Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-95-279/FullText.html

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Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law

SOR/95-279CANADA DEPOSIT INSURANCE CORPORATION ACT
Registration 1995-06-09
By-Law Respecting the Disclosure of Joint Interests, Trusteeships and Interests of Beneficiaries in Deposits for the Purposes of Subsections 3(1) to (3) of the Schedule to the Canada Deposit Insurance Corporation ActThe Board of Directors of the Canada Deposit Insurance Corporation, pursuant to subsection 11(2)Footnote * of the Canada Deposit Insurance Corporation Act and subsection 3(3.1)Footnote ** of the schedule to that Act, hereby makes the annexed By-law respecting the disclosure of joint interests, trusteeships and interests of beneficiaries in deposits for the purposes of subsections 3(1) to (3) of the schedule to the Canada Deposit Insurance Corporation Act.

Return to footnote *S.C. 1992, c. 26, s. 4
Return to footnote **R.S., c. 18 (3rd Supp.), s. 73(2)

June 6, 1995Short Title

1 This By-law may be cited as the Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law.

Interpretation

2 In this By-law,

Act
Act means the Canada Deposit Insurance Corporation Act; (Loi)
determination date

determination date means, in respect of a member institution,

(a) where a winding-up order is made in respect of the institution before the day on which the Corporation makes payment in respect of the majority in number or value of the deposits with the institution that are insured by deposit insurance, the day on which the petition or other originating process was filed in respect of the winding-up, or
(b) where a winding-up order is not made in respect of the institution before the day on which the Corporation makes payment in respect of the majority in number or value of the deposits with the institution that are insured by deposit insurance, 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)

schedule
schedule means the schedule to the Act. (annexe)

Disclosure

3 For the purposes of subsection 3(1) of the schedule, a depositor that is acting as joint owner with another must, before the determination date, disclose the following information for inclusion in the records of the member institution:

(a) a statement that the deposit is owned jointly by the joint owners; and
(b) the name and address of each of the joint owners.

SOR/2000-144, s. 1(F);
SOR/2010-206, s. 1.

Previous Version

4 For the purposes of subsections 3(1) and (2) of the schedule, a depositor that is acting as trustee for a beneficiary must, before the determination date, disclose the following information for inclusion in the records of the member institution:

(a) a statement that the deposit is held in trust by the trustee or co-trustees; and
(b) the name and address of the trustee, or of each of the co-trustees.

SOR/2010-206, s. 2.
Previous Version

5 Subject to subsection 7(1), for the purposes of subsection 3(2) of the schedule, a depositor that is acting as trustee for a beneficiary must, before the determination date, disclose the name and address of the beneficiary for inclusion in the records of the member institution.
SOR/2010-206, s. 3.
Previous Version

6 (1) For the purposes of subsection 3(3) of the schedule, a depositor that is acting as trustee for two or more beneficiaries must disclose the following information for inclusion in the records of the member institution:

(a) before the determination date,

(i) a statement that the deposit is the subject of a trust under which there are multiple beneficiaries, and
(ii) subject to subsection 7(1), the names and addresses of each beneficiary; and

(b) within 30 days after April 30 of each year, particulars of the amount or percentage of each beneficial interest as of April 30 of the year.

(2) A depositor may remedy a failure to disclose the information referred to in paragraph (1)(b) in respect of a particular year within the time required by that paragraph by disclosing, at any time before the determination date, the required information as of April 30 preceding the day on which it is disclosed.

SOR/2009-160, s. 1;
SOR/2010-206, s. 4.

Previous Version

6.1 (1) During the month of April in each year, every member institution must notify in writing all of its depositors that have disclosed the information referred to in subparagraph 6(1)(a)(i) that they are also required to disclose the information referred to in paragraph 6(1)(b) within the time required by that paragraph and must indicate where that information is to be sent.
(2) The notification referred to in subsection (1) must be sent by the member institution by regular or electronic mail to the address of the depositor, as set out in the records of the member institution.

SOR/2010-206, s. 5.

7 (1) The information referred to in section 5 and subparagraph 6(1)(a)(ii) is not required to be disclosed for inclusion in the records of the member institution if the information described in subsection (2) is disclosed in its place and the deposit is held in trust by

(a) the public trustee of a province or a similar public official whose duties involve holding moneys in trust for others;
(b) a federal, provincial or municipal government, or a department or agency thereof;
(c) a solicitor or partnership of solicitors, a law corporation, or a notary or partnership of notaries in the province of Quebec, when they act in that capacity as a trustee of moneys for others;
(d) a person who is acting as a trustee of moneys for others in the course of business and is required by or under a statute to hold the deposit in trust;
(e) a person who is acting as a trustee of moneys for others in the course of business and is subject to the rules of a securities commission, stock exchange or other regulatory or self-regulating organization that audits compliance with those rules; or
(f) a regulated federal or provincial trust company acting in the capacity of a depositor.

(2) For the purposes of subsection (1), the information that is to be disclosed on the records of a member institution is a separate alphanumeric code or other identifier, in respect of each beneficiary, that can be found in records kept by the depositor that contain an up-to-date list of

(a) the name and address of each beneficiary; and
(b) particulars of the amount or percentage of each beneficial interest.

SOR/2010-206, s. 6.
Previous Version

Supplementary Information

8 For the purposes of section 14 of the Act, the Corporation may, in respect of a deposit, require a depositor who has disclosed on the records of a member institution that the person was acting as trustee for another or as joint owner with another to provide the Corporation, within 10 days or such greater period as it allows, with additional information, or with access to records, concerning the trusteeship, the interest of any beneficiary or the joint ownership.

8.1 A depositor who has disclosed the information referred to in any of sections 3 to 6 must, if the information has changed since it was disclosed, provide the Corporation with an update of that information within 20 days after the determination date.
SOR/2010-206, s. 7.

Transitional

9 This By-law has effect with respect to deposits for which the applicable determination date is after December 31, 1996.