Financial Community

Forward Regulatory Plan: 2019-2021

This plan provides information on regulatory proposals that the Canada Deposit Insurance Corporation expects to bring forward over the next two years. It also identifies public consultation opportunities and a departmental contact point for each initiative.

Proposed Regulatory Initiatives

For more information

To learn about upcoming or ongoing consultations on proposed federal regulations, visit the Canada Gazette and Consulting with Canadians websites.


Regulatory Initiative: Making of the Canada Deposit Insurance Corporation Resolution Planning By-law – Forward Regulatory Plan 2019-2021

Title or working title of the regulatory initiative

Making of the Canada Deposit Insurance Corporation Resolution Planning By-law.

Description of the objective

The Budget Implementation Act, 2017, which received Royal Assent on June 22, 2017, introduced legislative amendments that strengthened Canada’s resolution regime, and provided CDIC with a by-law making authority respecting the development, submission and maintenance of resolution plans by Domestic Systemically Important Banks (DSIBs), including specifying the contents of those plans.

The Resolution Planning By-law will establish a framework for the development, submission, and maintenance of resolution plans by DSIBs, and a process for highlighting and addressing deficiencies in those plans.

The Canada Deposit Insurance Corporation Resolution Planning By-law would be made pursuant to subsection 11(2)(e) of the Canada Deposit Insurance Corporation Act.

Indication of business impacts

There will be business impacts on members of the Canada Deposit Insurance Corporation that are designated as D-SIBs.

Public consultation opportunities

CDIC issued targeted consultations with the D-SIBs in 2018. The by-law was pre-published in the Canada Gazette, Part I on February 2, 2019 for a 30-day comment period.

Departmental contact

Emiel J. van der Velden
Director, Insurance
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
613-943-2773
evandervelden@cdic.ca


Regulatory Initiative: By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law – Forward Regulatory Plan 2019-2021

Title or working title of the regulatory initiative:

By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law

Description of the objective:

The By-law Amending the Differential Premiums By-law supports the Canadian resolution planning framework by introducing a premium adjustment for DSIBs whose plans are assessed as partially non-compliant or materially non-compliant as defined under the Canada Deposit Insurance Corporation Resolution Planning By-law.

The By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law would be made pursuant to paragraph 11(2)(g) and section 21 of the Canada Deposit Insurance Corporation Act.

Indication of business impacts:

There are expected premium impacts on DSIBs that are assessed as non-compliant with the Resolution Planning By-law.

Public consultation opportunities:

CDIC issued targeted consultations with the DSIBs in 2018. The By-law was pre-published in the Canada Gazette, Part I on February 2, 2019 for a 30-day comment period.

Departmental contact:

Emiel J. van der Velden
Director, Insurance
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
613-943-2773
evandervelden@cdic.ca


Regulatory Initiative: Making the Canada Deposit Insurance Corporation Co-owned and Trust Deposit Disclosure By-law – Forward Regulatory Plan 2019-2021

Title or working title of the regulatory initiative

Making of the Canada Deposit Insurance Corporation Co-owned and Trust Deposit Disclosure By-law

Description of the objective

The Canada Deposit Insurance Corporation Co-owned and Trust Deposit Disclosure By-law will provide the supporting details and requirements necessary to implement the changes to the CDIC Act with respect to trust deposits, including the new framework for nominee brokered deposits.

The Canada Deposit Insurance Corporation Co-owned and Trust Deposit Disclosure By-law would be made pursuant to paragraph 11(2)(g) of the Canada Deposit Insurance Corporation Act and section 14 of its accompanying schedule.

Indication of business impacts

There will be business impacts on members of the Canada Deposit Insurance Corporation.

Public consultation opportunities

CDIC released a consultation paper (PDF 1.5 MB) on July 20, 2018. Interested stakeholders will also have an opportunity to review when the by-law is pre-published in the Canada Gazette, Part I.

Departmental contact

Annie Hardy
Director, Policy
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
613-943-2751
ahardy@cdic.ca


Regulatory Initiative: By-law Amending the Canada Deposit Insurance Corporation Data and System Requirements By-law – Forward Regulatory Plan 2019-2021

Title or working title of the regulatory initiative

By-law Amending the Canada Deposit Insurance Corporation Data and System Requirements By-law.

Description of the objective

The By-law Amending the Canada Deposit Insurance Corporation Data and System Requirements By-law will facilitate the update and implementation of technical specifications by delinking the technical specifications from the By-law. Minor amendments are also needed to align the By-law with the Differential Premiums By-law, to clarify the need that member institutions have appropriate policies and procedures in place to ensure By-law compliance, to clarify that an attestation surrounding compliance in all material respect must be provided within 30 days following a request by the Corporation, and to clarify that members must be capable of explaining any instances where a data extract is inconsistent with the member institution’s records.

