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Canada Deposit Insurance Corporation Deposit Insurance Information By-law (SOR/96-542)

Regulations are current to 2019-12-03 and last amended on 2019-06-07. Previous Versions

Canada Deposit Insurance Corporation Deposit Insurance Information By-law

SOR/96-542

CANADA DEPOSIT INSURANCE CORPORATION ACT

Registration 1996-12-05

Canada Deposit Insurance Corporation Deposit Insurance Information By-law

The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(f)Footnote a of the Canada Deposit Insurance Corporation Act, hereby makes the annexed Canada Deposit Insurance Corporation Deposit Insurance Information By-law.

December 4, 1996

Interpretation

 The definitions in this section apply in this By-law.

Act

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

CDIC

CDIC means the Canada Deposit Insurance Corporation. (SADC)

electronic business site

electronic business site means a website or other electronic site that is used by a member institution to carry on business and at which a person may make a deposit or commence a transaction to open a deposit account with or without the assistance of a representative of the member institution, and, for greater certainty, includes an automated teller machine. (site d’affaires électronique)

place of business

place of business means a physical location in Canada where a member institution carries on business and where a person may make a deposit or commence a transaction to open a deposit account with the assistance of a representative of the member institution, but does not include an automated teller machine. (lieu d’affaires)

point of service

point of service[Repealed, SOR/2017-215, s. 1]

Return of Insured Deposits

Return of Insured Deposits means the form of return of insured deposits established by the Corporation in accordance with subsection 22(1) of the Act. (Déclaration des dépôts assurés)

  • SOR/99-385, s. 1
  • SOR/2006-334, s. 1
  • SOR/2017-215, s. 1

General

 No person shall make any false, misleading or deceptive representation with respect to

  • (a) what constitutes, or does not constitute, a deposit;

  • (b) what constitutes, or does not constitute, a deposit that is insured by the Corporation; or

  • (c) who is a member institution.

  • SOR/2006-334, s. 2
  •  (1) When a member institution makes representations with respect to any of the matters referred to in paragraphs 2(a) to (c), the representations shall be made in accordance with sections 4 to 11.

  • (2) A member institution whose policy of deposit insurance is terminated or cancelled shall immediately remove from each of its places of business and each of its electronic business sites all references to its status as a member institution and to the deposit insurance provided by the Corporation, including displays of the membership sign, brochure and badge.

  • (3) When a member institution ceases to use a location as a place of business, it shall remove from the location all references to its status as a member institution and to the deposit insurance provided by the Corporation, including displays of the membership sign, brochure and badge.

  • (4) When a member institution is required to display or elects to display a membership sign or badge in digital form, changes may be made to its overall size, but only if the proportions of the sign or badge, as supplied by the Corporation, are maintained and the content is clearly visible and legible.

  • SOR/99-385, s. 2
  • SOR/2006-334, s. 3
  • SOR/2017-215, ss. 2, 3

 [Repealed, SOR/2017-215, s. 3]

Representations About Membership

Representations in Advertisements

  •  (1) If a member institution makes a representation about its status as a member institution in its advertising, other than by displaying the membership sign or badge, it shall use one of the following representations, or a representation in substantially the same words as any of the following representations:

    • (a) “Member of the Canada Deposit Insurance Corporation” (or “A Canada Deposit Insurance Corporation member”);

    • (b) “Member of the CDIC” (or “A CDIC member”);

    • (c) “(name of the member institution) is a member of the Canada Deposit Insurance Corporation”; or

    • (d) “(name of the member institution) is a member of the CDIC”.

  • (2) Subject to subsection (3), the representations may appear anywhere in the advertising of a member institution, if the location at which and the manner in which they are displayed do not give the impression that

    • (a) a person is a member institution when they are not a member institution; or

    • (b) a deposit is insured by the Corporation when it is not eligible to be insured by the Corporation.

  • (3) If the advertising does not deal exclusively with deposits that are eligible to be insured by the Corporation, the member institution shall not make any of the representations referred to in subsection (1) unless the statement set out in paragraph 9(2)(a) appears in close proximity to the representations respecting the deposits that are not eligible to be insured by the Corporation.

