Quick Facts
| Parameter | Value |
|---|---|
| License name | Quebec Restricted Dealer |
| Country | Canada |
| Regulator | AMF (Quebec) |
| What it covers | Trading platform serving Quebec residents |
| Minimum capital | Capital model based on volume |
| Timeline | 6–12 months |
What is the Quebec Restricted Dealer?
The Quebec Restricted Dealer is a regulator authorisation issued by AMF (Quebec) that allows a regulated entity in Canada to provide the services covered by the regime. Required only if marketing to Quebec residents.
Who needs a Quebec Restricted Dealer?
Operators offering services that fall within the activity definition supervised by AMF (Quebec). The activity scope captures trading platform serving quebec residents — and you should treat anything within or adjacent to that scope as caught until the structure has been opined on.
How the Quebec Restricted Dealer application works
The application is run as a structured five-stage workstream: scoping and gap analysis, incorporation and substance, AML/KYC programme drafting, regulator submission and RFI cycles, and post-licence onboarding. Total time from kickoff to authorisation is 6–12 months.
Cost of the Quebec Restricted Dealer
The total first-year cost combines: regulator fee, statutory capital tied up at Capital model based on volume, legal fees confirmed at engagement, substance (resident director, office, AML officer where required), and the first year of ongoing supervision. We provide a fixed-scope quote at engagement so the number is not a moving target.
Pitfalls to avoid
- Mismatched substance. Paper directors and serviced offices are detected at first examination. Substance must be substantive;
- Generic AML programmes. AMF (Quebec) reads policies as a competency signal — generic templates are visible;
- Banking afterthoughts. A licence without a bank account is a paperweight. Banking is part of the engagement, not bolted on after authorisation;
- Ignoring the year-one supervision burden. Authorisation is the start. Annual audit, AML refresh and material-change notifications are calendared from day one.
Frequently asked questions
What does the Quebec Restricted Dealer cover?
The Quebec Restricted Dealer authorises trading platform serving quebec residents. It is supervised by AMF (Quebec). Required only if marketing to Quebec residents.
What is the timeline for the Quebec Restricted Dealer?
Typical timeline is 6–12 months from kickoff to authorisation. Variance comes from RFI cycles and the quality of the application file at submission, not from the published schedule.
What is the minimum capital for the Quebec Restricted Dealer?
Statutory capital is Capital model based on volume. Capital is one input — substance, governance and the AML programme usually drive the application outcome more than the capital line on its own.
How does the Quebec Restricted Dealer fit alongside other Canada licences?
Most operating models in Canada combine Quebec Restricted Dealer with one of the other available regimes — see the full list on the Canada page.
Who supervises Quebec Restricted Dealer authorisation in Canada?
AMF (Quebec) is the supervising authority. The same regulator handles ongoing supervision after authorisation, including annual returns and material-change notifications.