MX Approved Persons
Approval as an Approved Person – Eligibility and Regulatory Requirements
Approved Participants’ employees must be approved as “Approved Persons” by the Regulatory Division of the Bourse de Montréal Inc. before being granted access to the Bourse’s trading system.
An Approved Participant may also request the approval of an employee of one of its affiliated corporations or subsidiaries. One should note that a person employed by an Approved Participant’s affiliated corporation or a subsidiary is not required to become an Approved Person unless such person wishes to arrange block transactions and special terms transactions notably. The employee of an affiliated corporation or subsidiary of an Approved Participant approved as an Approved Person would also be allowed to handle trading requests originating from the Approved Participant and its clients and, with the approval of the Approved participant and the Bourse, trading requests originating from the Approved Participants’ affiliated corporation or subsidiary and its clients.
To obtain such approval, the Application as an Approved Person, the Personal Information Form and all relevant documents in support thereof must be completed and forwarded to the Regulatory Division at the following address: firstname.lastname@example.org.
In the event of the applicant’s failure to provide all information and documentation required by the Bourse in support of or in connection with an application, it will be deemed to have been abandoned and cancelled six (6) months after the date of filing of the application to the Regulatory Division of the Bourse.
Employees of Canadian Approved Participants and employees of an affiliated corporation or a subsidiary of this Canadian Approved Participant are required to register for the training courses of the Regulatory Division. Applicants must complete and sign a certificate confirming that they have read the course material, that they understand it, and that they agree to comply with all the Bourse’s Rules.
Since October 1st, 2018, registration for this training is also mandatory for employees of a Foreign Approved Participant or for employees of an affiliated corporation or subsidiary of this Foreign Approved Participant. This requirement does not apply to employees who have been approved by the Bourse prior to October 1, 2018 and whose approved person status is still active at that date.
Requesting an MX identification number (MX-Id)
For any request to access the trading system of the Bourse, please use the new MX-ID Trader Identification Form.
Applying for the transfer of an Approved Person
The Regulatory Division must be notified when an Approved Person becomes an employee of a new Approved Participant within 90 days of being transferred. To be valid, this transfer request must be preceded by a notice of termination of employment from the previous employer. The Application as an Approved Person Form, the Personal Information Form, the Transfer Form, as well as any other document deemed relevant by the Regulatory Division, must be submitted to the Regulatory Division for approval. There are no fees associated with transfers.
Changing the status of an Approved Person
The Regulatory Division must be notified when an Approved Person wishes that his status be no longer effective despite being still employed by the Approved Participant. A form to this effect must be completed and sent to the Division for approval purposes.
Submitting the termination notice of an Approved Person
When there is termination of employment of an Approved Person, the Regulatory Division must be advised by the Approved Participant within ten (10) business days following the termination date of employment. A form to this effect must be completed and sent to the Regulatory Division.
Failure to inform the Regulatory Division of a termination of employment within the prescribed delay results into an administrative penalty:
- First occurrence: $100 (per late business day, for a maximum of $1,000)
- Second or following occurrence in a same calendar year: $250 (per late business day, for a maximum of $2,500)