The By-law Amending the Canada Deposit Insurance Corporation Data and System Requirements By-law would be made pursuant to subsection 11(2) and paragraphs 11(2)(f.1) and 11(2)(f.2) of the Canada Deposit Insurance Corporation Act and section 14 of the schedule to the Act.

Indication of business impacts

The amendments do not significantly impact members of the Canada Deposit Insurance Corporation.

Public consultation opportunities

The Amending By-law was pre-published in Part I of the Canada Gazette on March 16, 2019 with a 30-day comment period.

Departmental contact

Emiel J. van der Velden
Director, Insurance
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
613-943-2773
evandervelden@cdic.ca


Regulatory Initiative: Amendments to the Canada Deposit Insurance Corporation Deposit Insurance Information By-law and the Exemption from Deposit Insurance By-law (Notice to Depositors) – Forward Regulatory Plan 2019-2021

Title or working title of the regulatory initiative

By-law amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-law and the Exemption from Deposit Insurance By-law (Notice to Depositors)

Description of the objective

In light of amendments to the CDIC Act in Bill C-74, Budget Implementation Act, 2018, No. 1, consequential amendments are required to the Canada Deposit Insurance Corporation Deposit Insurance Information By-law to reflect that warning statements can no longer indicate that foreign currency deposits and term deposits with a term to maturity greater than five years are not eligible for CDIC coverage. Several technical changes are also included to correct and clarify the placement of the CDIC badge on electronic business sites, and the manner for accessing information about a financial institution’s status as a CDIC member institution on the financial institution’s website.

Consequential amendments are also required to the Canada Deposit Insurance Corporation Exemption from Deposit Insurance By-law (Notice to Depositors) to reflect the eligibility of foreign currency deposits for coverage under the new framework. The amendments would ensure that the depositor’s acknowledgement or request for payment, or the assumption of deposit liabilities by another member institution, would be in respect of foreign currency deposits as well as Canadian dollar deposits.

The By-law amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-law and the Exemption from Deposit Insurance By-law (Notice to Depositors) would be made pursuant to paragraph 11(2)(f) of the Canada Deposit Insurance Corporation Act.

Indication of business impacts

There will be minor business impacts on members of the Canada Deposit Insurance Corporation.

Public consultation opportunities

The amending by-law was pre-published in Part I of the Canada Gazette on March 16, 2019 with a 30-day comment period.

Departmental contact

Noah Arshinoff
Manager, Insurance
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
613-995-6548
narshinoff@cdic.ca


Regulatory Initiative: Possible amendments to the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law – Forward Regulatory Plan 2019-2021

Title or working title of the regulatory initiative

Possible amendments to the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law.

Description of the objective

The Canada Deposit Insurance Corporation Deposit Insurance Policy By-law provides the conditions of the provision of deposit insurance that applies to all CDIC member institutions. CDIC is in the process of reviewing the By-law to ensure it remains up to date.

Indication of business impacts

If changes are proposed there may be business impacts on members of the Canada Deposit Insurance Corporation.

Public consultation opportunities

CDIC may consult with member institutions on any new or updated requirements and interested stakeholders will have an opportunity to review and comment on any amendments when amendments are pre-published in the Canada Gazette, Part I.

Departmental contact

Emiel J. van der Velden
Director, Insurance, Insurance and Risk Assessment
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
613-943-2773
evandervelden@cdic.ca


Regulatory Initiative: Possible amendments to the Canada Deposit Insurance Corporation Differential Premiums By-law – Forward Regulatory Plan 2019-2021

Title or working title of the regulatory initiative

Possible amendments to the Canada Deposit Insurance Corporation Differential Premiums By-law.

Description of the objective

The Canada Deposit Insurance Corporation Differential Premiums By-law establishes a system to classify member institutions into different categories, sets out the criteria or factors the CDIC will consider in classifying members into categories, establishes the procedures the CDIC will follow in classifying members, and fixes the amount (or provides a manner of determining the amount) of the annual premium applicable to each category. During the planning period CDIC will be undertaking a comprehensive review of the By-law to determine its overall effectiveness and ensure it remains up to date.

Indication of business impacts

Changes are not anticipated to come into effect during the planning period. Any proposed amendments in the subsequent planning period may have business impacts on members of the Canada Deposit Insurance Corporation.

Public consultation opportunities

CDIC will consult with member institutions on any proposed amendments, and interested stakeholders will have a further opportunity to review and comment on any proposed amendments when they are pre-published in the Canada Gazette, Part I.

Departmental contact

Emiel J. van der Velden
Director, Insurance, Insurance and Risk Assessment
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
613-943-2773
evandervelden@cdic.ca

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