Regulatory Alerts2020-04-30
Notice relating to the application of the Regulation respecting the application of the Deposit Institutions and Deposit Protection Act
The Autorité des marchés financiers issued this notice to clarify how authorized deposit institutions in Québec must apply amended provisions of the Regulation respecting the application of the Deposit Institutions and Deposit Protection Act. Effective April 30, 2020, the updated rules establish specific criteria for determining the place of electronic deposits and grant separate AMF protection of up to $100,000 per category or beneficiary for accounts such as RRSPs, TFSA, RDSP, RESP, and trusts. Institutions must also maintain accurate records for premium calculations and fulfill reinforced disclosure obligations by clearly advertising eligible deposits, displaying the official AMF logo in physical and digital channels, and notifying depositors of protection details before account opening.