Financial Community

Notice: The Government of Canada has announced that changes to the CDIC Act to modernize and enhance CDIC deposit protection will come into force on April 30, 2020 and April 30, 2021. PLEASE NOTE: Until then, current coverage rules apply.

Legislation related to brokered deposits 

To be compliant with trust deposit regulations, be sure to read or have your legal team read the following Act and By-Laws that cover trust deposits. 

Note that all links in this section are external and will take you to applicable law on the Department of Justice website. 

Section 3 of the CDIC Act Schedule details information about trusts and how deposit insurance is calculated on them.

This By-Law details and provides more information on the trust disclosure rules that you, as a nominee broker, must follow.

This By-Law governs disclosures about membership status and the deposit insurance protection provided by the Canada Deposit Insurance Corporation (CDIC). The By-law includes a prohibition on the making of false, misleading or deceptive representations about what is or is not a deposit, what is or is not an insured deposit, or who is a CDIC member.

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