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.

Using alpha-numeric identifiers for disclosure

Our by-laws permit certain trust depositors (such as lawyers, notaries, brokers/dealers, real estate agents, etc.) who hold funds in trust in the normal course of business, to replace the name and address of beneficiaries with an alpha-numeric code or other identifier, provided they maintain the beneficiary’s information on their records. The alphanumeric ID must be unique to the beneficiary.

Who can use alpha-numeric codes or other identifiers in substitution for the name and address of beneficiaries?

Pursuant to the CDIC Joint and Trust Account Disclosure By-law, trustees who may substitute the alpha-numeric or other identifier for the name and address of the beneficiaries include:

  1. the public trustee of a province or a similar public official whose duties involve holding moneys in trust for others;
  2. a federal, provincial or municipal government, or a department or agency thereof;
  3. a solicitor or partnership of solicitors, a law corporation, or a notary or partnership of notaries in the province of Quebec, when they act in that capacity as a trustee of moneys for others;
  4. a person who is acting as a trustee of moneys for others in the course of business and is required by or under a statute to hold the deposit in trust;
  5. a person who is acting as a trustee of moneys for others in the course of business and is subject to the rules of a securities commission, stock exchange or other regulatory or self-regulating organization that audits compliance with those rules; or
  6. a regulated federal or provincial trust company acting in the capacity of a depositor.

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