009, s. 2.

3. The quota assigned to the broker or trust company corresponds to the minimum quota set in section 5, to which is added a variable number of investment agreements determined according to the historical relative importance of the broker or trust company (i) in relation to all brokers or trust companies.

The quota is determined using the following formula:

Quotai = Nb min + (Nb max - Nb min × n) × Pi

Where,

Nb min: minimum quota set in section 5;

n: number of brokers or trust companies holding a quota;

Nb max: maximum number of applications to be received determined by a decision of the Minister made under section 3.5 of the Act;

Pi: historical relative importance of the broker or trust company (i).

M.O. 2015-009, s. 3.

4. The historical relative importance of a broker or trust company (Pi) is determined on the basis of the number of investment agreements entered into and for which a selection certificate was issued and the total number of investment agreements entered into in accordance with the same section. It is determined using the following formula:

M.O. 2015-009, s. 4.

5. The minimum quota assigned by the Minister to a broker or trust company is set at 35 investment agreements.

M.O. 2015-009, s. 5.

6. For the purpose of calculating the historical relative importance of a broker or trust company, the value of the following parameters is determined:

(1)  k = 5;

(2)  ICSQ = 67%;

(3)  IC = 33%.

M.O. 2015-009, s. 6.

7. The holder of a quota may transfer it, in whole or in part, to another quota holder.

Despite the first paragraph, a transfer occurring after the 30th day preceding the ending date of the period of receipt determined by a decision made under section 3.5 of the Act is invalid.

M.O. 2015-009, s. 7.

8. An agreement in writing signed by the transferor and the transferee must be sent to the Minister not later than 30 days before the ending date of the period of receipt determined by a decision made under section 3.5 of the Act.

M.O. 2015-009, s. 8.

9. The number of investment agreements entered into between a quota holder and foreign nationals originating from a source area referred to in a decision made under section 3.5 of the Act may not exceed the percentage of applications that may be received from that source area for a given period.

M.O. 2015-009, s. 9.

10. A broker or trust company that fails to reach the assigned quota is liable to an administrative monetary penalty of $15,000 for each application for a selection certificate that is not submitted to the Minister during the period of receipt determined by a decision made under section 3.5 of the Act.

The amounts collected under the first paragraph are deemed to be payable fees provided for in section 6.1 of the Act.

M.O. 2015-009, s. 10.

11. (Omitted).

M.O. 2015-009, s. 11.

REFERENCES

M.O. 2015-009, 2015 G.O. 2, 1407