Prohibition	524.2 No authorized foreign bank and no entity affiliated with an authorized foreign bank may
	(a) control or have a substantial investment in an entity that engages in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or
	(b) engage in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in.
1999, c. 28, s. 35(1)	135. Section 526 of the Act is replaced by the following:
Factors to be considered by Minister	526. Before making an order under subsection 524(1), the Minister shall take into account all matters that the Minister considers relevant to the application, including
	(a) the nature and sufficiency of the financial resources of the foreign bank as a source of continuing financial support for the carrying on of its business in Canada;
	(b) the soundness and feasibility of plans of the foreign bank for the future conduct and development of its business in Canada;
	(c) the business record and past performance of the foreign bank;
	(d) the reputation of the foreign bank for being operated in a manner that is consistent with the standards of good character and integrity;
	(e) whether the proposed authorized foreign bank will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution;
	(f) the impact of any integration of the businesses and operations in Canada of the authorized foreign bank with those of its affiliates in Canada on the conduct of those businesses and operations; and
	(g) the best interests of the financial system in Canada.
1999, c. 28, s. 35(1)	136. (1) Paragraphs 529(1)(e) and (f) of the Act are replaced by the following:
	(f) in the case of an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2), carry on business in Canada without having to deposit assets having a value of at least five million dollars, as required by subparagraphs 534(3)(a)(ii) and 582(1)(b)(i), where the authorized foreign bank continues to hold a substantial investment in
	(i) a bank that is a subsidiary of the foreign bank and the Minister has approved an application for voluntary liquidation and dissolution made by the subsidiary under section 344, or
	(ii) a company to which the Trust and Loan Companies Act applies and the Minister has approved an application for voluntary liquidation and dissolution made by the company under section 349 of that Act; or
1999, c. 28, s. 35(1)	(2) Paragraph 529(5)(c) of the Act is replaced by the following:
	(c) with respect to matters described in paragraph (1)(f), that purports to be effective more than seven years after the day on which an order made under subsection 534(1) becomes effective in respect of the authorized foreign bank.
1999, c. 28, s. 35(1)	137. Paragraph 530(1)(e) of the Act is replaced by the following:
	(e) reserved under section 43 for an existing or proposed bank or for an existing or proposed authorized foreign bank or under section 697 for an existing or proposed bank holding company.
1999, c. 28, s. 35(1)	138. Subparagraph 534(3)(a)(ii) of the Act is replaced by the following:
	(ii) in any other case, five million dollars or any greater amount that the Superintendent specifies;
1999, c. 28, s. 35(1)	139. (1) The portion of subsection 539(1) of the English version of the Act before paragraph (a) is replaced by the following:
Additional activities	539. (1) In addition, an authorized foreign bank may, in Canada,
1999, c. 28, s. 35(1)	(2) Paragraph 539(1)(b) of the Act is replaced by the following;
	(b) provide prescribed bank-related data processing services;
	(b.1) with the prior written approval of the Minister, engage in any of the following activities, namely,
	(i) collecting, manipulating and transmitting
	(A) information that is primarily financial or economic in nature,
	(B) information that relates to the business of an entity in which a bank is permitted to acquire a substantial investment under section 468 or to the business of a Canadian entity acquired or held under section 522.08, and
	(C) any other information that the Minister may, by order, specify,
	(ii) providing advisory or other services in the design, development or implementation of information management systems,
	(iii) designing, developing or marketing computer software, and
	(iv) designing, developing, manufacturing or selling, as an ancillary activity to any activity referred to in any of subparagraphs (i) to (iii) that the authorized foreign bank is engaging in, computer equipment integral to the provision of information services related to the business of financial institutions or to the provision of financial services;
	(b.2) with the prior written approval of the Minister, develop, design, hold, manage, manufacture, sell or otherwise deal with data transmission systems, information sites, communication devices or information platforms or portals that are used
	(i) to provide information that is primarily financial or economic in nature,
	(ii) to provide information that relates to the business of an entity in which a bank is permitted to acquire a substantial investment under section 468 or to the business of a Canadian entity acquired or held under section 522.08, or
	(iii) for a prescribed purpose or in prescribed circumstances;
	(b.3) engage in prescribed specialized business management or advisory services;
1999, c. 28, s. 35(1)	(3) Paragraphs 539(3)(a) and (b) of the Act are replaced by the following:
	(a) respecting what an authorized foreign bank may or may not do with respect to the carrying on of the activities referred to in paragraphs (1)(b.1) to (b.3) ;
	(b) imposing terms and conditions in respect of
	(i) the provision of financial services referred to in paragraph 538(2)(a) that are financial planning services,
	(ii) the provision of services referred to in paragraph 538(2)(c), and
	(iii) the carrying on of the activities referred to in any of paragraphs (1)(b.1) to (b.3) ; and
	(c) respecting the circumstances in which authorized foreign banks may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(b.1) or (b.2).
