The Saskatchewan Financial Services Commission notes that its suspension of a local rule governing deposit agents is being extended until October 1.

On December 5, the director issued an order suspending the implementation of the rule from January 1 to April 1. Today, the director amended the order further suspend implementation until October 1.

The further extension is necessary to work out issues related to the financial institution bond, it reports. The SFSC says it will inform deposit agents of the outcome of this initiative.

“In the meantime, you should review your agreements with financial institutions to ensure that you will be complying with [the rule] when it comes into force,” it notes. “It is based on the current Deposit Agent Rules, and in most cases no changes to these agreements will be required. But you should review them just to be sure.”