Obligations of authorized deposit institutions
This section is for any financial institution that operates as a deposit institution, i.e. that solicits and receives deposits of money from the public. It provides information on authorized deposit institutions’ obligations under the Deposit Institutions and Deposit Protection Act This link will open in a new window and its regulation.
Information for depositors and advertising
The AMF recognizes the key role played by deposit institutions in informing depositors about and advertising deposit products and AMF deposit protection. In order to make informed decisions, depositors must be given accurate information and be notified that they are protected or not in the event their institution goes bankrupt. Making depositors aware of deposit protection helps to maintain confidence in, and the stability of, the financial sector.
To let the public know that it is a deposit institution authorized by the AMF, an institution must display the official AMF authorization logo (available in French only) in a conspicuous place at the entrance to and inside its establishments where it carries on its activities. Also any institution that solicits and receives deposits through technological means, including an automatic teller machine, must display the official logo as early as possible in the sequence of actions leading up to the taking of a deposit by such means.
The place chosen to display the official logo should not mislead depositors regarding the deposit institution that is authorized by the AMF and the product that is protected by the AMF.
Federally chartered authorized deposit institutions are subject to CDIC regulatory obligations that are deemed to be equivalent to those of the AMF with respect to representations and advertising. They are therefore not required to display the official AMF logo.
Any institution can order an official logo by sending a written request to one of the following addresses:
Before a depositor opens an account and purchases a deposit product, the institution must provide him or her with a description of the deposit protection offered by the AMF that explains, in particular, the key features of the protection. While it up to the institution to determine how to best meet this obligation, one way it can do so is by providing depositors with the AMF’s deposit protection brochure and referring them to the AMF’s website.
Any institution can order copies of the brochure by sending a written request to [email protected]
Any disclosure document or advertising must be clear, specific and not misleading. It is the AMF’s view that institutions should inform depositors, in particular, about eligible and non-eligible deposits, the deposit categories entitling depositors to separate protection, and the amounts protected in such cases.
Every instrument issued by an authorized deposit institution and evidencing the receipt of funds eligible for deposit protection must contain the following statement: “This is a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act.”
Where a product offered is similar in nature to a deposit or could give rise to confusion, institutions must also clearly inform consumers of this fact by, among other things, indicating that the product is not a deposit of money eligible for the deposit protection provided by the AMF. The institution may use a statement similar to the following: “The funds of which receipt is evidenced by this document do not constitute a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act.”.
Documents pertaining to informing depositors and advertising
For complete information about the obligations related to informing depositors or to advertising, please refer to the Regulation respecting the application of the Deposit Institutions and Deposit Protection Act This link will open in a new window (Regulation) and the following:
- April 30, 2020 Notice (pdf - 55 KB)This link will open in a new windowUpdated on April 30, 2020 relating to the application of the Regulation
- Guide – Display of official logo and deposit protection information (pdf - 493 KB)This link will open in a new windowUpdated on May 1st, 2023Guide – Display of official logo and deposit protection information
Every year, authorized Québec deposit institutions will have to provide an attestation of compliance pertaining to the display of the official logo and the obligation to inform depositors about deposit protection.The attestation form (available in French only), covering the period from May 1 to April 30, must be submitted through AMF E-Services no later than May 31.
- Attestation de conformité – Représentations et publicité (xlsx - 775 KB)This link will open in a new windowUpdated on April 4, 2022
Data and system requirements
In the situations described in section 34.1 of the Deposit Institutions and Deposit Protection Act, the AMF must repay the protected deposits.
To expedite the process for determining the amount to be repaid to each depositor, the AMF has established data and systems requirements tables standardizing the data to be received from the institutions. The data and systems rules to be followed by authorized deposit institutions are set out in the Regulation respecting the application of the Deposit Institutions and Deposit Protection Act.
