Reminders for Member Institutions
CDIC articles and updates
- By February 28, 2021 or April 30, 2021
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 email@example.com.
- By April 30, 2021
Members must provide the completed Differential Premiums Form for the 2021 premium year.
- Month of April 2021
In the month of April 2021, members must notify trustee depositors acting for multiple beneficiaries that the information prescribed by the CDIC Deposit Insurance Joint and Trust Disclosure By-law must be recorded on the member’s records, and must indicate where trustee depositors must send that information. Members may use this template (PDF, 193 KB) of the annual notice. With the aim of raising early awareness of new Professional Trustee requirements that will come into effect April 30, 2022, members are also encouraged to incorporate this awareness message (PDF, 128 KB) into their 2021 annual notice.
- By July 15, 2021
Member institutions must provide their completed Return of Insured Deposits (RID) submission and related premium payment for the 2021 premium year by July 15, 2021. (Note: members may either pay the full premium amount for the premium year by July 15, 2021, or pay in two equal installments, the first due by July 15, 2021 and the second due by December 15, 2021.)
- By July 15, 2021
Pursuant to subsection 10(c) of the CDIC Deposit Insurance Information By-law, member institutions must provide CDIC with an up-to-date list of all the trade names they use for eligible deposit taking activities, along with their RID submission. For more information about this requirement, please consult the Deposit Insurance Information By-law: Information Bulletin (PDF, 455 KB).
- By July 15, 2021
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 RID submission.
- By December 15, 2021
Members must submit their second premium installment by December 15, 2021, if applicable.
- 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 section 15 of the By-law, including any changes to the member’s 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 assets or 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.