CDIC Act Amendments Passed

December 15, 2017

Federal Bill C-63 made its way through Parliament on December 12, 2017 and the Canada Deposit Insurance Corporation Act (CDIC Act) amendments that were part of it came into effect December 14 on receiving Royal Assent. The amendments to the eligible financial contracts (EFC) stay safe-harbour applicable where a Canadian financial institution is subject to a resolution procedure under the CDIC Act will put in place the legislative conditions necessary to develop an ISDA resolution stay protocol for Canada.

See our previous post for a description of the amendments and their effect on eligible financial contract termination, netting and collateral enforcement rights

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