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Agreement with the Canada Deposit Insurance Corporation (CDIC)

Since February 1, 2004, the agreement between the Canada Deposit Insurance Corporation (CDIC) and the Régie de l’assurance-dépôts du Québec (RADQ) has been extended to the AMF, given that the AMF has assumed responsibility for deposit insurance in Québec.

In order to avoid duplicate guarantees, monitoring or inspections, and in light of the fact that the CDIC guarantees deposits received by institutions incorporated under federal and other charters, an agreement was reached between the CDIC and RADQ on January 22, 1969 with the approval of the respective governments.

This agreement governs the sharing of jurisdictions, in particular with respect to determining the location of a deposit, the monitoring and inspection of institutions, the joint insurance of deposits made in part in Québec and in part outside Québec, the guarantee provided to institutions with a federal or non-Québec charter, and the right for RADQ to borrow funds from the CDIC.

However, this agreement ensures Québec autonomy with regard to financial institutions, while helping to avoid dual guarantees and duplicate monitoring activities.