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Financial Community and Trustees

Industry Best Practices (Brokered Deposit Advisory Group – BDAG)

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.

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).

Other Industry Resources

Given new deposit insurance requirements for nominee broker deposits that will take effect on April 30, 2022, BDAG continues to develop additional resources to support industry’s work to implement the new Framework. These resources will focus on key issues and will be set out in this section of the BDAG Webpage.  We encourage you to check back here regularly for updates about new materials.  

The GIC Deposit Re-Registration Industry Best Practices support the adoption of a preferred industry approach for updating ownership and other key information for GIC deposits when they are re-registered (i.e., internal re-registration). The Best Practices look to provide standards and parameters to facilitate an automated processes for nominee brokered deposit industry participants to use to re-register GIC deposits, including deposits that are on the records of CDIC member institutions when the new rules take effect (I.e., on April 30, 2022).

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