The information needed to test data and system compliance must be sent to the AMF by the authorized deposit institutions annually. The compliance tests are not performed on set dates and the AMF notifies the institutions about the tests at least four weeks before they start. The procedure, data format and information to be sent are indicated in the data and systems requirements tables. The Tables d’exigences de données et systèmes 3.1 (pdf - 3 MB)This link will open in a new windowUpdated on May 31, 2023Tables d'exigences de données aux fins de la protection des dépôts (available in French only) have been in effect since April 30, 2023.
As federally chartered authorized deposit institutions are subject to CDIC regulatory obligations that are equivalent to those of the AMF, they are considered as complying with the applicable provisions governing data requirements for deposit repayment purposes. As a result, they are not subject to compliance testing by the AMF.
Agreement with the Canada Deposit Insurance Corporation
Federally chartered authorized deposit institutions are also members of the Canada Deposit Insurance Corporation (CDIC), which provides a deposit protection plan similar to that of the AMF.
In order to avoid duplication in deposit protection, the agreement reached in 1969 between the Régie de l’assurance-dépôts du Québec (Québec Deposit Insurance Board) and the CDIC requires the CDICOn February 1, 2004, the Régie de l’assurance-dépôts du Québec was integrated into the Autorité des marchés financiers. to repay protected deposits with federally chartered authorized deposit institutions if they fail. As a result, these institutions submit their declarations of guaranteed deposits to both the AMF and the CDIC but only pay premiums to the CDIC.
Annual declaration of deposits (with premium)
Annual declaration of deposits
The accounting period for premiums, which are calculated based on declared deposits, is May 1 to April 30. All authorized deposit institutions must file a declaration of deposits each year in order to comply with section 40.2.1 of the Deposit Institutions and Deposit Protection Act and the Regulation respecting the application of the Deposit Institutions and Deposit Protection Act.
The duly completed form for this purpose must be filed AMF E-Services.
The deposit protection plan is funded through premiums that the AMF collects from authorized deposit institutions. The amount of the premium is determined by multiplying the premium rate of 1/20 of 1% by the total protected deposits, per institution, as at April 30.
Under the CDIC Agreement , federally regulated authorized deposit institutions are exempt from paying a premium to the AMF on deposits received in Québec because deposits with them are protected by the CIDC.
The premium payable on protected deposits is calculated automatically in the Declaration of deposits form.
Payment of premium
The remittance slip needed to pay the premium (if applicable) will be generated and deposited in your AMF E-Services secure message inbox a few days after your declaration is received. Please allow sufficient time for the system to generate the remittance slip and for your cheque to reach the AMF by the July 15 deadline. Your cheque must be made payable to the Autorité des marchés financiers.
Please refer your questions to [email protected]End of the Information
The form for the declaration of deposits as at April 30 must be provided no later than July 15.
Payment of premium
The premium on protected deposits is payable in two equal instalments:
- The 1st instalment must be paid no later than July 15
- The 2nd instalment must be paid no later than December 15
Declaration of deposits documents
- Declaration of deposits with premium and without premium (xlsx - 115 KB)This link will open in a new windowUpdated on April 28, 2023Declaration of deposits with premium and without premium
- Attestation of Compliance (pdf - 129 KB)This link will open in a new windowUpdated on April 16, 2019Attestation of Compliance for the Annual Declaration of Guaranteed Deposits
- Disclosure Guide - Annual declaration of deposits (pdf - 1 MB)This link will open in a new windowUpdated on April 16, 2019Disclosure Guide for the declaration of Guaranteed Deposit E-Services
Documentation and tools
To find out more about deposit protection in Québec:
Your deposits are protected. That’s a guarantee! (pdf - 208 KB)This link will open in a new windowUpdated on April 28, 2023In Québec, the money you deposit in an authorized deposit institution will be repaid to you by the Autorité des marchés financiers (AMF) if the institution goes bankrupt. This deposit protection is automatic and doesn’t cost you anything.
Guide – Display of official logo and deposit protection information (pdf - 505 KB)This link will open in a new windowUpdated on April 28, 2023Guide - Affichage du signe officiel et information sur la protection des dépôts - Avril 2023