Exemption from Deposit Insurance By-Law (Prescribed Deposits)
SOR/2000-42CANADA DEPOSIT INSURANCE CORPORATION ACT
Exemption from Deposit Insurance By-Law (Prescribed Deposits)The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to subsections 26.01(3)Footnote a and (4)Footnote a of the Canada Deposit Insurance Corporation Act, hereby makes the annexed Exemption from Deposit Insurance By-Law (Prescribed Deposits).
Return to footnote aS.C. 1999, c. 28, s. 101
January 26, 2000Interpretation
1 The definitions in this section apply in this By-law.
Act means the Canada Deposit Insurance Corporation Act. (Loi)
deposit has the meaning that would be given to it by the schedule to the Act, for the purposes of deposit insurance, if that schedule were read without reference to subsections 2(2), (5) and (6) of that schedule. (dépôt)
entity has the same meaning as in section 2 of the Bank Act. (entité)
first deposit transaction
first deposit transaction means the first deposit transaction, in relation to a prescribed deposit referred to in section 2, between a person and a federal member institution that has made an application under section 26.02 of the Act, whether that transaction took place before or after the application was made. (première opération de dépôt)
SOR/2008-105, s. 1.
2 For the purposes of subsection 26.01(3) of the Act, a prescribed deposit is a deposit of less than $150,000 that is taken by a federal member institution that has made an application under section 26.02 of that Act from
(a) Her Majesty in right of Canada or in right of a province, an agent of Her Majesty in either of those rights, including a municipal or public body empowered to perform a function of government in Canada, or an entity controlled by Her Majesty in either of those rights;
(b) the government of a foreign country or any political subdivision of that country, an agency of the government of a foreign country or any political subdivision of that country, or an entity that is controlled by the government of a foreign country or any political subdivision of that country;
(c) an international agency of which Canada is a member, including the Inter-American Development Bank, the Asian Development Bank, the Caribbean Development Bank, the European Bank for Reconstruction and Development and any other international regional bank of which Canada is a member, and an international agency of which Canada is a member that is a member of the World Bank Group;
(d) a financial institution as defined in section 2 of the Bank Act;
(e) a pension fund that is maintained in respect of a pension plan registered for income tax purposes and that has total assets under administration of more than $100 million at the time the first deposit transaction is made;
(f) a mutual fund that is regulated under an Act of the legislature of a province or under the laws of a jurisdiction outside Canada and the assets of which are managed by a person that has total assets under their management of more than $10 million at the time the first deposit transaction is made;
(g) an entity that, at the time the first deposit transaction is made, has for the fiscal year immediately preceding that deposit transaction, gross revenues of more than $5 million; or
(h) any other entity, where the deposit facilitates the provision of the following services by the federal member institution to the entity, namely,
(i) lending money,
(ii) dealing in foreign exchange, or
(iii) dealing in securities, other than debt obligations of the federal member institution.
SOR/2008-105, s. 1.
Coming into Force
3 This By-law comes into force on the day on which it is registered.