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Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law (SOR/95-279)

Regulations are current to 2020-11-17 and last amended on 2019-08-20. Previous Versions

Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law

SOR/95-279

CANADA DEPOSIT INSURANCE CORPORATION ACT

Registration 1995-06-09

By-Law Respecting the Disclosure of Joint Interests, Trusteeships and Interests of Beneficiaries in Deposits for the Purposes of Subsections 3(1) to (3) of the Schedule to the Canada Deposit Insurance Corporation Act

The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to subsection 11(2)Footnote * of the Canada Deposit Insurance Corporation Act and subsection 3(3.1)Footnote ** of the schedule to that Act, hereby makes the annexed By-law respecting the disclosure of joint interests, trusteeships and interests of beneficiaries in deposits for the purposes of subsections 3(1) to (3) of the schedule to the Canada Deposit Insurance Corporation Act.

June 6, 1995

Short Title

 This By-law may be cited as the Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law.

Interpretation

 In this By-law,

Act

Act means the Canada Deposit Insurance Corporation Act; (Loi)

determination date

determination date means, in respect of a member institution,

  • (a) where a winding-up order is made in respect of the institution before the day on which the Corporation makes payment in respect of the majority in number or value of the deposits with the institution that are insured by deposit insurance, the day on which the petition or other originating process was filed in respect of the winding-up, or

  • (b) where a winding-up order is not made in respect of the institution before the day on which the Corporation makes payment in respect of the majority in number or value of the deposits with the institution that are insured by deposit insurance, the day on which any of the circumstances described in subsection 14(2.1) of the Act first occurred in respect of the institution; (date-repère)

schedule

schedule means the schedule to the Act. (annexe)

Disclosure

 For the purposes of subsection 3(1) of the schedule, if a depositor is acting as joint owner with another, the following information must be disclosed on the records of the member institution before the determination date:

  • (a) the fact that the deposit is owned jointly; and

  • (b) the name and address of each of the joint owners.

  • SOR/2000-144, s. 1(F)
  • SOR/2010-206, s. 1
  • SOR/2019-311, s. 1

 For the purposes of subsections 3(1) and (2) of the schedule, if a depositor is acting as trustee for another, the following information must be disclosed on the records of the member institution before the determination date:

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

  • (b) each trustee’s name and one trustee’s address.

  • SOR/2010-206, s. 2
  • SOR/2019-311, s. 2

 Subject to subsection 7(1), for the purposes of subsection 3(2) of the schedule, the beneficiary’s name and address must be disclosed on the records of the member institution not later than the 90th day after the determination date.

  • SOR/2010-206, s. 3
  • SOR/2019-311, s. 2
  •  (1) For the purposes of subsection 3(3) of the schedule, the following information must be disclosed on the records of the member institution:

    • (a) not later than the 90th day after the determination date,

      • (i) the fact that the deposit is the subject of a trust under which there are multiple beneficiaries, and

      • (ii) subject to subsection 7(1), the name and address of each beneficiary, which must, if the information is disclosed on or after that date, be as of the determination date; and

    • (b) within 30 days after April 30 of each year, particulars of the amount or percentage of each beneficial interest as of April 30 of the year.

  • (2) A failure to disclose the information referred to in paragraph (1)(b) in respect of a particular year within the period required by that paragraph may be remedied by disclosing on the records of the member institution,

    • (a) at any time before the determination date, that information as of the April 30 before the day on which it is disclosed; or

    • (b) on or within 90 days after the determination date, that information as of the determination date.

  • SOR/2009-160, s. 1
  • SOR/2010-206, s. 4
  • SOR/2019-311, s. 3
  •  (1) If the information referred to in subparagraph 6(1)(a)(i) has been disclosed on the records of a member institution, the member institution must, during each month of April until the determination date, notify the depositor in writing that the information referred to in paragraph 6(1)(b) must be disclosed on the records of the member institution within the period required by that paragraph and must indicate where the depositor must send the information for disclosure on the records of the member institution.

  • (2) The notification referred to in subsection (1) must be sent by the member institution by regular or electronic mail to the address of the depositor, as set out in the records of the member institution.

  • SOR/2010-206, s. 5
  • SOR/2019-311, s. 4
  •  (1) The information referred to in section 5 and subparagraph 6(1)(a)(ii) is not required to be disclosed on the records of the member institution if the information referred to in subsection (2) is disclosed in its place and the deposit is held in trust by

    • (a) the public trustee of a province or a similar public official whose duties involve holding moneys in trust for others;

    • (b) a federal, provincial or municipal government, or a department or agency thereof;

    • (c) a solicitor or partnership of solicitors, a law corporation, or a notary or partnership of notaries in the province of Quebec, when they act in that capacity as a trustee of moneys for others;

    • (d) a person who is acting as a trustee of moneys for others in the course of business and is required by or under a statute to hold the deposit in trust;

    • (e) a person who is acting as a trustee of moneys for others in the course of business and is subject to the rules of a securities commission, stock exchange or other regulatory or self-regulating organization that audits compliance with those rules; or

    • (f) a regulated federal or provincial trust company acting in the capacity of a depositor.

  • (2) For the purposes of subsection (1), the information that is to be disclosed on the records of a member institution is a separate alphanumeric code or other identifier, in respect of each beneficiary, that can be found in records kept by the depositor that contain an up-to-date list of

    • (a) the name and address of each beneficiary; and

    • (b) particulars of the amount or percentage of each beneficial interest.

  • SOR/2010-206, s. 6
  • SOR/2019-311, s. 5

Supplementary Information

 For the purposes of section 14 of the Act, the Corporation may, in respect of a deposit, require a depositor who has disclosed on the records of a member institution that the person was acting as trustee for another or as joint owner with another to provide the Corporation, within 10 days or such greater period as it allows, with additional information, or with access to records, concerning the trusteeship, the interest of any beneficiary or the joint ownership.

 If any information referred to in sections 3 to 6 has changed since it was disclosed on the records of the member institution, updated information as of the determination date must be disclosed on the records within 90 days after that date.

  • SOR/2010-206, s. 7
  • SOR/2019-311, s. 6

Transitional

 This By-law has effect with respect to deposits for which the applicable determination date is after December 31, 1996.

AMENDMENTS NOT IN FORCE

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