By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law: SOR/2024-45
Canada Gazette, Part II, Volume 158, Number 7
Registration
SOR/2024-45 March 8, 2024
CANADA DEPOSIT INSURANCE CORPORATION ACT
The Board of Directors of the Canada Deposit Insurance Corporation makes the annexed By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law under subsection 21(2)footnote a of the Canada Deposit Insurance Corporation Act footnote b.
Ottawa, December 6, 2023
The Minister of Finance, under subsection 21(3)footnote a of the Canada Deposit Insurance Corporation Act footnote b, approves the annexed By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law, made by the Board of Directors of the Canada Deposit Insurance Corporation.
Ottawa, March 5, 2024
Chrystia Freeland
Minister of Finance
By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law
Amendments
1 Subparagraphs 15(1)(e)(i) and (ii) of the Canada Deposit Insurance Corporation Differential Premiums By-law footnote 1 are replaced by the following:
- (i) the Consolidated Statement of Comprehensive Income, Retained Earnings and AOCI, completed in accordance with that Manual, for its preceding fiscal year,
- (ii) the Return of Allowances for Expected Credit Losses, completed in accordance with that Manual as of the end of its preceding fiscal year,
2 (1) The paragraph after the heading “1.3 Tier 1 Capital Ratio (%)” in item 1 of the Reporting Form set out in Part 2 of Schedule 2 to the By-law is replaced by the following:
Indicate the Tier 1 capital ratio (%) as set out in Schedule 10.010 – Ratio Calculations of the BCAR form.
(2) Element 1.5 of item 1 of the Reporting Form set out in Part 2 of Schedule 2 to the By-law is replaced by the following:
1.5 Supervisory Target Tier 1 Capital Ratio
Indicate the supervisory target Tier 1 capital ratio (including the capital conservation buffer and domestic systemically important bank surcharge as applicable) as set by the regulator for the member institution in accordance with the Capital Adequacy Requirements guideline of the Guidelines, but if a different supervisory target Tier 1 capital ratio has been set by the regulator by written notice sent to the member institution, indicate that ratio instead.
1.5 %
3 The paragraph after the heading “2.2 Adjusted Risk-Weighted Assets as of the End of the Fiscal Year Ending in the Year Preceding the Filing Year” in item 2 of the Reporting Form set out in Part 2 of Schedule 2 to the By-law is replaced by the following:
Indicate the adjusted risk-weighted assets as set out in Schedule 10.010 – Ratio Calculations of the BCAR form.
4 (1) The paragraph after the heading “6.3 Total Capital” in item 6 of the Reporting Form set out in Part 2 of Schedule 2 to the By-law is replaced by the following:
Indicate the total capital set out in Schedule 10.010 – Ratio Calculations of the BCAR form.
(2) The portion of Table 6A of item 6 of the Reporting Form set out in Part 2 of Schedule 2 to the By-law under the heading “Table 6A — Impaired Off-balance Sheet Assets” beginning with “Complete Table 6A” and ending with “the Capital Adequacy Requirements guideline of the Guidelines.” is replaced by the following:
Complete Table 6A as of the end of the fiscal year ending in the year preceding the filing year, referring to Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures and Schedule 70.030 – Derivative Contracts of the BCAR form and to the Capital Adequacy Requirements guideline of the Guidelines.
(3) The portion of Table 6B of item 6 of the Reporting Form set out in Part 2 of Schedule 2 to the By-law under the heading “Table 6B — Impaired OTC Derivative Contracts” beginning with “Complete Table 6B” and ending with “the Capital Adequacy Requirements guideline of the Guidelines.” is replaced by the following:
5 (1) Element 7.4.2 of item 7 of the Reporting Form set out in Part 2 of Schedule 2 to the By-law is replaced by the following:
7.4.2 Off-balance sheet Eligible servicer cash advances or facilities
Indicate the amount set out in the column "Notional Amount" for Eligible servicer cash advances or facilities – 10% CCF, as set out in Section 1 – Leverage Ratio Calculation of the LRR.
(2) Elements 7.4.10 to 7.4.26 of item 7 of the Reporting Form set out in Part 2 of Schedule 2 to the By-law are replaced by the following:
7.4.10 Net Common Equity Tier 1 Capital (CET1 after all deductions)
Indicate the Net Common Equity Tier 1 Capital (CET1 after all deductions), as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form.
