Canada Deposit Insurance Corporation Data and System Requirements By-law

The Canada Deposit Insurance Corporation Data and System Requirements By-law sets out the data and system requirements for member institutions to facilitate the Corporation's exercise of its functions under section 14 of the Act, in the event that an order is made under any of paragraphs 39.13(1)(a) to (c) of the Act. The By-law requires member institutions to be capable of producing specific data and preventing withdrawals of deposit liabilities or any portion of them according to account type within six hours after receiving instructions from the Corporation.

The By-law defines key terms such as "determination date", "determination time", and "foreign branch". It also outlines the obligations of member institutions, including their capabilities, policies and procedures, provision of information and evidence, certification, and timing of compliance. Member institutions must provide or make available to the Corporation certain data, including data that enables the Corporation to identify and contact each depositor and ascertain their preferred official language and province of residence.

Member institutions are also required to develop and implement policies and procedures to ensure they have the capabilities referred to in the By-law. They must provide a copy of these policies and procedures to the Corporation on request, inform the Corporation of the time by which all transactions made on a given day are processed and posted to the deposit records of their depositors, and demonstrate that any data provided or made available is consistent with their records.

The By-law also sets out specific timelines for compliance, including the provision of a plan to become compliant within 30 days after becoming a member institution or following an amalgamation. Member institutions are required to certify whether they have the capabilities referred to in the By-law and adhere to the policies and procedures.