Legislation

To be compliant with trust deposit regulations, be sure to read or have your legal team read the following Act and By-Laws that cover trust deposits.

Note that all links in this section are external and will take you to applicable law on the Department of Justice website.

• Canada Deposit Insurance Corporation Act (with particular attention to the Schedule)

Sections 6 to 8 of the CDIC Act Schedule set out the law regarding deposit insurance and trusts, and the additional conditions applicable to nominee brokers and their deposits.

The Canada Deposit Insurance Corporation Co-Owned and Trust Deposit Disclosure By-Law prescribes, amongst other things, the additional trust disclosure rules that nominee brokers must follow.

The Canada Deposit Insurance Corporation Deposit Insurance Information By-Law governs disclosures about membership status and the deposit insurance protection provided by the Canada Deposit Insurance Corporation (CDIC). The By-law includes a prohibition on the making of false, misleading or deceptive representations about what is or is not a deposit, what is or is not an insured deposit, or who is a CDIC member.