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Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law (SOR/94-142)

Regulations are current to 2022-06-20 and last amended on 2011-01-01. Previous Versions

Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law

SOR/94-142

CANADA DEPOSIT INSURANCE CORPORATION ACT

Registration 1994-01-31

 By-Law Prescribing the Practices of Member Institutions Warranting a Premium Surcharge

The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(g)Footnote * and subsection 25.1(1)Footnote ** of the Canada Deposit Insurance Corporation Act, hereby makes the annexed By-law prescribing the practices of member institutions warranting a premium surcharge.

January 31, 1994

Short Title

 This By-law may be cited as the Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law.

Practices

  •  (1) A practice that warrants a premium surcharge is any act or omission of a member institution that results in the member institution

    • (a) failing to comply with subsection 8(2) of the policy of deposit insurance, as prescribed by section 1 of the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law and as set out in the schedule to that By-law, that requires the member institution to have the practices and controls referred to in that subsection;

    • (b) failing to comply with one or more provisions of the policy of deposit insurance, as prescribed by section 1 of the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law and as set out in the schedule to that By-law, that require the member institution to provide the Corporation with the information specified in that policy;

    • (c) failing to comply with section 24 of the policy of deposit insurance, as prescribed by section 1 of the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law and as set out in the schedule to that By-law, that requires the member institution to prepare and maintain the records specified in that section and to retain those records for the period of time specified in that section;

    • (d) failing to comply with one or more provisions of a relevant statute described in subsection (2) that relate to the objects of the Corporation set out in section 7 of the Canada Deposit Insurance Corporation Act and that impose a duty on the member institution in respect of any of the following matters, namely,

      • (i) corporate governance,

      • (ii) preparation and filing of financial statements,

      • (iii) business and powers,

      • (iv) investments,

      • (v) capital and liquidity, and

      • (vi) self-dealing;

    • (e) failing to fulfil the terms of any undertaking given by the member institution to the Corporation; or

    • (f) failing to comply with one or more provisions of the Canada Deposit Insurance Corporation Data and System Requirements By-law.

  • (2) For the purposes of paragraph (1)(d), relevant statute means

  • SOR/2001-299, s. 39
  • SOR/2005-117, s. 1
  • SOR/2008-294, s. 1
  • SOR/2010-293, s. 1
 
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