CDIC articles and updates

Industry news

Reminders for Member Institutions

CDIC articles and updates

Industry news

Deadlines

  • By February 28, 2020 or April 30, 2020
    Submissions of end of fiscal financial information within 120 days after fiscal year-end under Section 15 of the CDIC Deposit Insurance Policy By-law
  • By April 30, 2020
    Regulatory Filings: Member institutions must provide the Differential Premium Form for 2020 premium year
  • By April 30, 2020
    Joint and Trust Account Disclosure notification to trustee depositors under the CDIC Deposit Insurance Joint and Trust Disclosure By-law
  • By April 30, 2020
    Changes to the CDIC Act to modernize and enhance CDIC deposit protection will come into force on April 30, 2020. To ensure depositors are appropriately informed of expanded coverage to foreign currency deposits and term deposits greater than 5 years, member institutions are required to ensure that appropriate and accurate disclosures are made to any client entering into a new deposit agreement. Member institutions will have until May 31st, 2020 to remove any remaining inconsistencies on other applications/channels.
  • May 1, 2020
    Release of updated brochures that must be displayed in branches and websites . Provide messaging to customers about coverage changes (e.g. mailing slips / email) to counteract the negative statement that may still be present).
  • May 31, 2020
    Must have made all advertising & statement changes regarding newly eligible products (foreign currency deposits and term deposits greater than 5 years)
  • During April 2020
    Must send a letter to multi beneficiary trust depositors (i.e.: beneficiary information)
  • By July 15, 2020
    Regulatory Filings: Member institutions must provide the Return of Insured Deposits and related premium payment for 2020 premium year (or the premium payable first installment)
  • By July 15, 2020
    Pursuant to sections 10 of the CDIC Deposit Insurance Information By-law, member institutions must provide CDIC with an up-to-date copy of its list of trade names with the its Return of Insured Deposits
  • By July 15, 2020
    Pursuant to section 11 of the CDIC Deposit Insurance Information By-law, member institutions must provide CDIC with an up-to-date copy of its list of eligible deposit products with the its Return of Insured Deposits
  • By December 15, 2020
    Members must submit the second premium payable installment (if applicable)

Important Reminders

  • Changes to Trade Names
    Pursuant to Subsection 10(d) of the CDIC Deposit Insurance Information By-law, member institutions must provide CDIC 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 via members@cdic.ca.
  • 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, a proposed amalgamation or merger, and proposed transfers of all or substantially all liabilities. Notice is to be provided via members@cdic.ca.
  • Notice of Material Change
    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 via members@cdic.ca.

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