Canada Deposit Insurance Corporation Co-owned and Trust Deposit Disclosure By-law (SOR/2019-312)

Marginal note:Attestation

• 11 (1) An initial attestation referred to in paragraph 8(1)(b) of the schedule to the Act must

  • (a) set out the member institution’s name and the nominee broker’s legal name and mailing address;

  • (b) include, if the nominee broker states that they are capable of fulfilling the obligations set out in paragraph 7(1)(b) of the schedule to the Act, a description of the nominee broker’s policies and procedures for ensuring that they are capable of fulfilling those obligations;

  • (c) include, if the nominee broker states that they are not capable of fulfilling the obligations set out in paragraph 7(1)(b) of the schedule to the Act, an explanation of why they are not capable and their proposed actions and time frame for remedying the situation;

  • (d) be signed by the nominee broker or a senior officer of the nominee broker;

  • (e) set out the mailing address, email address and telephone number of the person who signed the attestation and, if the nominee broker is not an individual, of another senior officer of the nominee broker; and

  • (f) be sent electronically not later than the 30th day after the day on which the nominee broker becomes a party to the agreement or arrangement that requires the making of the attestation.

• Marginal note:Multiple agreements or arrangements

  (2) For greater certainty, if an initial attestation is required under more than one agreement or arrangement entered into by a nominee broker within a 30-day period, the nominee broker may make and send to the Corporation, not later than the 30th day after the day on which the first agreement or arrangement is entered into, a single attestation containing the names of all of the member institutions with which the agreements or arrangements are entered into.

• Marginal note:Update

  (3) An updated attestation referred to in paragraph 8(1)(b) of the schedule to the Act must

  • (a) set out the nominee broker’s legal name and mailing address;

  • (b) set out the name of each member institution with which the nominee broker has entered into an agreement or arrangement, highlighting any changes since the most recent updated attestation;

  • (c) include, if the nominee broker states that they are capable of fulfilling the obligations set out in paragraph 7(1)(b) of the schedule to the Act, a description of the nominee broker’s policies and procedures for ensuring that they are capable of fulfilling those obligations, unless they are unchanged since the nominee broker’s last updated attestation;

  • (d) include, if the nominee broker states that they are not capable of fulfilling the obligations set out in paragraph 7(1)(b) of the schedule to the Act, an explanation of why they are not capable and their proposed actions and time frame for remedying the situation;

  • (e) be signed by the nominee broker or a senior officer of the nominee broker;

  • (f) set out the mailing address, email address and telephone number of the person who signed the attestation and, if the nominee broker is not an individual, of another senior officer of the nominee broker; and

  • (g) be sent electronically no later than May 31 of each year, starting in 2022, and within 10 days after any change to the nominee broker’s legal name or to their capability to fulfill the obligations set out in paragraph 7(1)(b) of the schedule to the Act.

Marginal note:Contact information

• 12 (1) For the purpose of paragraph 8(1)(c) of the schedule to the Act, the contact information that must be provided to the member institution consists of the name, mailing address, email address and telephone number of the nominee broker, if they are an individual, or of two senior officers of the nominee broker.

• Marginal note:Update

  (2) The contact information must be updated within 10 days after any change to it.

Marginal note:Notice to Corporation

• 13 (1) For the purpose of subsection 8(3) of the schedule to the Act, the member institution must notify the Corporation electronically, not later than the 15th day after the day on which it enters into an agreement or arrangement, by

  • (a) providing the nominee broker’s legal name;

  • (b) specifying the day on which the member institution entered into the agreement or arrangement; and

  • (c) including a confirmation that the agreement or arrangement includes the provisions required under subsection 8(1) of the schedule to the Act.

• Marginal note:End of agreement or arrangement

  (2) For the purpose of subsection 8(4) of the schedule to the Act, the member institution must notify the Corporation electronically, not later than the 15th day after the day on which the member institution ceases to be a party to an agreement or arrangement, by

  • (a) providing the nominee broker’s legal name; and

  • (b) specifying the day on which the member institution ceased to be a party to the agreement or arrangement.

Marginal note:Information to nominee broker

14 For the purpose of subsection 8(5) of the schedule to the Act, the information that the member institution must provide consists of an indication that the nominee broker is not in compliance with paragraph 7(1)(a) of the schedule to the Act and an indication of what information they have failed to provide.

Professional Trustee Accounts

Marginal note:Records of member institution

15 For the purposes of subsections 6(1) and (2) of the schedule to the Act, if the deposit is held in an account identified as a professional trustee account, the trusteeship must be disclosed on the records of the member institution before the determination date by

• (a) indicating that the deposit is held in trust;

• (b) indicating that the account in which the deposit is held is a professional trustee account; and

• (c) setting out the name and address of the professional trustee.

Marginal note:Manner of making attestation

16 For the purpose of paragraph 9(a) of the schedule to the Act, the attestation must be made in writing and be signed by the professional trustee or a senior officer of the professional trustee.

Marginal note:Contact information

17 For the purposes of paragraph 9(b) and subparagraph 11(c)(iii) of the schedule to the Act, the contact information must be provided to the member institution in writing and must include the name, mailing address, email address and telephone number of the professional trustee, if they are an individual, or of a senior officer of the professional trustee.

Marginal note:Provision of information on request

• 18 (1) For the purpose of paragraph 11(b) of the schedule to the Act, the following information must be provided, as it exists as of the date specified in the Corporation’s request:

  • (a) the information referred to in paragraph 11(a) of the schedule to the Act;

  • (b) if the deposit is held under a special income arrangement, the type of arrangement and the name and address of the individual for whose benefit the arrangement is established.

• Marginal note:Form and manner of providing information

  (2) The information must be provided electronically in a format that permits data extraction and manipulation.

Marginal note:Manner of providing attestation

19 The attestation referred to in subparagraph 11(c)(i) of the schedule to the Act must be provided in writing.

Marginal note:Information on removal of designation

• 20 (1) If a member institution removes, in accordance with paragraph 12(3)(b) of the schedule to the Act, the designation of an account identified as a professional trustee account, the information that the Corporation may, for the purpose of subsection 6(5) of the schedule to the Act, require the member institution to provide to the depositor includes

  • (a) the fact that the designation has been removed in accordance with that paragraph; and

  • (b) the fact that the designation will be reinstated if the depositor complies with section 9 of the schedule to the Act.

• Marginal note:Time and manner

  (2) The information must be provided in writing within five days after the day on which the designation is removed.

Repeal

21 The Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-LawFootnote ¹ is repealed.

• Return to footnote ¹SOR/95-279

Coming into Force

Marginal note:S.C. 2018, c. 12

Footnote ^*22 This By-law comes into force on the day on which section 212 of the Budget Implementation Act, 2018, No. 1 comes into force.

• Return to footnote ^*[Note: By-law in force April 30, 2022, see SI/2019-17, as amended by SI/2020-36.]