7.4.11 Gross Common Equity Tier 1 Capital
Indicate the Gross Common Equity Tier 1 Capital, as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form.
7.4.12 Total Deduction from Additional Tier 1 Capital
Indicate the Total Deduction from Additional Tier 1 Capital, as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form.
7.4.13 Total Deduction from Tier 2 Capital
Indicate the Total Deduction from Tier 2 Capital, as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form.
7.4.14 Eligible Stage 1 and Stage 2 allowance
Indicate the Eligible Stage 1 and Stage 2 allowance (re standardized approach), as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form.
7.4.15 Excess allowance
Indicate the Excess allowance (re IRB approach), as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form.
7.4.16 Direct credit substitutes – credit derivatives – Standardized Approach
Indicate the amount set out in the column "Notional Principal Amount (a)" for Direct credit substitutes – credit derivatives, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form.
7.4.17 Direct credit substitutes – credit derivatives – Foundation IRB approach
Indicate the amount set out in the column "Notional Principal Amount (d)" for Direct credit substitutes – credit derivatives, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form.
7.4.18 Direct credit substitutes – credit derivatives – Advanced IRB approach
Indicate the amount set out in the column "Notional Principal Amount (g)" for Direct credit substitutes – credit derivatives, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form.
7.4.19 Sale and repurchase agreements – Standardized approach
Indicate the amount set out in the column "Notional Principal Amount (a)" for Sale & repurchase agreements, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form.
7.4.20 Sale and repurchase agreements – Foundation IRB approach
Indicate the amount set out in the column "Notional Principal Amount (d)" for Sale & repurchase agreements, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form.
7.4.21 Sale and repurchase agreements – Advanced IRB approach
Indicate the amount set out in the column "Notional Principal Amount (g)" for Sale & repurchase agreements, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form.
7.4.22 Stage 1 and Stage 2 allowance on balance sheet assets
Indicate the sum of the amounts set out for "Stage 1 and Stage 2 allowance on balance sheet assets for capital purposes" and "Allowance on assets capitalized under the securitization framework not recognized for capital purposes", as set out in Schedule 10.070 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form.
7.4.23 "On-balance sheet" securitization exposures
Indicate the "On-balance sheet" securitization exposures recognized for capital ratio but not for consolidated balance sheet purposes, as set out in Schedule 10.070 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form.
7.4.24 Adjustments – measurement bases
Indicate the Adjustments to reflect differences in balance sheet exposure amounts resulting from measurement bases used for accounting purposes (fair values), as set out in Schedule 10.070 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form.
7.4.25 Adjustments – recognition bases
Indicate the Adjustments to reflect differences in balance sheet exposure amounts resulting from recognition bases used for accounting purposes (settlement / trade date), as set out in Schedule 10.070 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form.
| Item | Column 3 Tier 1 Capital Ratio |
|---|---|
| 1 | Tier 1 capital ratio is > the supervisory target Tier 1 capital ratio set by the regulator for the member institution |
| 2 | Tier 1 capital ratio is ≤ the supervisory target Tier 1 capital ratio set by the regulator for the member institution but ≥ the minimum Tier 1 capital ratio required by the regulator |
Coming into Force
7 This By-law comes into force on the day on which it is registered.
REGULATORY IMPACT ANALYSIS STATEMENT
(This statement is not part of the By-law.)
Background
The Board of Directors of the Canada Deposit Insurance Corporation (CDIC) made the Canada Deposit Insurance Corporation Differential Premiums By-law (the By-law) on March 3, 1999, pursuant to subsection 21(2) and paragraph 11(2)(g) of the Canada Deposit Insurance Corporation Act (the CDIC Act). Subsection 21(2) of the CDIC Act authorizes the CDIC Board of Directors to make by-laws establishing a system of classifying member institutions into different categories, setting out the criteria or factors the CDIC will consider in classifying members into categories, establishing the procedures the CDIC will follow in classifying members, and fixing the amount of, or providing a manner of determining the amount of, the annual premium applicable to each category. The CDIC Board of Directors amended the By-law on January 12 and December 6, 2000, July 26, 2001, March 7, 2002, March 3, 2004, February 9 and April 15, 2005, February 8 and December 6, 2006, December 3, 2008, December 2, 2009, December 8, 2010, December 7, 2011, December 5, 2012, December 4, 2013, April 22, 2015, February 4 and December 7, 2016, December 6, 2017, December 5, 2018, March 6 and December 4, 2019, December 9, 2020, and December 8, 2021.
