New rules on how CDIC protects deposits held in trust are now in effect and they could impact you and your clients. Join us for this session where John Rossi, CDIC Director of Trust Deposit Operations, will provide an overview of CDIC, its role & operations, along with information on rules related to the protection of deposits held in trust.  This is a timely event - CDIC is known for keeping Canadian Banks safe.

CDIC’s rules for trust deposits changed on April 30, 2022. These changes introduced new categories of trustees with unique disclosure requirements.

The categories of trustees include:

• Trustees who hold deposits in trust at a CDIC Member Institution and who qualify as a Professional Trustee (Professional Trustees); and
• Trustees who hold deposits in trust at a CDIC Member Institution in various capacities (professional or otherwise) but do not qualify as a professional trustee (Trustees)

Trustees who hold eligible deposits in trust at a CDIC Member institution continue to receive separate CDIC deposit insurance protection on those deposits. To ensure appropriate deposit insurance coverage, Trustees must adhere to new disclosure requirements.

Those who hold eligible deposits in trust at a CDIC member institution in their professional capacity may qualify as a Professional Trustee. Professional Trustees have the option to designate accounts as Professional Trustee Accounts, which have less onerous disclosure requirements.

John Rossi is the Director of Trust Deposit Operations, in CDIC’s Depositor Solutions, Insurance & Compliance Division. John has over 20 years of experience in financial sector regulation, including tenures with the Financial Consumer Agency of Canada (FCAC) and the Department of Finance Canada. He joined CDIC in 2014 and has contributed to several key policy initiatives, including the Government of Canada’s comprehensive Deposit Insurance Review. John and his team play an important role in overseeing the elements of CDIC’s deposit insurance framework related to trust deposits and nominee brokered deposits. John has a master’s degree in Public Policy & Administration from Concordia University and bachelor’s degree in Political Science from the University of Ottawa.

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Registration $25

No Charge for Estate Planning Council of Canada Members

Guests are welcome - this event is for Professional Advisors only.

Membership Information

You can forward this link to Colleagues:  https://www.epc-canada.org/event-5157943