Bill C-8
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Manner of
disclosure
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(3) The disclosure shall be
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Exception for
certain
borrowing
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(4) Subsection (2) does not apply
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Non-applicati
on -
authorized
foreign banks
and foreign
cooperative
credit
societies
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(5) Subsections (1) and (2) do not apply to
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Non-applicati
on foreign
insurance
company or
securities
dealer
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(6) Subsection (2) does not apply to a
foreign bank, or an entity associated with a
foreign bank, that is
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Regulations
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521. The Governor in Council may make
regulations exempting any class or classes of
businesses, investments, activities and
branches from any of the prohibitions set out
in section 510 or 518.
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Permitted
Canadian
offices
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522. A foreign bank may
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Examination
of representa- tive offices
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522.01 (1) The Superintendent shall, from
time to time, make or cause to be made any
examination and inquiry into the operation of
any representative office of a foreign bank and
the conduct of the personnel in that office that
the Superintendent considers necessary for the
purpose of ascertaining whether the office is
being operated, and whether the personnel of
the office are conducting themselves, in
accordance with the rules prescribed for the
purposes of paragraph 522(a).
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Powers of
Superinten- dent
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(2) For the purposes of subsection (1), the
Superintendent and any person acting under
the direction of the Superintendent have the
same powers and obligations that the
Superintendent has in relation to the
examination of banks under this Act.
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Cancellation
of registration
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522.02 The Superintendent may, by order,
cancel the registration of a representative
office of a foreign bank if
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Business
conducted
from head
office in
Canada
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522.03 (1) Subject to subsections (2) and
(3), if the head office of a foreign bank is
located in Canada under paragraph 522(b), the
foreign bank shall not conduct any business
from that office with persons resident in
Canada or with Her Majesty in right of Canada
or a province except for the purpose of
acquiring premises, supplies, services and
staff for that office.
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Exception
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(2) If a foreign bank, immediately before
the establishment of its head office in Canada
under paragraph 522(b), held deposits of, or
had loans outstanding to, persons resident in
Canada or Her Majesty in right of Canada or
a province, the foreign bank may repay those
deposits and collect those loans through the
head office in Canada.
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Exception
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(3) If a foreign bank controlled a bank or
was a major shareholder of a bank
immediately before the establishment of the
foreign bank's head office in Canada under
paragraph 522(b), the foreign bank may
continue to carry out from the head office in
Canada any activities that were carried out
from the head office of the foreign bank in
relation to the bank before the establishment
of the head office in Canada.
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DIVISION 3 |
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NO FINANCIAL ESTABLISHMENT IN CANADA |
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Permitted
investment -
foreign bank
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522.04 (1) A foreign bank that does not
have a financial establishment in Canada may
acquire or hold control of, or a substantial
investment in, a Canadian entity, so long as, by
virtue of the acquisition, neither the foreign
bank nor any entity associated with the foreign
bank controls or becomes a major owner of
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Permitted
investment -
associated
entity
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(2) An entity that is associated with a
foreign bank and that does not have a financial
establishment in Canada may acquire or hold
control of, or a substantial investment in, a
Canadian entity, so long as, by virtue of the
acquisition, neither the entity nor the foreign
bank, nor any other entity associated with the
foreign bank, controls or becomes a major
owner of
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Permitted
Canadian
commercial
branch
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522.05 A foreign bank, or an entity that is
incorporated or formed otherwise than by or
under an Act of Parliament or of the
legislature of a province and that is associated
with a foreign bank, that does not have a
financial establishment in Canada may
maintain a branch in Canada or engage in or
carry on business in Canada so long as less
than
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Permitted
branches re
leasing
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522.06 Despite section 522.05, a foreign
bank, or an entity that is incorporated or
formed otherwise than by or under an Act of
Parliament or of the legislature of a province
and that is associated with a foreign bank, that
does not have a financial establishment in
Canada and that outside Canada
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may in Canada engage in the activities of a
leasing entity so long as it does not engage in
any other activity in Canada.
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DIVISION 4 |
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FINANCIAL ESTABLISHMENT IN CANADA |
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Investments
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Investment in
a financial
institution
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522.07 Subject to the requirements relating
to designation and approval set out in Division
5, a foreign bank or an entity associated with
a foreign bank may acquire or hold control of,
or a substantial investment in, a Canadian
entity referred to in any of paragraphs
468(1)(a) to (i).
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Permitted
investments
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522.08 (1) Subject to subsection (2) and the
requirements relating to designation and
approval set out in Division 5, a foreign bank
or an entity associated with a foreign bank
may acquire or hold control of, or a substantial
investment in, a Canadian entity, other than an
entity referred to in paragraphs 468(1)(a) to
(i), whose business is limited to one or more of
the following:
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Additional
restriction
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(2) A foreign bank or an entity associated
with a foreign bank may not acquire or hold
control of, or a substantial investment in, a
Canadian entity whose business includes any
activity referred to in any of paragraphs (1)(a)
to (e) if the activities of the Canadian entity
include
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Investment in
a limited
commercial
entity
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522.09 Subject to the requirements relating
to approval and designation set out in Division
5, a foreign bank or an entity associated with
a foreign bank that has a financial
establishment in Canada may acquire or hold
control of, or a substantial investment in, a
Canadian entity that is not
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if the Canadian entity does not engage in any
leasing activities and, in the opinion of the
Minister, engages in or carries on business that
is the same as, or similar, related or incidental
to, the business outside Canada of the foreign
bank or the entity associated with a foreign
bank.
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Acquisition of
other
investments
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522.1 A foreign bank or an entity associated
with a foreign bank may acquire or hold
control of, or a substantial investment in, a
Canadian entity
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Indirect
investments
through
federal
institutions
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522.11 (1) A foreign bank or an entity
associated with a foreign bank may acquire or
hold control of, or a substantial investment in,
a Canadian entity by way of
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