This section provides information and resources for CDIC member institutions, brokers and other stakeholders within the financial community as well as trustees.
The CDIC Act sets out how different types of deposits receive coverage under the deposit insurance framework. It specifies the key requirements that stakeholders in the financial community, must meet to ensure that these deposits are protected by CDIC. As of April 30th, 2022, important changes to the rules for deposits held in trust will impact the broker community and certain trustees who self-identify as professional trustees. Please refer to the appropriate sections below to see how these changes impact specific groups.
For CDIC Member institutions, you will be able to find legislation, by-laws, guidance and necessary forms to help you comply with CDIC’s regulatory requirements. If you cannot find what you’re looking for or have any questions, please feel free to email us at firstname.lastname@example.org.
Brokers and Other Financial Professionals
Rules around deposit protection, especially for deposits held in trust, can be complicated. With changes to reporting requirements beginning April 30th, 2022, it is especially important to familiarize yourself with how trust deposit coverage works. To help you, CDIC has developed resources to better understand how deposit insurance coverage works for the deposits you place for your clients and the various requirements that must be met to ensure these deposits are protected in the event of a bank failure.
For simplicity, many of our documents and resources refer to “brokers.” In these instances, a reference to brokers includes financial advisors, securities dealers, investment dealers, broker-dealers, and others who purchase deposits from financial institutions that are members of CDIC either on behalf of (i.e. in nominee name) or in the name of their clients (i.e. in client name).
Changes to CDIC deposit insurance rules coming into force April 30, 2022, will have an important impact on trustees who hold deposits in trust at a CDIC Member Institution. The changes introduce new categories of trustees with unique disclosure requirements. To find out where you fit CDIC had created a Decision Tree tool.
Professional trustees span a broad range of disciplines including the legal community, accounting professionals, public trustees and bankruptcy professionals. Professional Trustees are given the option of designating accounts in which they hold funds in trust as Professional Trustee Accounts, which carry unique disclosure requirements. For information about how to know if you’re a professional trustee and whether the new rules apply to you, please consult For Professional Trustees.
Trustees who do not qualify as Professional Trustees, or who are Professional Trustees and do not designate any or all of their accounts in which they hold deposits in trust Professional Trustee Accounts, are subject to the General Trustee rules. For information about the General Trustee Rules please consult For Other Trustees.
If you can’t find what you’re looking for or have any questions, please feel free to email us at email@example.com.