Issues
The CDIC annually reviews the By-law to confirm it is up to date and that the terminology referenced in the By-law aligns with the terminology that is used in regulatory filings requested by the Office of the Superintendent of Financial Institutions (OSFI). Such alignment will ensure that CDIC member institutions have clarity on the data requirements, and that CDIC receives the appropriate information from its member institutions. As a result, technical amendments are proposed in the By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law (the Amending By-law).
Description
The table below provides more detail about the amendments in the Amending By-law.
| By-law section / Schedule |
Remove |
Insert |
Explanation |
|---|---|---|---|
Paragraph 15(1)(e) |
|
|
To ensure consistency between new titles to OSFI’s FIC form and CDIC’s references thereto. |
Schedule 2 MEASURE 1. CAPITAL ADEQUACY MEASURES |
1.3 Tier 1 Capital Ratio (%) Indicate the Tier 1 capital ratio (%) as set out in Schedule 1 – Ratio Calculations of the BCAR form. |
1.3 Tier 1 Capital Ratio (%) Indicate the Tier 1 capital ratio (%) as set out in Schedule 10.010 – Ratio Calculations of the BCAR form. |
|
1.5 "All in" Target Tier 1 Capital Ratio Indicate the "all in" target Tier 1 capital ratio (including the capital conservation buffer and domestic systemically important bank surcharge as applicable) as set by the regulator for the member institution in accordance with the Capital Adequacy Requirements guideline of the Guidelines, but if a different "all in" target Tier 1 capital ratio has been set by the regulator by written notice sent to the member institution, indicate that ratio instead. |
1.5 Supervisory Target Tier 1 Capital Ratio Indicate the supervisory target Tier 1 capital ratio (including the capital conservation buffer and domestic systemically important bank surcharge as applicable) as set by the regulator for the member institution in accordance with the Capital Adequacy Requirements guideline of the Guidelines, but if a different supervisory target Tier 1 capital ratio has been set by the regulator by written notice sent to the member institution, indicate that ratio instead. |
||
Schedule 2 MEASURE 2. RETURN ON RISK-WEIGHTED ASSETS (%) |
2.2 Adjusted Risk-Weighted Assets as of the End of the Fiscal Year Ending in the Year Preceding the Filing Year Indicate the adjusted risk-weighted assets as set out in Schedule 1 – Ratio Calculations of the BCAR form. |
2.2 Adjusted Risk-Weighted Assets as of the End of the Fiscal Year Ending in the Year Preceding the Filing Year Indicate the adjusted risk-weighted assets as set out in Schedule 10.010 – Ratio Calculations of the BCAR form. |
|
Schedule 2 MEASURE 6. NET IMPAIRED ASSETS TO TOTAL CAPITAL (%) |
6.3 Total Capital Indicate the total capital set out in Schedule 1 of the BCAR form. |
6.3 Total Capital Indicate the total capital set out in Schedule 10.010 of the BCAR form. |
|
Schedule 2 Table 6A |
Complete Table 6A as of the end of the fiscal year ending in the year preceding the filing year, referring to Schedule 39 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures and Schedule 40 – Derivative Contracts of the BCAR form and to the Capital Adequacy Requirements guideline of the Guidelines. |
Complete Table 6A as of the end of the fiscal year ending in the year preceding the filing year, referring to Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures and Schedule 70.030 – Derivative Contracts of the BCAR form and to the Capital Adequacy Requirements guideline of the Guidelines. |
|
Schedule 2 Table 6B |
Complete Table 6B as of the end of the fiscal year ending in the year preceding the filing year, referring to Schedule 40 – Derivative Contracts of the BCAR form and to the Capital Adequacy Requirements guideline of the Guidelines. |
Complete Table 6B as of the end of the fiscal year ending in the year preceding the filing year, referring to Schedule 70.030 – Derivative Contracts of the BCAR form and to the Capital Adequacy Requirements guideline of the Guidelines. |
|
Schedule 2 MEASURE 7. THREE-YEAR MOVING AVERAGE ASSET GROWTH RATIO (%) |
7.4.2 Off-balance sheet Eligible servicer cash advance facilities Indicate the amount set out in the column "Notional Amount" for Eligible servicer cash advance facilities – 10% CCF, as set out in Section 1 – Leverage Ratio Calculation of the LRR. |
7.4.2 Off-balance sheet Eligible servicer cash advances or facilities Indicate the amount set out in the column "Notional Amount" for Eligible servicer cash advances or facilities – 10% CCF, as set out in Section 1 – Leverage Ratio Calculation of the LRR. |
|
7.4.10 On-balance sheet Grandfathered securitization exposures Indicate the amount set out in the column "Accounting balance sheet value" for Grandfathered securitization exposures, as set out in Section 1 – Leverage Ratio Calculation of the LRR. |
