Common menu bar

Breadcrumb

New Regulations are in force (NOVEMBER 1, 2011)

Deposit Type Instruments Regulations, Registered Products Regulations and Prescribed Products Regulations

The Government of Canada introduced three sets of regulations to ensure that consumers receive the appropriate disclosure when purchasing products such as, Guaranteed Investment Certificates (GICs) or term deposit and when they are opening a registered account.

The Deposit Type Instruments Regulations specify the content, manner and timing of disclosure to be provided by financial institutions at the time of purchasing the deposit type instrument (e.g. GIC, term deposit).

The Registered Products Regulations require federally regulated deposit-taking institutions to disclose all charges applicable when opening a registered product (e.g. registered retirement savings plans, registered education savings plans, tax free savings accounts) and to provide notice of increases of these charges. These regulations will also define the type of registered products covered and will specify that disclosed information must be presented in a language and manner that is clear and simple.

The Prescribed Products Regulations are technical in nature and define what are considered “prescribed products” for the purposes of the financial institution statutes. Prescribed products are considered to be either deposit type instruments, as defined in the Deposit Type Instruments Regulations or principal protected notes, as defined in the Principal Protected Notes Regulations.

Department of Justice: Deposit Type Instruments Regulations

Department of Justice: Registered Products Regulations

Department of Justice: Prescribed Products Regulations