Bill C-38

(a) apply to the Minister for approval to retain control of the Canadian entity or to continue to hold the substantial investment in the Canadian entity for a period specified by the Minister or for an indeterminate period; or

(b) do all things necessary to ensure that, on the expiry of the 90 days, it no longer controls the entity or holds a substantial investment in the entity.

(a) as a result of a default that has occurred pursuant to the terms of an agreement with respect to a loan made between the foreign bank, or the entity associated with a foreign bank, and the Canadian entity or any of its affiliates, or pursuant to any other documents governing the terms of the loan, or

(b) through the realization of a security interest for any loan or advance made by the foreign bank, or the entity associated with a foreign bank, or for any other debt or liability owing to it,

(a) the Canadian entity, in the opinion of the Minister, engages in businesses and activities that are related or incidental to commercial activities outside Canada of the foreign bank or the entity associated with a foreign bank;

(b) all of the Canadian entity's businesses and activities, or substantially all of them as determined under the regulations, do not include any business or activity referred to in subsection (5) or (6), other than an activity referred to in paragraph 410(1)(e) or subsection 410(2); and

(c) the Canadian entity does not engage in personal property leasing activities.

(a) in the opinion of the Minister, its businesses and activities in Canada are related or incidental to its commercial activities outside Canada; and

(b) all of its businesses and activities in Canada, or substantially all of them as determined under the regulations, do not include any business or activity referred to in subsection 518(5) or (6), other than an activity referred to in paragraph 410(1)(e) or subsection 410(2).

(a) acquire control of a Canadian entity referred to in any of paragraphs 468(1)(g) to (i) from a person who is not a member of the foreign bank's group;

(b) acquire control of a Canadian entity whose business includes one or more of the activities referred to in paragraph 518(5)(a) and that engages, as part of its business, in any financial intermediary activity that exposes the Canadian entity to material market or credit risk - including a finance entity - if the control is acquired from an entity referred to in any of paragraphs 468(1)(a) to (f) that is not a member of the foreign bank's group, but does not include a Canadian entity whose activities are limited to the activities of one or more of the following entities:

(i) a factoring entity,

(ii) a financial leasing entity, or

(iii) a specialized financing entity;

(c) acquire or hold control of, or a substantial investment in, a Canadian entity whose business includes one or more of the activities referred to in paragraph 518(5)(d);

(d) acquire or hold control of, or a substantial investment in, a Canadian entity that engages in an activity described in paragraph 410(1)(c) or (c.1);

(e) acquire or hold control of, or a substantial investment in, a Canadian entity engaging in an activity prescribed for the purposes of paragraph 518(5)(f);

(f) engage in a business or activity referred to in paragraph 517.1(1)(a) or (b);

(g) acquire or hold control of, or a substantial investment in,

(i) a Canadian entity referred to in subsection 518(18), or

(ii) a Canadian entity referred to in subsection 518(19);

(h) engage in a business or activity referred to in section 518.1; or

(i) undertake an activity referred to in paragraph 517.1(2)(a) or subsection 518(21).

(a) obtains the approval of the Minister under any of paragraphs (1)(a) to (e) and (g) to acquire or hold control of, or a substantial investment in, a Canadian entity, and

(b) through that acquisition or holding, indirectly acquires control of, or a substantial investment in, another Canadian entity that would require the approval of the Minister under those paragraphs,

General

(a) concerning specialized financing, for the purposes of paragraphs 518(5)(a) and (b) and subparagraph 518(6)(c)(ii);

(b) prescribing the circumstances under which subsection 518.2(1) does not apply, or the entities in respect of which that subsection does not apply, including prescribing entities on the basis of the activities they engage in;

(c) restricting the ownership by foreign banks, or entities associated with foreign banks, of shares in a body corporate or of ownership interests in an unincorporated entity under subsection 513(1), (6) or (7) or section 516 or 518 and imposing terms and conditions applicable to foreign banks, or entities associated with foreign banks, that own such shares or interests;

(d) in respect of sections 409 to 411, for the purposes of paragraph 518(5)(a) and subsections 518(7) and 518.2(1);

(e) permitting the acquisition or holding of control or of a substantial investment, for the purposes of subparagraph 518(6)(c)(iii);

(f) respecting the determination of the amount or value of loans, investments and interests;

(g) respecting the loans and investments, and the maximum aggregate amount of all loans and investments, that may be made or acquired by a foreign bank, or an entity associated with a foreign bank, to or in a person and any persons connected with that person; and

(h) specifying the classes of persons who are connected with any person for the purposes of paragraph (g).

(a) under subsection 521(1); or

(b) under subsection 518(4) or 521(1.02), as it read immediately before the coming into force of this section.

(a) a copy of its financial statements and those of each non-bank affiliate of the foreign bank for the financial year;

(b) a list, in a form satisfactory to the Superintendent, of businesses and activities carried on by it under sections 515.2, 517.1 and 518.1;

(c) a list, in a form satisfactory to the Superintendent, of each non-bank affiliate of the foreign bank, with a description of the nature of the business engaged in by it; and

(d) any other information that may be prescribed for the purposes of this section.

(a) the acquisition of control, within the meaning of that Act, of a bank or a bank holding company;

(b) the establishment of a new Canadian business, within the meaning of that Act, that is a bank or a bank holding company;

(c) the establishment of a new Canadian business, within the meaning of that Act, by a foreign bank or entity associated with a foreign bank, including the establishment of the business in Canada of an authorized foreign bank or a foreign insurance company, or a foreign securities dealer or foreign cooperative credit society that has received the approval of the Minister under paragraph 518.2(1)(f);

(d) the acquisition of control, within the meaning of that Act, of a Canadian entity by a foreign bank or an entity associated with a foreign bank, or the establishment, directly or indirectly, of a new Canadian business, within the meaning of that Act, by a foreign bank or an entity associated with a foreign bank, whose businesses or activities in Canada consist of those referred to in paragraph 508(1)(a); and

(e) the establishment of a new Canadian business, within the meaning of that Act, that is a representative office referred to in paragraph 509(a).

(a) the acquisition or holding of control of, or a substantial investment in, a Canadian entity in accordance with subsection 513(1);

(b) the establishment of a new Canadian business, within the meaning of the Investment Canada Act, in accordance with subsection 513(2);

(c) the acquisition of control of, or a substantial investment in, a Canadian entity other than an entity referred to in any of paragraphs 468(1)(a) to (f), by

(i) a foreign bank that is the subject of an order under section 507.1, or

(ii) an entity associated with a foreign bank referred to in subparagraph (i);

(d) the establishment of a new Canadian business, within the meaning of the Investment Canada Act, in accordance with section 515.2; and

(e) the establishment, by a foreign bank that is the subject of an order of the Minister under section 507.1 or an entity associated with such a foreign bank, of a new Canadian business within the meaning of that Act

(i) to which any of paragraphs 508(1)(a) to (c) applies, and

(ii) that does not relate to the establishment of a business in Canada of an authorized foreign bank or a foreign insurance company.