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Can you summarize SOR /2011-98?
Consolidated Regulations > Deposit Type Instruments Regulations
Short Summary
The Deposit Type Instruments Regulations, issued under the Bank Act, Cooperative Credit Associations Act, and Trust and Loan Companies Act, govern the disclosure requirements for institutions issuing deposit type instruments in Canada. The regulations require institutions to provide clear and simple language in their disclosures, including information about the annual rate of interest, charges, investment period, redemption options, and eligibility for deposit insurance coverage. The regulations also specify the manner of disclosure for agreements entered into by telephone or electronic means, as well as the calculation of time for disclosure by mail. Additionally, the regulations outline requirements for subsequent disclosure of amendments, disclosure of current value and redemption before maturity, and the content of advertisements for deposit type instruments. The regulations do not mention any specific exemptions or penalties.
Whom does it apply to?
Institutions issuing deposit type instruments
What does it govern?
Deposit Type Instruments Regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada