I-13.2.2, r. 1 - Regulation respecting the application of the Deposit Institutions and Deposit Protection Act

Section 31.2 Disposition versions

2020-04-30

31.2. An authorized deposit institution must be able to restrict a deposit of money, in whole or in part, as well as any withdrawal or any margin transaction affecting such deposit.

It must be possible to apply any initial or subsequent restriction to a deposit of money independently of any other withholding applied by the authorized deposit institution as part of its operations.

Where deposits are partially restricted, the authorized deposit institution must be able to give the depositor access to the balance of his account, calculated as at the deadline, less the amount partially restricted or the amount withheld, whichever is higher.

It must be possible to apply a total or partial restriction to the account within 6 hours following receipt by the deposit institution of the instructions to restrict deposits.

M.O. 2015-06, s. 2; M.O. 2020-09, s. 33.

2015-06-03

31.2. A registered institution must be able to restrict a deposit of money, in whole or in part, as well as any withdrawal or any margin transaction affecting such deposit.

It must be possible to apply any initial or subsequent restriction to a deposit of money independently of any other withholding applied by the registered institution as part of its operations.

Where deposits are partially restricted, the registered institution must be able to give the depositor access to the balance of his account, calculated as at the deadline, less the amount partially restricted or the amount withheld, whichever is higher.

It must be possible to apply a partial restriction to the account within 6 hours following the decision to restrict deposits.

M.O. 2015-06, s. 2.