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Brief
The Prescribed Deposits (Retail Associations Without Deposit Insurance) Regulations come into effect on February 6, 2008. These regulations are made pursuant to subsection 378.1(5) of the Cooperative Credit Associations Act and were created by Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance.
In light of these regulations, a prescribed deposit refers to a deposit of less than $150,000 taken by a retail association from various entities such as governments, international agencies, financial institutions, pension funds, mutual funds, and other organizations. These deposits are intended to facilitate specific services provided by the retail association, including lending money, dealing in foreign exchange, or dealing in securities.
The regulations apply specifically to retail associations without deposit insurance coverage. It is essential for these entities to understand their obligations regarding prescribed deposits under the Cooperative Credit Associations Act and its associated regulations.
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