	140. The Act is amended by adding the following after section 539:
Regulations apply	539.1 Regulations made for the purpose of any of sections 409 to 411 apply in respect of authorized foreign banks with any modifications that the circumstances require unless regulations made under subsection 539(3) provide otherwise.
1999, c. 28, s. 35(1)	141. (1) Paragraphs 540(1)(b) and (c) of the Act are replaced by the following:
	(b) subject to the regulations, act as an agent for any person in the taking of deposit liabilities; or
	(c) guarantee any securities or accept any bills of exchange or depository bills that are
	(i) issued by any person, and
	(ii) intended by the issuer or any party to be sold or traded.
1999, c. 28, s. 35(1)	(2) Subparagraph 540(4)(a)(ii) of the Act is replaced by the following:
	(ii) a foreign bank that is or is deemed to be the subject of a designation order under section 508 ,
	(3) Subsection 540(6) of the Act is amended by striking out the word ``and'' at the end of paragraph (d) and by adding the following after that paragraph:
	(d.1) respecting circumstances in which and the conditions under which an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) may act as agent for any person in the taking of deposit liabilities; and
1999, c. 28, s. 35(1)	142. Paragraph 543(1)(a) of the Act is replaced by the following:
	(a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, an entity in which a bank is permitted to acquire a substantial investment under section 468 or a Canadian entity acquired or held under section 522.08 and may enter into an arrangement with any person in respect of the provision of that service; or
1999, c. 28, s. 35(1)	143. (1) Subsection 546(1) of the Act is replaced by the following:
Deposits less than $150,000	546. (1) Subject to the regulations, an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) may not, in respect of its business in Canada, act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada.
	(2) Section 546 of the Act is amended by adding the following after subsection (2):
Regulations	(3) The Governor in Council may make regulations respecting the circumstances in which, and the conditions under which, an authorized foreign bank referred to in subsection (1) may act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada.
1999, c. 28, s. 35(1)	144. (1) Subsection 547(1) of the Act is replaced by the following:
Shared premises	547. (1) Subject to the regulations, no authorized foreign bank shall carry on business in Canada on premises that are shared with those of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act, that is affiliated with the authorized foreign bank.
1999, c. 28, s. 35(1)	(2) Subsection 547(3) of the Act is replaced by the following:
Adjacent premises	(3) Subject to the regulations, no authorized foreign bank shall carry on business in Canada on premises that are adjacent to a branch or office of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act, that is affiliated with the authorized foreign bank, unless the authorized foreign bank clearly indicates to its customers that its business and the premises on which it is carried on are separate and distinct from the business and premises of the affiliated member institution.
Regulations	(4) The Governor in Council may make regulations
	(a) respecting the circumstances in which, and the conditions under which, an authorized foreign bank may carry on business in Canada on premises that are shared with those of a member institution referred to in subsection (1); and
	(b) respecting the circumstances in which, and the conditions under which, an authorized foreign bank may carry on business in Canada on premises that are adjacent to a branch or office of a member institution referred to in subsection (3).
1999, c. 28, s. 35(1)	145. Section 550 of the Act is replaced by the following:
Restriction on leasing	550. An authorized foreign bank shall not engage in Canada in any personal property leasing activity in which a financial leasing entity as defined in subsection 464(1) is not permitted to engage.
1999, c. 28, s. 35(1)	146. Section 552 of the Act is repealed.
1999, c. 28, s. 35(1)	147. Subsection 553.1(1) of the Act is replaced by the following:
Restriction on partnerships	553.1 (1) Except with the approval of the Superintendent, an authorized foreign bank may not, in respect of its business in Canada, be a general partner in a limited partnership or a partner in a general partnership.
1999, c. 28, s. 35(1)	148. Subsection 556(3) of the Act is replaced by the following:
Execution of trust	(3) An authorized foreign bank is not, in respect of its business in Canada, bound to see to the execution of any trust to which a deposit made under the authority of this Act is subject.
Payment when authorized foreign bank has notice of trust	(4) Subsection (3) applies regardless of whether the trust is express or arises by the operation of law, and it applies even when the authorized foreign bank has notice of the trust if it acts on the order of or under the authority of the holder or holders of the account into which the deposit is made.
1999, c. 28, s. 35(1)	149. The headings before section 559 of the Act are replaced by the following: