On May 19, 2020, the Government of Canada advised CDIC that changes to deposit protection originally slated for April 30, 2021 are deferred by one year and will now come into force on April 30, 2022. Content on this page has been updated to reflect the new coming into force date of April 30, 2022
The Brokered Deposit Advisory Group (BDAG) was established to assist with the implementation of the new CDIC deposit insurance rules affecting the nominee brokered deposit industry that will take effect on April 30, 2022.
BDAG facilitates discussion among industry stakeholders affected by these rules and promotes the development of sound industry best practices that help ensure a strong and coordinated implementation of the deposit insurance rules.
BDAG members include representatives from organizations from across the brokered deposit community, including brokerage firms, CDIC member institutions, financial exchange platforms, and data service providers, as well as CDIC.
BDAG expects to develop and release key industry best practice documentation over the coming months, as the nominee brokered deposit industry works toward full implementation by April 30, 2022. CDIC will make these documents available here to facilitate access by all affected parties.
NEW – Unique Client Identifiers (UCI) Industry Best Practices
The Unique Client Identifier (UCI) Industry Best Practices have been developed by industry, in collaboration with CDIC, to support the adoption of a consistent industry approach to the implementation of upcoming CDIC requirements.
The UCI Industry Best Practices provide standards and parameters setting out industry expectations about the UCI design and application and aim to further improve the quality of information being transmitted for nominee brokered deposits.
The standards and parameters complement and support key legislative requirements set out by the Government of Canada. They should be implemented by stakeholders in conjunction with the CDIC Act and the CDIC Co-Owned and Trust Deposit Disclosure By-law (COTDB).