n/a |
||
7.4.11 Net Common Equity Tier 1 Capital (CET1 after all deductions) Indicate the Net Common Equity Tier 1 Capital (CET1 after all deductions), as set out in Schedule 3 – Capital and TLAC Elements of the BCAR form. |
7.4.10 Net Common Equity Tier 1 Capital (CET1 after all deductions) Indicate the Net Common Equity Tier 1 Capital (CET1 after all deductions), as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form. |
||
7.4.12 Gross Common Equity Tier 1 Capital Indicate the Gross Common Equity Tier 1 Capital, as set out in Schedule 3 – Capital and TLAC Elements of the BCAR form. |
7.4.11 Gross Common Equity Tier 1 Capital Indicate the Gross Common Equity Tier 1 Capital, as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form. |
||
7.4.13 Total Deduction from Additional Tier 1 Capital Indicate the Total Deduction from Additional Tier 1 Capital, as set out in Schedule 3 – Capital and TLAC Elements of the BCAR form. |
7.4.12 Total Deduction from Additional Tier 1 Capital Indicate the Total Deduction from Additional Tier 1 Capital, as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form. |
||
7.4.14 Total Deduction from Tier 2 Capital Indicate the Total Deduction from Tier 2 Capital, as set out in Schedule 3 – Capital and TLAC Elements of the BCAR form. |
7.4.13 Total Deduction from Tier 2 Capital Indicate the Total Deduction from Tier 2 Capital, as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form. |
||
7.4.15 Eligible stage 1 and stage 2 allowance Indicate the Eligible stage 1 and stage 2 allowance (re standardized approach), as set out in Schedule 3 – Capital and TLAC Elements of the BCAR form. |
7.4.14 Eligible stage 1 and stage 2 allowance Indicate the Eligible stage 1 and stage 2 allowance (re standardized approach), as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form. |
||
7.4.16 Excess allowance Indicate the Excess allowance (re IRB approach), as set out in Schedule 3 – Capital and TLAC Elements of the BCAR form. |
7.4.15 Excess allowance Indicate the Excess allowance (re IRB approach), as set out in Schedule 20.010 – Capital and TLAC Elements of the BCAR form. |
||
7.4.17 Direct credit substitutes – credit derivatives – Standardized Approach Indicate the amount set out in the column "Notional Principal Amount (a)" for Direct credit substitutes – credit derivatives, as set out in Schedule 39 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
7.4.16 Direct credit substitutes – credit derivatives – Standardized Approach Indicate the amount set out in the column "Notional Principal Amount (a)" for Direct credit substitutes – credit derivatives, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
||
7.4.18 Direct credit substitutes – credit derivatives – Foundation IRB approach Indicate the amount set out in the column "Notional Principal Amount (d)" for Direct credit substitutes – credit derivatives, as set out in Schedule 39 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
7.4.17 Direct credit substitutes – credit derivatives – Foundation IRB approach Indicate the amount set out in the column "Notional Principal Amount (d)" for Direct credit substitutes – credit derivatives, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
||
7.4.19 Direct credit substitutes – credit derivatives – Advanced IRB approach Indicate the amount set out in the column "Notional Principal Amount (g)" for Direct credit substitutes – credit derivatives, as set out in Schedule 39 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
7.4.18 Direct credit substitutes – credit derivatives – Advanced IRB approach Indicate the amount set out in the column "Notional Principal Amount (g)" for Direct credit substitutes – credit derivatives, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
||
7.4.20 Sale and repurchase agreements – Standardized approach Indicate the amount set out in the column "Notional Principal Amount (a)" for Sale & repurchase agreements, as set out in Schedule 39 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
7.4.19 Sale and repurchase agreements – Standardized approach Indicate the amount set out in the column "Notional Principal Amount (a)" for Sale & repurchase agreements, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
||
7.4.21 Sale and repurchase agreements – Foundation IRB approach Indicate the amount set out in the column "Notional Principal Amount (d)" for Sale & repurchase agreements, as set out in Schedule 39 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
7.4.20 Sale and repurchase agreements – Foundation IRB approach Indicate the amount set out in the column "Notional Principal Amount (d)" for Sale & repurchase agreements, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
