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• 1 (1) The following definitions apply in this By-law.

  associate

  associate , when used to indicate a relationship with a person, means

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  • (c) a trust or an estate or succession in which that person has a substantial beneficial interest or in respect of which that person serves as a trustee or in a similar capacity. (associé)

  forecast

  forecast  means information in respect of prospective results of the operations and financial position or changes in the financial position of an entity, based on assumptions made in respect of future economic conditions and planned courses of action for a specified period, given management’s judgment as to the most probable set of economic conditions. (prévisions)

  material

  material , in respect of any matter, means a matter that has or may reasonably be expected to have a bearing on the decision of the Corporation as to whether to approve an applicant for deposit insurance. (important)

  officer

  officer  means

  • (a) in respect of a corporation, a chief executive officer, president, vice-president, secretary, controller, treasurer and any other individual designated as an officer of the corporation by by-law or by a resolution of its directors; and

  • (b) in respect of any other entity, any individual designated as an officer of the entity. (dirigeant)

  promoter

  promoter  means a person who

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  • (b) in connection with the founding, organizing or substantial reorganizing of the business of an applicant, directly or indirectly receives, in consideration of services or property or both services and property, five per cent or more of any class of securities of the applicant or five per cent or more of the proceeds from the sale of any class of securities of a particular issue, other than a person who receives such securities or proceeds either solely as underwriting commissions or solely in consideration of property but does not otherwise take part in the founding, organizing or substantial reorganizing of the business of the applicant. (promoteur)

9 The application must include detailed information in respect of the following, if applicable:

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• (d) the refusal, under the laws of any jurisdiction within or outside Canada, of an application made by the applicant for licensing or registration as a financial institution;

• (e) the suspension or revocation, under the laws of any jurisdiction within or outside Canada, of the applicant’s licence to carry on business as a financial institution;

• (f) the suspension or cancellation, under the laws of any jurisdiction within or outside Canada, of the applicant’s registration as a financial institution;

• 8 (1) The application must include evidence that the applicant has established appropriate, effective and prudent practices with respect to corporate governance, risk management and liquidity and capital management, as well as appropriate, effective and prudent controls in respect of its operations, that will enable it to comply with the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law.

• (2) The evidence must provide a detailed description of those practices and controls, including

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  • (b) the policies relating to and the procedures for monitoring risk tolerance and risk management for major risk areas such as credit, market, liquidity, operational (inclusive of business continuity planning), technology, legal, regulatory, reputational and strategic risks; and

• 2 (1) An application for deposit insurance must contain

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  • (b) an affidavit as set out in Form 1 of the schedule and, if applicable, an affidavit as set out in Form 2 of the schedule, duly executed.

• (2) The information and documentation included in an application must be current as of not more than 12 months before the day on which the final information or documentation relating to the application is submitted to the Corporation by the applicant in order to complete the application.