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.

Informing depositors

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 is 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 - 498 KB)This link will open in a new windowUpdated on May 1^st, 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 - 1,004 KB)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)