How to verify the compliance of a forex/financial platform with the Quebec Autorité des marchés financiers (AMF) in Quebec, Canada

1. What is AMF?

Established in 2004, the AMF (Autorité des marchés financiers, Quebec Financial Markets Authority) is the comprehensive financial regulator for the province of Quebec, Canada. Unlike regulators elsewhere in Canada, the AMF is a provincial, universal regulator covering securities, derivatives, insurance, depository institutions, and financial advisors, not just capital markets.

📌 The special status of AMF

• In Canada, financial regulation adopts a federal + provincial parallel model :

• IIROC (now merged into CIRO) : responsible for investment brokers and securities transactions nationwide;

• OSC (Ontario Securities Commission) : regulates the Ontario securities market;

• CSA (Canadian Securities Administrators) : coordinates provincial securities commissions;

• AMF : In Quebec, it serves as the Securities Commission, the Insurance Regulatory Authority and the consumer protection agency.

• Therefore, any company that provides financial services in Quebec must be directly supervised by the AMF.

📌 AMF's core functions

1. License issuance and review : securities, derivatives, foreign exchange brokers, asset managers, insurance companies;

2. Market surveillance : preventing fraud, market manipulation and insider trading;

3. Investor protection : The AMF has established the Fonds d'indemnisation des services financiers (Financial Services Compensation Fund) to provide protection for investors;

4. Enforcement and penalties : Fines, license revocation, or public warnings will be imposed on non-compliant institutions.

2. Why do you need to check the AMF license?

1. Verify compliance : confirm whether the platform has obtained an official AMF license;

2. Identify false advertising : Many overseas platforms claim to be "regulated in Canada," but in reality, they do not have any licenses;

3. Verify business category : Forex/CFD brokers must have a Derivatives Dealer license;

4. Avoid high risks : Identify black platforms through the AMF warning list.

📌 Official website:

• 🔗 AMF Public Register

• 🔗 AMF Warnings & Investor Alerts

3. Quick Verification Process (Step-by-Step)

Step 1: Enter the AMF public registry

👉 AMF Register

• Enter the company or individual name;

• See if it is listed as Licensed / Authorised .

Step 2: Confirm the license type and status

• Derivatives Dealer → Forex and CFD platforms must have;

• Securities Dealer ;

• Portfolio Manager ;

• Insurance Firm ;

• Financial Adviser

• The status must be Active , Suspended or Revoked to indicate that the session has been suspended or revoked.

Step 3: Verify company information

• The company's legal name is consistent with the official website;

• The address is located in Quebec;

• The business scope must be consistent with the license authorization (without a "derivative brand license", foreign exchange/CFD cannot be legally provided).

Step 4: Check the AMF warning list

👉 AMF Warnings

• Enter company name or website;

• If it appears on the list → it means that the company is not authorized or is in violation of regulations.

Step 5: Cross-validate other Canadian regulations

• If the platform operates nationwide, you will also need to search the CIRO (formerly IIROC) or OSC databases;

• Multi-provincial companies must meet both AMF and federal/other provincial regulatory requirements.

4. Practical Cases

✅ Compliant example: Desjardins Securities Inc.

• Category : Securities Dealer

• Status : Authorised

• Official website : Desjardins Securities

• Result : Compliant✅

❌ Risk Example: Overseas CFD Platforms Pretending to Be “Canadian Regulated”

• Case : An overseas forex company claimed on its official website that it was "regulated by the AMF," but inquiries yielded no results.

• Evidence : Appearance on the AMF warning list;

• Result : Unauthorized → High Risk ❌

V. Typical Penalty Cases

• 2018 : The AMF fined an unauthorized foreign exchange company CAD 2 million and banned it from operating in Quebec;

• 2020 : An investment advisor’s license was permanently revoked for misleading clients;

• 2022 : Several overseas cryptocurrency platforms were named and warned by the AMF for falsely advertising "Canadian regulation".

VI. Investor Protection Mechanism

1. Public registry : transparent display of all licensed companies;

2. Compensation funds : Fonds d'indemnisation des services financiers, which compensate harmed investors in certain circumstances;

3. Warning list : real-time publication of unauthorized companies and fraudulent platforms;

4. Complaint channels : Investors can file complaints or seek arbitration through the AMF;

5. Cross-border cooperation : The AMF regularly shares information with the FCA, SEC, ESMA, etc.

7. Common Misconceptions

1. Mistaking "Canadian Company Registration" for Supervision❌

• Company registration ≠ financial license; must be verified in the AMF list.

2. Just look at the license number on the official website ❌

• Many black platforms forge license numbers; you must cross-verify on the AMF official website.

3. Ignore warning list ❌

• All companies that appear on the warning list are high-risk.

8. Investor Recommendations

• You must check the AMF Register + warning list before investing;

• Three elements: company name + license type + status;

• If the company claims to be "regulated in Canada", please confirm the specific regulatory body (AMF/IIROC/OSC);

• Cross-provincial platforms must have dual compliance and cannot rely solely on single registration.

IX. Conclusion

The AMF is the core financial regulatory agency in Quebec, Canada , and is known for its comprehensive coverage, strict law enforcement, and sound investor protection mechanisms.

• Compliant companies (such as Desjardins Securities Inc.) can be found on the AMF registry;

• Illegal companies often pretend to be “regulated in Canada” but are not actually authorized by the AMF.

Investors must strictly follow Step 1 – Step 5 and combine the warning list with penalty cases to effectively identify black platforms and ensure the safety of their funds.