Effective October 1, 2009 DICO is responsible for the approval of specific transactions as identified in the Act regarding Applications, Variations and Exemptions. DICO has committed to administer these responsibilities in a fair and transparent manner, in accordance with established criteria.
Credit unions need to apply to DICO for approval to conduct certain transactions or for a variation or exemption to certain regulatory requirements. The application must contain a letter signed by the credit unionís CEO on the credit unionís letterhead outlining the type of application being made and include a summary of the rationale and supporting documentation. DICO will acknowledge all applications within 5 business days of receipt. DICO will review the credit unionís submission and provide a response as outlined in DICOís published Service Standards. Where an application is not approved, DICO will provide comprehensive rationale for the decision.
Applications must be supported by detailed supporting rationale and will only be approved where it meets established criteria.
DICO may approve a temporary variation or exemption in exceptional circumstances where it meets established criteria.