The IIAC brings to members attention recently published information relevant to nominee brokers distributing deposit products eligible for CDIC insurance coverage. The information could be useful to members preparing for the new CDIC reporting requirements that take effect April 30, 2021.
CDIC Co-Owned and Trust Deposit Disclosure By-law
This By-law prescribes the information to be disclosed on the records of a CDIC member institution for a depositor to receive separate insurance coverage for deposits co-owned and for deposits held in trust for another person under the new legislative framework. The By-law comes into force on April 30, 2021. For more information, click here.
Amendments to the CDIC Joint and Trust Account Disclosure By-law
The By-law Amending the Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law extends to 90 days after the determination date the timing for the beneficiary information of a trust deposit to be disclosed on the records of a member institution. The proposed changes would allow trustees to update or amend beneficiary information 90 days following failure so that CDIC has the information needed to support the payment of insured deposits held in trust. The Amending By-law came into force on August 20, 2019 and will be in effect until the new trust deposit rules take effect on April 30, 2021. For more information, click here.
CDIC Data and System Requirements – Version 3.0
The Data and System Requirements – Version 3.0 provides CDIC member institutions with the clarity needed to meet the obligations under Data and System Requirements By-law with respect to providing or making available deposit liability data to CDIC, and restricting withdrawals of deposit liabilities following instruction from CDIC. The Data and System Requirements – Version 3.0 comes into force on April 30, 2021.
Any questions regarding these publications can be sent directly to CDIC at questions@cdic.ca.