Canada Deposit Insurance Corporation Data and System Requirements By-law

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2010-292/FullText.html

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Canada Deposit Insurance Corporation Data and System Requirements By-law

SOR/2010-292CANADA DEPOSIT INSURANCE CORPORATION ACT
Registration 2010-12-08
Canada Deposit Insurance Corporation Data and System Requirements By-lawThe Board of Directors of the Canada Deposit Insurance Corporation, pursuant to subsection 11(2)Footnote a of the Canada Deposit Insurance Corporation ActFootnote b, hereby makes the annexed Canada Deposit Insurance Corporation Data and System Requirements By-law.

Return to footnote aS.C. 2010, c. 12, s. 1886
Return to footnote bR.S., c. C-3

Ottawa, December 8, 2010Interpretation

Marginal note:Definitions

1 (1) The following definitions apply in this By-law.

Act
Loi

Act means the Canada Deposit Insurance Corporation Act. (Loi)

business day
jour ouvrable

business day, in respect of a member institution, means a weekday that is not a holiday at the location of its head office. (jour ouvrable)

Data Requirements
exigences en matière de données

Data Requirements means the Data and System Requirements issued by the Corporation, as amended from time to time. (exigences en matière de données)

determination date
date-repère

determination date, in respect of a member institution, means

(a) if a winding-up order is made in respect of the institution before the day on which the Corporation makes a payment under section 14 of the Act, the day on which the petition or other originating process is filed in respect of the winding-up; and
(b) if a winding-up order is not made in respect of the institution, the day on which any of the circumstances described in subsection 14(2.1) of the Act first occurred in respect of the institution. (date-repère)

determination time
heure-repère

determination time means

(a) in respect of the deposit liabilities of a member institution that are located in Canada

(i) if the determination date is a business day, the time by which all of the transactions made on that business day are processed and posted to the deposit records of the depositors of the member institution, and
(ii) if the determination date is not a business day, the time by which all of the transactions made on the business day immediately preceding the determination date are processed and posted to the deposit records of the depositors of the member institution; and

(b) in respect of the deposit liabilities of a member institution that are located in a foreign branch of the member institution or posted in the records of that foreign branch

(i) if the determination date is a business day, the time by which all of the transactions made on that business day are processed and posted to the deposit records of the depositors of the foreign branch of the member institution, and
(ii) if the determination date is not a business day, the time by which all of the transactions made on the business day immediately preceding the determination date are processed and posted to the deposit records of the depositors of the foreign branch of the member institution. (heure-repère)

foreign branch
succursale étrangère

foreign branch means a branch of a member institution that is located outside Canada. (succursale étrangère)

standardized data
données standardisées

standardized data means deposit liability data presented in accordance with the Data Requirements. (données standardisées)

Marginal note:Reference to day or time

(2) In this By-law,

(a) a reference to a day, in respect of a member institution, is a reference to a period of 24 hours beginning immediately after midnight at the location of its head office; and
(b) a reference to a particular time, in respect of a member institution, is a reference to that time at the location of its head office.

SOR/2015-57, s. 1.
Previous Version

Data Requirements

Marginal note:Data Requirements

2 (1) The Corporation must provide a copy of the Data Requirements to each member institution and make them available on the Corporation’s website.

Marginal note:Notice of change

(2) The Corporation must notify every member institution of any changes that it makes to the Data Requirements by sending a notice of those changes to the chief executive officer of the institution by regular mail to its head office and must make those changes available on the Corporation’s website.

Obligations and Required Capabilities of Member Institutions

Marginal note:Required elements

3 (1) For the purpose of facilitating the Corporation’s exercise of its functions under section 14 of the Act or in the event that an order is made under subsection 39.13(1) of the Act, every member institution must implement a method of identifying, capturing, organizing and producing its deposit liability data, in accordance with the Data Requirements, that includes the means to

(a) facilitate the identification of depositors;

(b) subject to subsection (1.1), identify the deposit liabilities that

(i) are insurable,
(ii) are the deposit liabilities in respect of a depositor according to their insurance category, and
(iii) are uninsurable;

(c) calculate the interest accrued or payable on each deposit as of the determination date;
(d) restrict and resume access to the deposit liabilities or a portion of the deposit liabilities;
(e) produce, at the determination time, the standardized data as it exists at that time; and
(f) reproduce at any time after the determination time, the standardized data as it existed at the determination time.

