The Saskatchewan Financial Services Commission has delayed implementation of deposit agent regulation for three months.

The SFSC reports that its director issued a general ruling order that will come into force on Jan. 1, 2006. It suspends the implementation of a new rule regarding deposit agents from January 1 to April 1, 2006.

The rule requires intermediaries who trade in GICs to be registered and to comply with registration ongoing requirements and business practices. The commission says that the delay in the implementation is in response to feedback from current deposit agents that they need more time to comply with the new requirements.

“We encourage deposit agents to continue taking steps to get registered,” it says. “We need to receive your registration materials by March 15, 2006 at the very latest.” It also reminds agents to comply with the business practices set out in the rules; and to review agreements with financial institutions to ensure that they will be complying with the rule when it comes into force.

Some deposit agents may have to reorganize their business to comply, it notes, “Please call us to discuss your plans to ensure that a reorganization is necessary, and if so, whether it will comply.”