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
- Making of the Canada Deposit Insurance Corporation Eligible Financial Contracts By-law
- By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law
- Possible amendments to the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law
- Possible amendments to the Canada Deposit Insurance Corporation Differential Premiums By-law
- Possible Amendments to the Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law
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 Eligible Financial Contracts By-law – Forward Regulatory Plan 2021-2023
Title or working title of the regulatory initiative
Making of the Canada Deposit Insurance Corporation Eligible Financial Contracts By-law.
Description of the objective
The Budget Implementation Act, 2021, No.1, which received Royal Assent on June 29, 2021, introduced legislative amendments that strengthened Canada’s resolution regime, and provided CDIC with a by-law making authority to require certain federal member institutions to ensure that certain provisions of the CDIC Act apply to certain eligible financial contracts.
The Eligible Financial Contracts By-law will set out which portions of the Canada Deposit Insurance Corporation Act will apply to certain eligible financial contracts and the timelines for implementation.
The Canada Deposit Insurance Corporation Eligible Financial Contracts By-law would be made pursuant to paragraph 11(2)(g) and subsections 39.15(7.4) and (7.5) of the Canada Deposit Insurance Corporation Act.
Indication of business impacts
Federal member institutions will have to amend their eligible financial contracts in accordance with the timelines setout in the by-law.
Public consultation opportunities
CDIC issued targeted consultations with the industry in April 2019. The by-law will be pre-published in the Canada Gazette, Part I, in December 2021 for a 30-day comment period.
Departmental contact
Carl-Emil Charpentier
Director, Resolution Planning
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
ccharpentier@cdic.ca
Regulatory Initiative: By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law – Forward Regulatory Plan 2021-2023
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 Differential Premiums By-law must be reviewed annually to confirm it is up to date and to ensure that it aligns with the terminology used by the Office of the Superintendent of Financial Institutions (OSFI) in the regulatory filings to be completed by member institutions.
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 no expected impacts on member institutions as the amendments are technical in nature.
Public consultation opportunities
For the 2022 premium year, the Amending By-law was pre-published in the Canada Gazette, Part I on October 16, 2021, for a 30-day comment period. The final Amending By-law will be published in February/March 2022.
For the 2023 premium year, the Amending By-law is anticipated to be pre-published in the Canada Gazette, Part I in October 2022.
Departmental contact
Mueed Peerbhoy
Senior Legal Counsel
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
mpeerbhoy@cdic.ca
Regulatory Initiative: Possible amendments to the Canada Deposit Insurance Corporation Differential Premiums By-law – Forward Regulatory Plan 2021-2023
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 detailed review of the By-law to determine its overall effectiveness and ensure it remains up to date.
Indication of business impacts
Changes are to come into effect during the planning period. Any proposed amendments may have business impacts on members of the Canada Deposit Insurance Corporation.
Public consultation opportunities
Beginning July 2022, CDIC will consult with member institutions and other stakeholders on changes to the differential premium system framework, as well as the establishment of a process for providing guidance on an annual basis with respect to the ex ante fund and premium rate setting. Following the conclusion of the consultation process and CDIC’s internal assessment and review, interested stakeholders will have a further opportunity to comment on any proposed amendments to the By-law when they are pre-published in the Canada Gazette, Part I.
Departmental contact
Mueed Peerbhoy
Senior Legal Counsel
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
mpeerbhoy@cdic.ca
Regulatory Initiative: Possible amendments to the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law – Forward Regulatory Plan 2021-2023
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
Mueed Peerbhoy
Senior Legal Counsel
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
mpeerbhoy@cdic.ca
Regulatory Initiative: Possible Amendments to the Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law – Forward Regulatory Plan 2021-2023
Title or working title of the regulatory initiative
Possible amendments to the Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law
Description of the objective
The Prescribed Practices Premium Surcharge By-law supports the Canadian deposit insurance and resolution planning framework by introducing a premium surcharge on member institutions who fail to comply with certain provisions of the Canada Deposit Corporation Act and by-laws. CDIC plans to undertake a comprehensive review of the By-law to ensure that it remains effective and up to date.
Indication of business impacts
Any proposed amendments to the Prescribed Practices Premium Surcharge By-law may be expected to impact the premiums of those federal member institutions that are assessed as non-compliant.
Public consultation opportunities
CDIC may consult with member institutions on any proposed amendments, and interested stakeholders will have an opportunity to review and comment on any proposed amendments when they are pre-published in the Canada Gazette, Part I.
Departmental contact
Mueed Peerbhoy
Senior Legal Counsel
Canada Deposit Insurance Corporation
50 O’Connor St, 17th Floor
Ottawa, Ontario K1P 6L2
mpeerbhoy@cdic.ca