By February 28, 2023 or April 30, 2023 Within 120 days of the member’s fiscal year-end, members must submit audited and Board approved end-of-year financial statements, with comparisons to the preceding year’s statements, to CDIC, according to section 15(1) of the CDIC Deposit Insurance Policy By-law. At that time, members must also supply CDIC with a current list of all their subsidiaries and affiliates and a current list of all their directors and officers, along with titles, addresses, email addresses and phone numbers. Submissions are to be provided by email to firstname.lastname@example.org.
Months of March and April 2023 With the aim of ensuring awareness and understanding of the trust deposit framework, in the month of March, members are required to provide general trustee and professional trustee depositors with informational notifications. Additionally, Nominee Broker depositors must be sent reminder notifications each April. Member Institutions must indicate how trustee depositors may send them updated information in their notifications. Template notifications developed by CDIC with the input of the Canadian Bankers Association can be found on CDIC’s Legislation and By-laws page.
By April 30, 2023 Members must provide the completed Differential Premiums Form for the 2023 premium year.
By July 15, 2023 Member institutions must provide their completed Return of Insured Deposits (RID) submission and related premium payment for the 2023 premium year by July 15th, 2023. (Note: members may either pay the full premium amount for the premium year by July 15th 2023, or pay in two equal installments, the first due by July 15th, 2023 and the second due by December 15th, 2023.)
By July 15, 2023 Pursuant to section 11(3) of the CDIC Deposit Insurance Information By-law, member institutions must provide CDIC with an up-to-date list of eligible deposit products that are sold by the member, along with their Return of Insured Deposits submission.
Beginning on October 1, 2023 Pursuant to the CDIC Eligible Financial Contracts By-law, member institutions must incorporate the stay provisions of the CDIC Act into the contractual provisions of the prescribed class of Eligible Financial Contracts entered into, amended or renewed on or after October 1, 2023, where the counterparty is another CDIC member institution, a G-SIB, or an affiliate of such institution (subject to certain exceptions). Please consult the CDIC Eligible Financial Contracts By-law and the CDIC Act for more details about this requirement.
By December 15, 2023 Members must submit their second premium installment by December 15th, 2023, if applicable.
DSR Compliance Pretesting services Members are reminded that pretesting services for deposit data extracts complying to the Data and System Requirements (DSR) are available from January to June 2023. Members wishing to book a test may contact Judy Power at email@example.com.
Changes to Trade Names Pursuant to Subsection 10(d) of the CDIC Deposit Insurance Information By-law, member institutions must provide CDIC with notice of any new trade name to be used in the course of its deposit-taking activities relating to deposits eligible to be insured by the Corporation, within 15 days of usage. Notice is to be provided by email to firstname.lastname@example.org.
Changes to Directors and Officers Pursuant to section 18 of the CDIC Deposit Insurance Policy By-law, members must notify CDIC without delay of any material changes to the information provided in accordance with sections 15 of the By-law, including any changes to the members’ directors and officers. Notice of any such change must be provided by email to email@example.com.
Notification in respect of Important Transactions Pursuant to section 17 of the CDIC Deposit Insurance Policy By-law, member institutions must notify CDIC of important transactions, including any proposed change in control, proposed amalgamation or merger, and/or proposed transfers of all or substantially all liabilities. Notice is to be provided by email to firstname.lastname@example.org.
Notice of Material Change (DSIBs) Pursuant to section 6 of the Canada Deposit Insurance Corporation Resolution Planning By-law, a Domestic Systemically Important Bank (DSIB) must notify CDIC as soon as feasible after the occurrence of a change in a bank group’s legal structure, business, operations, critical functions, critical shared services or material legal entities, or in the laws and regulations applicable to the bank group, that would require one or more amendments to the bank’s resolution plan. Examples of a material change may include an acquisition of an entity that meets the thresholds for a material legal entity, or reorganization of shared services that impacts cross-border execution of the resolution strategy. Notice is to be provided by email to email@example.com.