Mutual Fund Procedures [PDF]

THE STEPS NEEDED TO SELL MUTUAL FUND PRODUCTS THROUGH WFG SECURITIES OF CANADA Applicant Steps to Acquire Securities Registration 1. Pass either the Canadian Securities Course or the IFIC (Canadian Investment Fund Course) exam. Note: IFIC registration information can be requested from the Mutual Fund Licensing Department. The registration fee is $220.00 2. Review and complete the requirements for each province: (select appropriate link below) Alberta British Columbia Manitoba New Brunswick Ontario Quebec Saskatchewan Note 1: To obtain and complete the Form 4 from the desired province, please go to the following links to obtain the applicable form: Alberta: http://www.albertasecurities.com/pdfs/forms/asc_form4.pdf British Columbia: http://www.bcsc.bc.ca/industryinfo/registration.asp Manitoba: http://www.msc.gov.mb.ca/registration/forms/iu2000_form6.pdf New Brunswick: Hard copy only available through WFG Securities Home Office Ontario: http://www.osc.gov.on.ca/en/Market/form4.pdf Quebec: http://www.bsf-qc.com/francais/index2.htm Saskatchewan: http://www.ssc.gov.sk.ca/files/forms/form4.pdf Note 2: For assistance in completing the Form 4, please see GUIDE FOR PROCESSING FORM 4 (link) 3. Submit the following to WFG Securities: Form 4 - Reminder: All attachments to the form must be signed or initialed by both the applicant and the Commissioner of Oaths. An original copy of the mutual fund exam marks, either the CSC or IFIC course. Note: The marks are valid for 3 years, except in New Brunswick, in which case it is 2 years. If the agent does not have an original, then a photocopy must be included and it must be signed by the agent as well as the CCO or CEO. 2 passport photos; both signed by the agent and the commissioner of oaths. The photos must be dated within 6 months of the application date. Pay a registration fee. The fee should be made payable to WFG Securities of Canada Inc. The fees vary for different provinces: Ontario $235 Alberta $250 BC $250 Manitoba $300 New Brunswick $200 Saskatchewan $250 Quebec $112 If this is the applicant’s first license, an Errors and Omissions Insurance application must be submitted. See E & O Process (Link) A Criminal Records Check Form. This form can be obtained from the recruiting MD and/or BM, the Provincial Compliance Officer or from the Head Office Securities Licensing Department. Note: The information on the form must be identical to the personal information in question 5 of the form 4. Initials are prohibited, must be complete name. Prior convictions must be included and must match question 17 of the form 4 – if applicable, and if the agent was foreign born, then the agent must provide the exact date when he/she entered Canada. If the agent is foreign born, then he/she must also disclose the foreign city and country. NEW BRUNSWICK, ALBERTA and SASKATCHEWAN ONLY g) An original bank reference letter. The applicant must obtain this letter from the Bank Manager or Personal Banker of their branch where their personal account is held. This letter should basically confirm that the applicant is indeed an account holder at that location and state how they have been operating their account (satisfactory or unsatisfactory). Note: The letter must state that the agent has an active account with the bank and that there are no outstanding NSF accounts. A commissioner of oaths as well as the agent must sign all attachment sheets used to provide additional information to the questions on the form 4. WFG Securities Steps 1. Review submitted application for completeness. 2. Submit required documents to appropriate / respective provincial Securities Commission. Appointment Process to sell mutual funds Once an Associate has submitted their Form 4 for Securities Registration and the Securities Commission has approved and sent WFG Securities the confirmation, the Associate is automatically appointed with every approved WFG Securities Mutual Fund company. The WFG Securities Dealer Relation Representative sends out a template form letter to advise ALL Mutual Fund providers that a particular Associate is now Securities licensed with our Dealer. The letter includes their Dealer/Rep code and Securities Branch Address and BOM information. The Associate is then automatically set up to sell any of the mutual funds we have a selling agreement with.