Interpretation Policy

An interpretation policy is an overarching document recommended by the Treasury Board Secretariat that outlines the commitments, practices, and tools to be applied by a department, agency or government institution when providing Canadians and businesses with information and guidance on regulatory obligations to be met. It also identifies the conditions under which written responses to questions will be provided.

Agency Context

CDIC is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure.

Predictability

Plain Language Commitment

CDIC commits to:

  1. Provide regulatory interpretations that are clear, unambiguous and relevant to the enquiry;
  2. Use plain and clear language when developing regulatory guidance;
  3. Develop communications products that inform the public about CDIC deposit insurance coverage;
  4. Provide guidance whenever new regulatory initiatives with an impact on member institutions are proposed; and
  5. Provide responses to regulatory questions in the official language in which the question was posed.

Providing Guidance and Building Awareness

CDIC promotes stakeholder involvement to build awareness and understanding of regulatory requirements in a number of ways, including posting consultations, guidance and information materials online. Measures include:

  • Publication of various guidance documents on CDIC’s website, including consultation papers on By-law reviews;
  • Publication of Information Bulletins in relation to CDIC By-laws that receive regular enquiries from stakeholders;
  • Requiring “Protect Your Deposits” brochures to be available for the public at all member institution branches;
  • Providing a Continuing education course for financial advisors (on-line); and
  • Publication of Q & As link to FAQs in relation to CDIC’s By-laws.

Responding to Questions

CDIC is committed to providing timely, accurate and helpful responses to questions from the public and stakeholders. Enquiries of a general nature may be sent by email or telephone or in writing.

CDIC responds to questions using the same communication method used by the inquiring party.

CDIC provides specific contact information for the personnel overseeing consultations with stakeholders, as required.

Service

Service Commitment

CDIC’s is commited to delivering prompt, courteous, professional and responsive service that is sensitive to the needs and concerns of the public and protection of privacy.

CDIC has also adopted a Code of Business Conduct and Ethical Behaviour that helps guide employees to preserve the corporation’s commitment to professionalism and excellence.

The Code of Conduct requires CDIC employees to adhere to the Values and Ethics Code for the Public Sector established by the Treasury Board Secretariat.

Service Accountability

CDIC is committed to providing a level of service that meets the expectations of the public, depositors and stakeholders.

CDIC responds to enquiries quickly and effectively by telephone, email and letter mail. This includes questions with respect to deposit insurance coverage, membership, and other regulatory questions related to our mandate. CDIC consults with appropriate individuals within the organization to ensure action is taken or a response provided, as necessary.

Staff Training

CDIC is committed to ensuring its staff has the necessary skills and technical knowledge to provide accurate and consistent responses to inquiries. Internal procedures and training materials have been developed for this purpose.

Stakeholder Engagement

Commitment to Stakeholder Engagement

CDIC engages stakeholders, as appropriate, when developing, reviewing or refining practices and materials pertaining to CDIC regulatory requirements and approach to providing information and guidance on regulatory compliance. CDIC routinely undertakes consultations with member institutions and industry stakeholders on proposed changes to CDIC By-laws.

Stakeholder Engagement Mechanisms

Stakeholders are engaged through a number of means, including:

  • Formal consultations on regulations issued by CDIC directed to member institutions, their industry associations, regulators and other interested parties to ensure that industry views and concerns are taken into consideration;
  • Regularly scheduled meetings with industry associations, such as the Canadian Bankers Association, provide a forum for CDIC and industry associations to share information, including upcoming changes to regulation, what issues are of concern to CDIC and conversely, what issues are of concern to the industry; and
  • Public speeches and Annual Public Meeting, which allow CDIC to discuss its role as deposit insurer and resolution authority and to describe steps the corporation is taking to fulfil its mandate.

Improvement

CDIC is committed to continually improving its level of service with respect to the provision of information and interpretations regarding its regulatory requirements, which includes:

  • Engaging in consultations with industry stakeholders to identify possible areas of improvement concerning its interpretation practices. CDIC will consider areas for improvement, if any, that arise from these consultations and will develop and post priorities for enhancing the interpretation process.
  • Consistent with the Treasury Board Secretariat Guide for Developing and Implementing Interpretation Policies, CDIC will provide an update on steps and success in implementing any improvements.