Canada Deposit Insurance Corporation Differential Premiums By-law (SOR/99-120)

Regulations are current to 2014-09-01 and last amended on 2014-02-11. Previous Versions

 Section 16 does not apply to a member institution that

  • (a) is a member institution classified in accordance with subsection 7(1) or (2.1); or

  • (b) is a subsidiary of another member institution.

  • SOR/2005-48, s. 5;
  • SOR/2010-4, s. 5.

RECORDS

  •  (1) Every member institution shall prepare and maintain records that accurately and fully describe and disclose the information on which the information provided in the Reporting Form is based.

  • (2) Every member institution shall retain the records referred to in subsection (1) in Canada for a period of at least six years after they are prepared.

  • (3) Where a member institution amalgamates with, or acquires all or substantially all of the assets of, one or more other member institutions, the institution that results from the amalgamation or acquisition shall retain the records of those other member institutions for a period of at least six years following the date of the amalgamation or acquisition.

QUANTITATIVE FACTORS

  •  (1) The Corporation shall review the Reporting Form and other documents submitted by a member institution under section 15 or 16, and shall, where the Reporting Form and other documents have not been completed in accordance with this By-law, make whatever adjustments are necessary.

  • (2) The Corporation shall, in accordance with sections 21 to 27, assign to each member institution the scores that correspond to the results set out in the Reporting Form, reviewed and, if applicable, adjusted in accordance with subsection (1).

 The Corporation shall compare the results obtained for a member institution in respect of its capital adequacy under elements 1.1, 1.2 and 1.3 of item 1 of the Reporting Form with the range of results set out in columns 1 to 3 of Part 1 of Schedule 3 and shall assign a score to the member institution in respect of its capital adequacy as follows:

  • (a) if all the results for the institution correspond to the range of results set out in each of columns 1 to 3 of the same item of Part 1 of Schedule 3, the institution shall be assigned the score set out in column 4 of that item; and

  • (b) if the results for the institution do not all correspond to the range of results set out in each of columns 1 to 3 of the same item of Part 1 of Schedule 3, the institution shall be assigned the lowest of the scores set out in column 4 of the items containing results that correspond to each of the institution’s results.

 The Corporation shall compare the result obtained for a member institution in respect of the factor in item 2 of the Reporting Form with the range of results set out for that factor in column 2 of item 4 of Part 2 of Schedule 3 and shall assign to the institution the score set out in column 3 of that item that corresponds to that institution’s result.

  •  (1) Subject to section 27, the Corporation shall compare the results obtained for a member institution in respect of each of the factors in items 3 and 4 of the Reporting Form with the range of results set out for those factors in items 5 and 6, respectively, in column 2 of Part 2 of Schedule 3 and shall assign to the institution the scores set out in column 3 of each of those items that correspond to that institution’s results, respectively.

  • (2) For the purpose of subsection (1), if an amalgamated member institution formed by an amalgamation involving only one member institution has been operating as a member institution for less than three fiscal years consisting of at least 12 months each, the scores assigned to the amalgamated member institution shall be based on the results obtained for the institution using the financial information

    • (a) of the amalgamated member institution for the fiscal years during which it has been operating as a member institution; and

    • (b) of the amalgamating member institution for the other applicable fiscal years.

  • SOR/2005-48, s. 6(E).