CONSOLIDATION

Exempt Debt Obligation Transactions (Banks and Bank Holding Companies) Regulations

SOR/2001-382

Current to June 20, 2022



OFFICIAL STATUS OF CONSOLIDATIONS Subsections 31(1) and (3) of the Legislation Revision and Consolidation Act, in force on June 1, 2009, provide as follows: Published consolidation is evidence

31 (1) Every copy of a consolidated statute or consolidated regulation published by the Minister under this Act in either print or electronic form is evidence of that statute or regulation and of its contents and every copy purporting to be published by the Minister is deemed to be so published, unless the contrary is shown. ... Inconsistencies in regulations

(3) In the event of an inconsistency between a consolidated regulation published by the Minister under this Act and the original regulation or a subsequent amendment as registered by the Clerk of the Privy Council under the Statutory Instruments Act, the original regulation or amendment prevails to the extent of the inconsistency.

LAYOUT The notes that appeared in the left or right margins are now in boldface text directly above the provisions to which they relate. They form no part of the enactment, but are inserted for convenience of reference only.

NOTE This consolidation is current to June 20, 2022. Any amendments that were not in force as of June 20, 2022 are set out at the end of this document under the heading “Amendments Not in Force”.

Current to June 20, 2022

TABLE OF PROVISIONS Exempt Debt Obligation Transactions (Banks and Bank Holding Companies) Regulations

Interpretation 1

Definition of Act

International Agencies 2

Prescribed international agencies

Definition of Widely Distributed 3

widely distributed in respect of a bank

Repeal 4

Repeal

Coming into Force *5

Coming into force

Current to June 20, 2022

ii

Registration SOR/2001-382

October 4, 2001

BANK ACT Exempt Debt Obligation Transactions (Banks and Bank Holding Companies) Regulations

P.C. 2001-1753

October 4, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978a of the Bank Actb, hereby makes the annexed Exempt Debt Obligation Transactions (Banks and Bank Holding Companies) Regulations.

a

S.C. 2001, c. 9, s. 183

b

S.C. 1991, c. 46

Current to June 20, 2022

Exempt Debt Obligation Transactions (Banks and Bank Holding Companies) Regulations

Interpretation Definition of Act 1 In these Regulations, Act means the Bank Act.

International Agencies Prescribed international agencies 2 For the purpose of subparagraphs 482(2)(b)(ii) and

944(2)(b)(ii) of the Act, the following are prescribed international agencies: (a) the Asian Development Bank; (b) the Inter-American Development Bank; (c) the International Bank for Reconstruction and Development; (d) the International Finance Corporation; (e) the African Development Bank; (f) the European Investment Bank; (g) the Caribbean Development Bank; (h) the Nordic Investment Bank; (i) the European Bank for Reconstruction and Development; and (j) the Council of Europe Development Bank.

Definition of Widely Distributed widely distributed in respect of a bank 3 (1) For the purpose of paragraphs 482(2)(d) and

944(2)(d) of the Act, widely distributed means

Current to June 20, 2022

Exempt Debt Obligation Transactions (Banks and Bank Holding Companies) Regulations Definition of Widely Distributed Section 3

(a) in respect of debt obligations the distribution of

which is exempt from the requirement to file a prospectus under the laws of Canada, a province or a jurisdiction outside Canada, that (i) at least 90% of the maximum authorized principal, of the debt obligations, is held by one or more persons other than the bank or the bank holding company, as the case may be, and its subsidiaries, and (A) the debt obligations were issued to at least 25 persons other than the bank or the bank holding company, as the case may be, and its subsidiaries within six months after the day on which the first of the debt obligations was issued, or (B) if the debt obligations are issued on a continuous basis, there are on average at least 25 holders other than the bank or the bank holding company, as the case may be, and its subsidiaries, or (ii) at the time of their initial distribution, the debt obligations met at least three of the following criteria, namely, (A) their initial term was less than one year, (B) they were rated by a rating agency, (C) they were distributed through a person authorized to trade in securities, and (D) they were distributed in accordance with an

offering circular or memorandum, or a similar document relating to the distribution of securities; and (b) in respect of any other debt obligations, that a

prospectus relating to the issuance of the debt obligations was filed under the laws of Canada, a province or a jurisdiction outside Canada. Definition of maximum authorized principal (2) In subparagraph (1)(a)(i) maximum authorized principal means, in relation to any debt obligation, the maximum amount of debt that may be issued under the terms of the debt obligation or any agreement relating to it.

Current to June 20, 2022

Exempt Debt Obligation Transactions (Banks and Bank Holding Companies) Regulations Repeal Sections 4-5

Repeal Repeal 4 [Repeal]

Coming into Force Coming into force 5 These Regulations come into force

*

(a) in relation to a Bank, on the date that section 482 of the Bank Act comes into force, as enacted by section 127 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001; and (b) in relation to a bank holding company, on the date that section 944 of the Bank Act comes into force as enacted by section 183 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001. *

[Note: Regulations in force October 24, 2001, see SI/2001-102.]

Current to June 20, 2022