Marginal note:Scope of means to identify

(1.1) For the purposes of paragraph (1)(b), the means to identify the deposit liabilities referred to in that paragraph does not include a means to identify the deposit liabilities posted in the records of a foreign branch of the member institution.

Marginal note:Implementation date

(2) A member institution must implement the method referred to in subsection (1) not later than June 30, 2013.

Marginal note:Providing standardized data on request

(3) The Corporation may, at any time, for the purpose referred to in subsection (1), request that a member institution provide or make available to the Corporation the standardized data, or any portion of it, and the institution must provide that standardized data to the Corporation at the Corporation’s request.

SOR/2015-57, s. 2.
Previous Version

Marginal note:Identification of deposit liabilities

4 (1) Subject to subsection (1.1), every member institution must be capable of

(a) identifying its deposit liabilities by each of their distinct characteristics and grouping together the deposit liabilities that have the same characteristics, in accordance with the Data Requirements; and
(b) identifying its deposit liabilities in respect of each depositor by each of their distinct characteristics and grouping together the deposit liabilities in respect of a depositor that have the same characteristics, in accordance with the Data Requirements.

Marginal note:Scope of capability to identify

(1.1) For the purposes of subsection (1), the capability referred to in paragraphs (1)(a) and (b) does not include the capability to identify the deposit liabilities that are posted in the records of a foreign branch of the member institution.

Marginal note:Characteristics of deposit liabilities

(2) For the purposes of subsection (1), the characteristics of a deposit liability include the identity of the depositor and whether the deposit is

(a) uninsurable;
(b) held by a depositor acting as a trustee for a single beneficiary;
(c) held by a depositor acting as a trustee for two or more beneficiaries;
(d) held by a depositor as a joint owner;
(e) held in a registered retirement savings plan;
(f) held in a registered retirement income fund;
(g) held in a tax-free savings account; or
(h) held to the credit of a mortgagor for payment of realty taxes.

Marginal note:Calculating interest

(3) Every member institution must be capable of calculating the interest accrued or payable on each deposit as of the determination date, in accordance with the Data Requirements.

Marginal note:Preventing and permitting withdrawals

(4) Every member institution must be capable of temporarily preventing withdrawals of all or any portion of its deposit liabilities and of subsequently permitting withdrawals of all or any portion of those previously withheld deposit liabilities, in accordance with the Data Requirements.

Marginal note:Time limit

(5) Every member institution must be capable of providing or making available the standardized data or any portion of it to the Corporation, in accordance with the Data Requirements,

(a) in the case of the data referred to in paragraph 3(1)(c),

(i) if the determination time occurs on or after the determination date, not later than the earlier of

(A) the end of the period of 30 hours after the determination time, and
(B) 4:00 pm on the second day after the determination date, and

(ii) if the determination time occurs before the determination date, not later than 4:00 pm on the second day after the determination date; and

(b) in the case of any other standardized data,

(i) if the determination time occurs on or after the determination date, not later than the earlier of

(A) the end of the period of six hours after the determination time, and
(B) 4:00 p.m. on the day after the determination date, and

(ii) if the determination time occurs before the determination date, not later than 4:00 p.m. on the day after the determination date.

SOR/2015-57, s. 3.
Previous Version

Additional Requirements

Marginal note:Requirements

5 (1) For the purpose of confirming that a member institution has the capabilities required by this By-law, the Corporation may request the institution to provide or make available to the Corporation the standardized data, or any portion of it, and evidence demonstrating that the member institution has the capability described in subsection 4(4). The member institution must provide or make available that data or evidence within 10 business days after receiving the request from the Corporation.

Marginal note:Certification

(2) In every premium year that begins on or after May 1, 2013, every member institution must certify whether or not it is in compliance with this By-law and must submit that certification with the Return of Insured Deposits that it submits under subsection 22(1) of the Act.

New Members

Marginal note:Time limit for new members

6 An institution that becomes a member institution after the coming into force of this By-law must comply with this By-law not later than 18 months after the day on which it becomes a member institution.

Coming into Force

Marginal note:Registration or January 1, 2011

7 This By-law comes into force on January 1, 2011, but if it is registered after that day, it comes into force on the day on which it is registered.