Ch. 3 - The Canadian Regulatory Environment

Question 1

OSFI stands for what?

Answer 1

The ‘Office of the Superintendent of Financial Institutions’ (OSFI)

Question 2

Who regulates the CIPF?

Answer 2

IIROC

Note:The Canadian Investor Protection Fund (CIPF) is regulated/sponsored by IRROC, and is funded by assessments that are levied on dealer members on a quarterly basis.

Question 3

What does the CDIC do?

Answer 3

Provides deposit insurance up to 100 K per depositor in each member institution (banks trusts loan companies)

Accounts & products included are:

• Savings and checking accounts
• GICs and other term deposits that mature in five years or less
• money orders, certified checks, travellers checks and bank drafts
• accounts that hold Realty taxes on mortgaged properties

Question 4

What is the CDIC NOT responsible for?

Answer 4

It does not insure:

• mutual funds/ stocks
• GIC or term deposits that mature in over 5yrs
• Bonds / T-bills / Debentures
• Foreign currency deposits