INDUSTRY BEST PRACTICES FOR CDIC UNIQUE CLIENT IDENTIFIERS
New Canada Deposit Insurance Corporation (CDIC) reporting requirements come into effect April 30, 2021 impacting IIAC members who distribute products eligible for CDIC coverage. One such requirement is for brokers who operate in nominee name to transmit to CDIC member institutions (MIs) a unique client identifier (UCI) at the time they place a deposit for a client and each time a change is made to a client’s deposit.
To assist nominee brokers with implementing this new requirements, CDIC’s Brokered Deposit Advisory Group has developed a set of UCI Best Practices documents. These documents will help nominee brokers, MIs and key intermediaries initiate the required system and procedural changes to support the proper assignment, transmission and retention of UCIs and facilitate the disclosure of UCIs to CDIC when required. The set of documents includes:
Questions or comments on the UCI Industry Best Practices documents can be sent to firstname.lastname@example.org