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Membership The RDBA & You
Membership The RDBA & You
As Canada's national Self-Regulatory Organization for the Deposit Broker industry, the Registered Deposit Brokers Association (RDBA) actively challenges regulation and industry issues that ultimately save RDBA members' substantial costs. The RDBA supports them with compliance issues by providing standardized forms, processes and practices. We work to ensure the landscape for Deposit Brokers is fair and efficient; in doing so, we help RDBA members protect their business and, in turn, their investing client. The RDBA successfully intervened on the Proposed National Instrument 31-103 reflecting the activities of Deposit Brokers and Financial Institutions that provide products and services.Impact on You: Your business was saved. The Deposit Broker channel and all the Financial Institutions that have their business dependent upon it may have collapsed without intervention. You were saved monumental costs in being placed outside the CSA/OSC and other regulative jurisdiction registration including capital and contingency funding requirements and educational proficiency testing that would have required each person selling a GIC to successfully complete the Canadian Securities Course.
The RDBA successfully excluded Deposit Brokered GIC investments from the assets regulated under mutual fund reporting for MFDA requirements.Impact on You: You saved thousands of dollars of MFDA fees by having your deposit assets outside of the MFDA requirements. For most of you this is a substantial annual dollar amount.
The RDBA successfully aided members who sold only GICs by confirming they did not need to register for Limited Market Dealer status.Impact on You: You saved the annual Limited Market Dealer registration fees. At the time, these fees were $1,200 per year.
The RDBA successfully intervened in representing Deposit Brokers in Saskatchewan. Largely through the efforts of the RDBA, legislation was put in place to govern Deposit Brokers and restore a measure of comfort to the public during a time when the commission wanted to shut the Deposit Broker industry down.Impact on You: Saskatchewan agents and deposit agents across the country are still in business.
The RDBA successfully introduced the "RDBA Client Information & Consent Form" (CICF) to assist brokers in meeting the AML compliance issues as legislated by FINTAC.Impact on You: Your business, or a large portion of your business, was saved an incredible amount of time and expense because of the intervention of the RDBA. By implementing usage of the CICF, you are able to conduct business with your GIC clients over the phone - you do not require their signature each and every time you place an investment for them.
The RDBA successfully introduced the "RDBA AML Standards in Response to Proceeds of Crime (Money Laundering) and Terrorist Financing Act" to address standard identification requirements adopted by the Deposit Broker industry.Impact on You: Your cost of interpreting and developing a clear and understandable set of guidelines of the regulations to assist you in conducting business within the regulatory requirements legislated by FINTRAC and your valuable time of contacting each and every financial institution for the AML requirements were saved.
The RDBA successfully opened relations with the CDIC and initiated and coordinated a system on the payout efforts from Financial Institution failures.Impact on You: Firm receives information and directions from the CDIC through the RDBA that cannot be obtained on an individual basis.
The RDBA successfully campaigned on two separate occasions - 1993 and 2005 - for the increase in CDIC insurance coverage (which had seriously eroded over time due to inflation) and thus protected the best interests of all Canadian investors.Impact on You: Your clients now have the assurance that their life savings have insurance protection of up to $100,000 per member Financial Institution guaranteed deposits.
The RDBA successfully created the most in depth course on deposit products for staff training and as an office resource tool.Impact on You: You qualify for the highest level of continuing education credits of 30 hours and are awarded the industry recognized Registered Deposit Broker (RDB) or Registered Deposit Agent (RDA) or Certified Deposit Specialist (CDS) designation upon successful completion, giving you and your business a solid professional, recognized and reputational image.
The RDBA successfully coordinated with the CDIC Third Party Advertising Guidelines for Deposit Brokers to alleviate the restrictions placed on Deposit Brokers and other advisors in their advertisements and web pages.Impact on You: You can now provide information on deposit insurance and the CDIC as long as the information is accurate and as outlined in CDIC's Deposit Insurance Information By-law.
The RDBA successfully worked with the financial services industry to develop the generic Transfer Authorization for Registered Investments (TARI) form.Impact on You: You were saved costs in time and usage. This Client Disclosure and informational document was developed to improve client service and to help you understand the registered account transfer process. It includes the information required by Deposit Brokers and industry advisors for "ease of transfer" of registered funds from one Financial Institution to another.
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