Regulatory Initiative: Possible amendments to the Canada Deposit Insurance Corporation
Deposit Insurance Information By-law – Forward Regulatory Plan 2016-2018
Title or working title of the regulatory initiative:
Possible amendments to the Canada Deposit Insurance Corporation Deposit Insurance Information By-law
Description of the objective:
CDIC is undertaking a comprehensive review of the Canada Deposit Insurance Corporation Deposit Insurance Information By-law (the “By-law”). CDIC is assessing what By-law amendments are necessary to ensure it reflects the current deposit-taking environment.
The By-law Amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-law would be made pursuant to paragraph 11(2)(f) of the Canada Deposit Insurance Corporation Act.
Proposed amendments are organized around the following themes:
- enhanced clear, simple and not misleading information about deposit insurance to depositors, and
- ensuring all depositors receive useful information on deposit insurance at the appropriate time, prominently displayed across all distribution channels.
Indication of business impacts:
There may be business impacts on existing members of the Canada Deposit Insurance Corporation.
Public consultation opportunities:
A consultation paper was released by CDIC on September 12, 2016 outlining proposed amendments. The comment period will end on October 28, 2016.
The consultation paper can be found at the following link.
Following the public consultation, CDIC will incorporate feedback into the proposed amendments, as appropriate. CDIC expects to publish a draft of the proposed amendments in the Canada Gazette, Part I in the spring of 2017. Interested stakeholders will have a further opportunity to comment at that time.
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
Proposed Regulatory Initiatives