  • SOR/2006-334, s. 4
  • SOR/2017-215, s. 3

Display of Membership Sign

  •  (1) A member institution shall prominently display a membership sign supplied by the Corporation

    • (a) in physical form, at each entrance to each of its places of business so that the membership sign is clearly visible during business hours; and

    • (b) in physical or digital form, within each of its places of business so that the membership sign is clearly visible during business hours from the main areas of each of those places of business.

  • (2) A member institution shall display the membership sign in digital form on the home page of its website, either directly or by way of a single hyperlink that links to a page on its website where information about its status as a member institution is available.

  • (3) A member institution shall ensure that the location at which and the manner in which the membership sign is displayed does not give the impression that

    • (a) a person is a member institution when they are not a member institution; or

    • (b) a deposit is insured by the Corporation when it is not eligible to be insured by the Corporation.

  • SOR/2006-334, s. 5
  • SOR/2017-215, ss. 3, 4
  • SOR/2019-186, s. 2

Representations Concerning Deposits and Deposit Insurance

Display and Provision of Brochure

  •  (1) A member institution shall prominently display a brochure in physical form, supplied by the Corporation for that purpose, at each of its places of business and shall also make copies of the brochure available there to depositors and all other persons.

  • (2) A member institution shall, as part of the account opening process for a deposit that is eligible to be insured by the Corporation, provide a depositor

    • (a) if all account opening documents are provided only in digital form, with the digital form of a brochure supplied by the Corporation;

    • (b) if all account opening documents are provided only in physical form, with a printed version of the digital form of the brochure; or

    • (c) in any other case, with either the digital form of the brochure or a printed version of that digital form.

  • (3) The physical and digital form of the brochures shall contain the following:

    • (a) general information about the Corporation;

    • (b) contact information for the Corporation;

    • (c) the Corporation’s logo or other identifiers;

    • (d) information as to what constitutes a deposit that is eligible to be insured by the Corporation;

    • (e) the maximum amount of deposit insurance coverage provided by the Corporation; and

    • (f) information as to what a depositor needs to know when the Corporation is obliged to make an insurance payment.

  • (4) For greater certainty, a member institution, or any other person, may make representations about the subject matter of the brochure if the representation is not false, misleading or deceptive.

  • (5) A member institution shall ensure that the location at which and the way in which the brochure is displayed does not give the impression that

    • (a) a person is a member institution when they are not a member institution; or

    • (b) a deposit is insured by the Corporation when it is not eligible to be insured by the Corporation.

  • SOR/2006-334, s. 6
  • SOR/2017-215, s. 5

Display of Badge

  •  (1) Subject to subsections (2), (3) and (5), a member institution shall prominently display the digital form of a badge supplied by the Corporation at each of the following locations on its electronic business sites, other than automated teller machines:

    • (a) the home page;

    • (b) the landing page for each deposit product eligible to be insured by the Corporation;

    • (c) the first page that appears after logging on that displays deposits that are eligible to be insured by the Corporation; and

    • (d) each page where the membership sign is displayed.

  • (2) A member institution shall prominently display the badge supplied by the Corporation in either physical or digital form at each of its automated teller machines at which a person may make deposits.

  • (3) A member institution that shares the home page for an electronic business site with a person other than a member institution shall not display the badge on the home page.

  • (4) The badge, whether in physical or digital form, shall contain, at a minimum, the Corporation’s logo or other identifiers. The badge in digital form shall also contain a hyperlink to the contents of the brochure referred to in subsection 6(3), unless the badge is being displayed on an automated teller machine.

  • (5) A member institution shall ensure that the location at which and the way in which the badge is displayed does not give the impression that

    • (a) a person is a member institution when they are not a member institution; or

    • (b) a deposit is insured by the Corporation when it is not eligible to be insured by the Corporation.

  • SOR/99-385, s. 3
  • SOR/2006-334, s. 6
  • SOR/2017-215, s. 5
  • SOR/2019-186, s. 3
 
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