||
7.4.22 Sale and repurchase agreements – Advanced IRB approach Indicate the amount set out in the column "Notional Principal Amount (g)" for Sale & repurchase agreements, as set out in Schedule 39 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
7.4.21 Sale and repurchase agreements – Advanced IRB approach Indicate the amount set out in the column "Notional Principal Amount (g)" for Sale & repurchase agreements, as set out in Schedule 10.050 – Off-balance Sheet Exposures Excluding Derivatives and Securitization Exposures of the BCAR form. |
||
7.4.23 Stage 1 and Stage 2 allowance on balance sheet assets Indicate the sum of the amounts set out for "Stage 1 and Stage 2 allowance (excluding securitization allowance) on balance sheet assets for capital purposes" and "Allowance on assets capitalized under the securitization framework not recognized for capital purposes", as set out in Schedule 45 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form. |
7.4.22 Stage 1 and Stage 2 allowance on balance sheet assets Indicate the sum of the amounts set out for "Stage 1 and Stage 2 allowance on balance sheet assets for capital purposes" and "Allowance on assets capitalized under the securitization framework not recognized for capital purposes", as set out in Schedule 10.070 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form. |
||
7.4.24 "On-balance sheet" securitization exposures Indicate the "On-balance sheet" securitization exposures recognized for capital ratio but not for consolidated balance sheet purposes, as set out in Schedule 45 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form. |
7.4.23 "On-balance sheet" securitization exposures Indicate the "On-balance sheet" securitization exposures recognized for capital ratio but not for consolidated balance sheet purposes, as set out in Schedule 10.070 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form. |
||
7.4.25 Adjustments – measurement bases Indicate the Adjustments to reflect differences in balance sheet exposure amounts resulting from measurement bases used for accounting purposes (fair values) as set out in Schedule 45 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form. |
7.4.24 Adjustments – measurement bases Indicate the Adjustments to reflect differences in balance sheet exposure amounts resulting from measurement bases used for accounting purposes (fair values) as set out in Schedule 10.070 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form. |
||
7.4.26 Adjustments – recognition bases Indicate the Adjustments to reflect differences in balance sheet exposure amounts resulting from recognition bases used for accounting purposes (settlement / trade date), as set out in Schedule 45 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form. |
7.4.25 Adjustments – recognition bases Indicate the Adjustments to reflect differences in balance sheet exposure amounts resulting from recognition bases used for accounting purposes (settlement / trade date), as set out in Schedule 10.070 – Balance Sheet Coverage by Risk Type and Reconciliation to Consolidated Balance Sheet of the BCAR form. |
||
Schedule 3 PART 1 Capital adequacy Item 1, Column 3 |
Tier 1 capital ratio is > the "all in" target Tier 1 capital ratio set by the regulator for the member institution. |
Tier 1 capital ratio is > the supervisory target Tier 1 capital ratio set by the regulator for the member institution. |
|
Schedule 3 PART 1 Capital adequacy Item 2, Column 3 |
Tier 1 capital ratio is ≤ the "all in" target Tier 1 capital ratio set by the regulator for the member institution but ≥ the minimum Tier 1 capital ratio required by the regulator. |
Tier 1 capital ratio is ≤ the supervisory target Tier 1 capital ratio set by the regulator for the member institution but ≥ the minimum Tier 1 capital ratio required by the regulator. |
Alternatives
There are no available alternatives. The amendments must be done by way of a By-law amendment.
Consultation
As the amendments are technical in nature and do not affect the substantive elements of the By-law, only consultation by way of prepublication in the Canada Gazette, Part I, is necessary.
Rationale
The Amending By-law will ensure the By-law remains technically up to date, achieves the stated objective, and addresses the identified issues. The Amending By-law would not impose any additional regulatory costs or administrative burden on industry.
Implementation, compliance and enforcement, and service standards
The Amending By-law would come into effect for the 2024 premium year. There are no compliance or enforcement issues.
Contact
Kimberley Walker
Director
Legal Services
Canada Deposit Insurance Corporation
50 O’Connor Street, 17th Floor
Ottawa, Ontario
K1P 6L2
Telephone: 343‑572‑9516
Email: kwalker@cdic.ca