By-law Amending the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law: SOR/2026-81
Canada Gazette, Part II, Volume 160, Number 10
Registration
SOR/2026-81 May 11, 2026
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 Deposit Insurance Policy By-law under paragraph 11(2)(g)footnote a and subsection 18(3)footnote b of the Canada Deposit Insurance Corporation Actfootnote c.
Ottawa, May 7, 2026
By-law Amending the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law
Amendment
1 Subsection 24(4) of the schedule to the Canada Deposit Insurance Corporation Deposit Insurance Policy By-lawfootnote 1 is replaced by the following:
(4) Despite subsections (2) and (3), the member institution may retain the records referred to in paragraphs (1)(b) and (g) outside of Canada if it is a subsidiary
- (a) of a foreign bank, as defined in section 2 of the Bank Act, that is incorporated or formed otherwise in a country or territory, other than Canada, that is referred to in Schedule IV to that Act; or
- (b) of a regulated foreign entity, as defined in section 2 of that Act.
Coming into Force
2 This By-law comes into force on the day on which section 11 of An Act to implement the Protocol on the Accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, chapter 7 of the Statutes of Canada, 2026, comes into force, but if it is registered after that day, it 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
Pursuant to paragraph 11(2)(g) and subsection 18(3) of the Canada Deposit Insurance Corporation Act (the CDIC Act), the Board of Directors of the Canada Deposit Insurance Corporation (CDIC) is authorized to make or amend by-laws related to the policy of deposit insurance of CDIC. The Canada Deposit Insurance Corporation Act Deposit Insurance Policy By-law (the Policy By-law) prescribes the form and provisions of the policy of deposit insurance of CDIC. The Policy By-law was made on October 27, 1993, and came into force on November 2, 1993.
Issues
An Act to implement the Protocol on the Accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (the Act) amended Schedule IV of the Bank Act. This amendment clarifies how a country or territory acceding to an existing trade agreement is treated under Schedule IV of the Bank Act.
Consequently, the reference to Schedule IV of the Bank Act in the Policy By-law must be amended to ensure alignment with the amendments to Schedule IV to the Bank Act.
Objective
The main objective of the By-law Amending the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law (the Amending By-law) is to ensure that subsection 24(4) of the Policy By-law accurately refers to Schedule IV to the Bank Act.
Description
The following table provides more details about the Amending By-law.
| Amending By-law section | By-law provision | Heading | Explanation |
|---|---|---|---|
| Section 1 | Subsection 24(4) | Records | Amendment removes the phrases, "in which a trade agreement listed" and "is applicable", and replaces them with ", that is referred to". |
One-for-one rule
The one-for-one rule does not apply to this Amending By-law.
Small business lens
The small business lens does not apply to this Amending By-law.
Alternatives
There are no available alternatives. It must be done by way of an amending By-law.
Consultation
The Amending By-law is a necessary consequential amendment given Schedule IV to the Bank Act has been amended by Parliament. Therefore, no consultation is required.
Rationale
The Amending By-law ensures that the Policy By-law remains technically up to date and accords with the Schedule IV to the Bank Act. The Amending By-law itself does not impose any additional regulatory costs or administrative burden on CDIC member institutions.
Implementation, compliance and enforcement, and service standards
The Amending By-law will come into effect on the later of the date on which the Act comes into force, or the day on which the Amending By-law is registered. There are no compliance or enforcement issues.
Contact
Greg Landry
Legal Counsel
Canada Deposit Insurance Corporation4
50 O’Connor Street, 17th Floor
Ottawa, Ontario
K1P 6L2
Telephone: 343‑598‑0659
Email: glandry@cdic.ca