Institutions must give required registered-product information clearly and simply, usually in writing and orally, with special rules for telephone, electronic, and mail openings.
Registered Products Regulations His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 448.3a, 459.4b, 566.1c, 576.2d and 978e of the Bank Actf, sections 385.131g, 385.28h and 463i of the Cooperative Credit Associations Actj and sections 434.1k, 444.3l and 531m of the Trust and Loan Companies Actn, hereby makes the annexed Registered Products Regulations. S.C. 2007, c. 6, s. 31 S.C. 2007, c. 6, s. 37 S.C. 2007, c. 6, s. 89 S.C. 2007, c. 6, s. 93 S.C. 2005, c. 54, s. 135 S.C. 1991, c. 46 S.C. 2007, c. 6, s. 165 S.C. 2007, c. 6, s. 170 S.C. 2005, c. 54, s. 208 S.C. 1991, c. 48 S.C. 2007, c. 6, s. 363 S.C. 2007, c. 6, s. 368 S.C. 2005, c. 54, s. 449 S.C. 1991, c. 45 Definitions The following definitions apply in these Regulations. institution means [Repealed, SOR/2021-181, s. 112] a retail association, as defined in section 2 of the Cooperative Credit Associations Act; or a company, as defined in section 2 of the Trust and Loan Companies Act. (institution) point of service means a physical location to which the public has access and at which an institution provides registered products through a natural person in Canada. (point de service) Definition of registered product For the purposes of section 385.131 of the Cooperative Credit Associations Act, section 434.1 of the Trust and Loan Companies Act and these Regulations, registered product means a registered education savings plan, a registered retirement savings plan, a registered retirement income fund, a registered disability savings plan or any other plan, arrangement or fund to which Division G of Part I of the Income Tax Act applies that is provided by an institution to a natural person. Clear and simple language The information that is required to be provided by an institution under subsection 385.131(1) of the Cooperative Credit Associations Act, subsection 434.1(1) of the Trust and Loan Companies Act or these Regulations must be disclosed in language, and presented in a manner, that is clear, simple and not misleading. Manner of providing information The information must be provided in writing and orally, subject to the following exceptions: in the case of an account that is opened by telephone, or an agreement that is entered into by telephone, the institution need only provide the information orally before opening the account or entering into the agreement; and in the case of an account that is opened by electronic means or by mail, or an agreement that is entered into by electronic means or by mail, the institution need only provide the information in writing before opening the account or entering into the agreement. Accounts opened by telephone An institution that only provides information orally in accordance with paragraph (2)(a) must provide the same information in writing after opening the account or entering into the agreement. Accounts opened by electronic means An institution that only provides information in writing in accordance with paragraph (2)(b) must, before opening the account or entering into the agreement, provide the telephone number of a person who is knowledgeable about the terms and conditions of the registered product. Date of the disclosure An institution that provides the information in writing referred to in subsections (2) to (4) by mail is considered to have provided that information to the individual on the fifth business day after the postmark date. Exception An institution is not required to provide the information referred to in subsection 385.131(1) of the Cooperative Credit Associations Act or subsection 434.1(1) of the Trust and Loan Companies Act if the account to be opened, or the product or service in respect of which an agreement is to be entered into, will form part of a customer’s existing registered product; and the customer has been previously advised in writing of all charges in respect of the registered product. Trust and loan companies A company, as defined in section 2 of the Trust and Loan Companies Act, is not required to provide the information referred to in subsection 434.1(1) of that Act or section 4 if the account to be opened is being opened by the company solely for the purpose of acting as trustee in respect of the registered product; or the agreement to be entered into is an agreement that the company is entering into solely for the purpose of acting as trustee in respect of the registered product. Notice of amendments Before amending any terms and conditions in respect of a registered product, the institution must disclose the proposed amendment in writing to the person to whom the product was provided. Branches and websites An institution must maintain a list of the charges applicable to registered products at each of its branches and points of service where registered products are offered in Canada and on each of its websites through which registered products are offered in Canada. Making list available An institution must, on request, make the list available to its customers and to the public for inspection during business hours at each of the branches and points of service referred to in subsection (1). August 1, 2011 These Regulations come into force on November 1, 2011.