THE 360 NEWSLETTER

As a reminder, a new client disclosure has been added to the three Investia NCAFs (on English forms only), in response Quebec Bill 96, which comes into effect today, June 1, 2023:

“For Quebec clients only: I confirm that I have received the French version of the New Client Application Form and Relationship Disclosure Information Document and that I have chosen to complete the English version of these documents. I request that all related documents be provided to me in English.”

To provide a bit of background, Bill 96 requires, among other things, that all contracts and adhesions be first delivered in French to clients residing in the province of Quebec, regardless of the client’s language. The client can then opt to refuse the document in French, and request an English version for completion and signature.

Below is an excerpt from the iAFG Legal Department providing clarity on this requirement:

“On June 1, 2022, the Act Respecting French, the Official and Common Language of Québec, also known as Bill 96, was assented to. It amends the Charter of the French Language (commonly known as "Bill 101") and other laws.

This new law stipulates, among other things, that as of June 1, 2023, contracts of adhesions and related documents in Quebec must be written in French. A contract of adhesion may only be drafted and concluded in English if the French version is provided to the client prior to the conclusion of the contract. Once this step is completed, the client can choose the language in which they wish to receive the other documents related to their contract.

This means that as of June 1^st, you will have to provide the French version of any new contract of adhesion to your clients in Quebec, even if they are anglophone or allophone. After that, you will be able to have the English version of the contract signed by a client who requests it.”

What does this mean?

As an Investia Representative, starting today, June 1, 2023, you have to provide the French versions of the following documents to all your Quebec-based clients upon account application/plan creation, regardless of the client’s language:

• Investia NCAFs (client-name, nominee or TFSA accounts);
• Investia Relationship Disclosure Information Document (“RDID”).

Once the French version of the document has been provided to the client, the client can choose to also receive the English version for completion and signature.

What is Investia doing to facilitate this process?

In Univeris (Account XPRESS and Generate Forms), for each client whose language is English in the system, you will have 2 options upon generating the account application form:

Option 1 – Bilingual NCAF:

This will generate one (1) bar-coded document which includes a blank NCAF in French at the top, followed by a pre-populated NCAF in English.

• The client should complete and sign the portion of the form which is in the language of their choosing (French or English), not both languages;
• When sending the document to Imaging, please ensure to include all the pages of the bilingual document, including the uncompleted pages in French.

Option 2 – English-only NCAF:

You can also choose to generate an English-only NCAF if you have a French copy on hand ready to deliver to the client.

Note that this does not impact clients whose language is French in the Univeris system.

What Investia documents are impacted by Bill 96?

• For the time being, only the Investia RDID and the 3 NCAFs (client-name, nominee, TFSA accounts) are impacted by Bill 96. No other Investia forms (KYC Update Form, transaction forms, etc.) are impacted.

• This process must be followed each time a NCAF is used with your clients, i.e., upon account application for new clients and when opening a new plan for existing clients.

• This obligation impacts all Quebec-based clients, regardless of the province of residence of the Representative.

Should you have any questions or require additional information, please do not hesitate to contact your Compliance Officer.