Employer non compete clause question
So I started working with this company which made me sign the contract with the non compete clause. The clause states that I cannot resign and join a "broker or dealer registered with provincial securities commission or any self-regulatory as either an employee or independent contractor engaged in the sale of securities and/or insurance business", if I do, there's a penalty.
My question here is: Will the major banks like Scotiabank, RBC, TD etc be considered the competition according to the above mentioned (broker or dealer thing). I do understand that the banks are involved in the sale but are they really broker, or will joining one of them will be a breach of the contract?