I-0.2.1, r. 2 - Regulation respecting quotas of brokers and trust companies

Full text
chapter I-0.2.1, r. 2
Regulation respecting quotas of brokers and trust companies
Québec Immigration Act
(chapter I-0.2.1, ss. 31 and 104).
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 files a application for selection if the number of applications to be received by the Minister within a period is determined by a decision made under section 50 of the Québec Immigration Act (chapter I-0.2.1).
“Investment agreement” means an agreement signed in accordance with paragraph 3 of section 37 of the Québec Immigration Regulation (chapter I-0.2.1, r. 3).
M.O. 2018-007, 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. 2018-007, 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 on the basis of the historical relative performance of the broker or trust company (i) relative to all the 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 50 of the Québec Immigration Act (chapter I-0.2.1);
Pi: historical relative performance of the broker or trust company (i).
M.O. 2018-007, s. 3; I.N. 2018-09-01.
4. The historical relative performance 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, taking into account the importance attached to French-speaking applicants and the total number of investment agreements entered into in accordance with that same section. It is determined using the following formula:
 k Pi = ∑ [IHa * ICSQ * PCSQai) + (IHa * IC * PCai) + (IHa * ICSF * PCSFai)] a = 1
Where,
 K: number of historical years provided for in paragraph 1 of section 6; IHa: historical importance of the year (a) according to the following formula:
 (k + 1) - a____________k + (k - 1) + ... + 1 (where a = 1 represents the most recent year) IHa = ICSQ: relative importance assigned to the investment agreements entered into and for which a selection certificate was issued; PCSQa,i: share of the investment agreements entered into and for which a selection certificate was issued in the year (a) for the broker or trust company (i); IC: relative importance assigned to all the investment agreements entered into; PCa,i: share of the investment agreements entered into in the year (a) for the broker or trust company (i); ICSF: relative importance assigned to the investment agreements entered into for which a selection certificate was issued and the main applicant demonstrated a French language proficiency level at least equal to the advanced intermediate level for oral comprehension and oral expression; PCSFa,i: share of the investment agreements entered into for which a selection certificate was issued and the main applicant demonstrated a French language proficiency level at least equal to the advanced intermediate level for oral comprehension and oral expression in the year (a) for the broker or trust company (i). ICSQ+IC+ICSF = 1
 ∑n     i=1 (PCSQa,i) = 1 ∑n     i=1 (PCa,i) = 1 ∑n     i=1 (PCSFa,i) = 1 ∑n     i=1 (Pi) = 1
M.O. 2018-007, s. 4.
5. The minimum quota assigned by the Minister to a broker or trust company is calculated as follows:
Nb min = (Nb max × 20%) / N
Where,
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 50 of the Québec Immigration Act (chapter I-0.2.1).
M.O. 2018-007, s. 5.
6. For the purpose of calculating the historical relative performance of a broker or trust company, the value of the following parameters is determined:
(1) k = 5;
(2) ICSQ = 80%;
(3) IC = 15%;
(4) ICSF = 5%.
M.O. 2018-007, s. 6.
7. The holder of a quota may not transfer the minimum quota assigned by the Minister under section 5.
The holder may, however, transfer a maximum of 10% of the variable number of investment agreements determined on the basis of the historical relative performance of the broker or trust company relative to all the brokers or trust companies, calculated as provided in sections 3 and 4.
Despite the second paragraph, a transfer occurring less than 30 days before the date of the end of the period for receiving applications determined by a decision made under section 50 of the Québec Immigration Act (chapter I-0.2.1) is invalid.
M.O. 2018-007, 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 date of the end of the period for receiving applications determined by a decision made under section 50 of the Québec Immigration Act (chapter I-0.2.1).
M.O. 2018-007, 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 50 of the Québec Immigration Act (chapter I-0.2.1) may not exceed the percentage of applications that may be received from that source area for a particular period.
M.O. 2018-007, s. 9.
10. A broker or trust company that fails to reach the assigned quota is subject to an administrative monetary penalty in the amount of \$15,000 for each application for selection that is not submitted to the Minister in the period for receiving applications determined by a decision made under section 50 of the Québec Immigration Act (chapter I-0.2.1).
The amounts collected under the first paragraph are deemed to be applicable fees required by section 74 of the Québec Immigration Act.
M.O. 2018-007, s. 10.
11. For the purposes of section 117 of the Québec Immigration Regulation (chapter I-0.2.1, r. 3) and despite section 7 of this Regulation, a broker or trust company already participating in the Investor Program on 2 August 2018 may, at the time the entity it created or acquired begins participation in the program, transfer to it the entire quota held by the broker of trust company. For the assignment of the subsequent quota, the historical relative performance of the broker or trust company that created or acquired the entity is transferred to the entity, as long as the broker or trust company no longer participates in the Investor Program.
M.O. 2018-007, s. 11.
12. This Regulation replaces the Regulation respecting quotas of brokers and trust companies (chapter I-0.2, r. 0.3).
M.O. 2018-007, s. 12.
13. (Omitted).
M.O. 2018-007, s. 13.
REFERENCES
M.O. 2018-007, 2018 G.O. 2, 3351