Canada Deposit Insurance Corporation Data and System Requirements By-law

Marginal note:Timing of compliance

• 5 (1) Subject to subsections (2) and (3), an institution must

  • (a) provide to the Corporation, within 30 days after the day on which it becomes a member institution, a plan to become compliant with this By-law; and

  • (b) comply with this By-law as soon as feasible but within 18 months after the day on which it becomes a member institution.

• Marginal note:Amalgamated member institutions

  (2) A member institution that results from an amalgamation of two or more institutions must

  • (a) in respect of the deposit liabilities of any amalgamating institution that became a member institution during the 18 months before the amalgamation date,

    • (i) provide to the Corporation, within 30 days after that date, a plan to become compliant with this By-law, and

    • (ii) comply with this By-law as soon as feasible but within 18 months after the day on which the amalgamating institution became a member institution;

  • (b) in respect of the deposit liabilities of any amalgamating institution that was not a member institution before the amalgamation date,

    • (i) provide to the Corporation, within 30 days after that date, a plan to become compliant with this By-law, and

    • (ii) comply with this By-law as soon as feasible but within 18 months after the amalgamation date; and

  • (c) in respect of its other deposit liabilities, comply with this By-law without delay.

• Marginal note:Assumed deposit liabilities

  (3) A member institution that assumes deposit liabilities of another institution must, in respect of the assumed liabilities,

  • (a) provide to the Corporation, within 30 days after the day on which it assumes the deposit liabilities, a plan to become compliant with this By-law; and

  • (b) comply with this By-law as soon as feasible but within 18 months after the day on which it assumes the deposit liabilities.