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

Regulations are current to 2022-05-16 and last amended on 2022-04-30. Previous Versions

Trust Deposits (continued)

Nominee Broker Deposits (continued)

Marginal note:Notice to Corporation

  •  (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

 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

 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

 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

 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

  •  (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

 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

  •  (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

 The Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-LawFootnote 1 is repealed.

Coming into Force

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

Footnote * 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.]

 
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