Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-94-142/FullText.html

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Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law

SOR/94-142CANADA DEPOSIT INSURANCE CORPORATION ACT
Registration 1994-01-31
 By-Law Prescribing the Practices of Member Institutions Warranting a Premium SurchargeThe 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.

Return to footnote  *R.S., c. 18 (3rd Supp.), s. 51
Return to footnote **R.S., c. 18 (3rd Supp.), s. 59

January 31, 1994Short Title

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

Practices

2 (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

(a) in the case of a federal member institution that is a bank, the Bank Act;
(b) in the case of a federal member institution that is a trust or loan company, the Trust and Loan Companies Act;
(b.1) in the case of a federal member institution that is an association, the Cooperative Credit Associations Act; and
(c) in the case of a provincial member institution, the provincial Act that authorizes the member institution to accept deposits within the meaning of the Canada Deposit Insurance Corporation Act.

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

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