CONSOLIDATION

Entity Associated with a Foreign Bank Regulations

SOR/2001-376

Current to June 20, 2022 Last amended on May 15, 2008



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. The last amendments came into force on May 15, 2008. 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 Last amended on May 15, 2008

TABLE OF PROVISIONS Entity Associated with a Foreign Bank Regulations

Interpretation 1

Definition of Act

Exemptions 2

Exemption from associated status

Ministerial Deeming 3

Minister authorized to make order

Coming into Force *4

Coming into force

Current to June 20, 2022 Last amended on May 15, 2008

ii

Registration SOR/2001-376

October 4, 2001

BANK ACT Entity Associated with a Foreign Bank Regulations

P.C. 2001-1747

October 4, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 507(17)a of the Bank Actb, hereby makes the annexed Entity Associated with a Foreign Bank Regulations.

a

S.C. 2001, c. 9, s. 132

b

S.C. 1991, c. 46

Current to June 20, 2022 Last amended on May 15, 2008

Entity Associated with a Foreign Bank Regulations

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

Exemptions Exemption from associated status 2 For the purpose of the application of any provision of the Act that would otherwise apply to an entity associated with a foreign bank, the following classes of entities associated with a foreign bank are exempted from the status of being associated with a foreign bank: (a) entities each of which is the government of a foreign country, or of any political subdivision of a foreign country, that does not in Canada carry on a business that includes any of the activities referred to in paragraphs (a) to (g) of the definition “financial services entity” in subsection 507(1) of the Act; (b) entities each of which is controlled by the government of a foreign country, or of any political subdivision of a foreign country, and that (i) is not a foreign bank, (ii) is not controlled by a foreign bank, (iii) does not engage in Canada in any of the activities referred to in paragraphs (a) to (h) of the definition “financial services entity” in subsection 507(1) of the Act, and (iv) has not been deemed under subsection 507(3) of the Act to be associated with a foreign bank; (c) entities each of which is an entity that (i) is associated with a foreign bank only because the entity controls the foreign bank, and (ii) is an entity described in paragraphs 468(1)(a) to (f) of the Act; (d) entities each of which is an entity that is controlled by an entity exempted under paragraph (c) and that

Current to June 20, 2022 Last amended on May 15, 2008

Entity Associated with a Foreign Bank Regulations Exemptions Section 2

(i) is not a foreign bank described in paragraph 508(1)(a) of the Act, or (ii) is not controlled by a foreign bank described in

paragraph 508(1)(a) of the Act; (e) entities each of which is a Canadian entity that (i) is not described in paragraph (c) or (d), (ii) is an entity associated with a foreign bank only because it controls the foreign bank, except where the foreign bank is described in paragraph 508(1)(a) of the Act and either the foreign bank or an entity controlled by it (A) engages in or carries on business in Canada,

otherwise than by holding, managing or otherwise dealing with real property, (B) maintains a branch in Canada, other than an

office referred to in section 522 of the Act, (C) establishes, maintains or acquires for use in Canada an automated banking machine, a remote service unit or a similar automated service, or, in Canada, accepts data from such a machine, unit or service other than in circumstances described in section 511 or 512 of the Act, (D) acquires or holds control of, or a substantial

investment in, a Canadian entity, or (E) acquires or holds any share or ownership interest in a Canadian entity that (I) an entity associated with the foreign bank

holds control of, or a substantial investment in, or (II) the foreign bank, an entity associated with

the foreign bank and one or more other entities associated with the foreign bank would, if they were one person, hold control of, or a substantial investment in, and (iii) has not been deemed under subsection 507(3)

of the Act to be associated with a foreign bank; and (f) entities each of which is an entity that is controlled by a Canadian entity exempted under paragraph (e) and (i) is not a foreign bank described in paragraph 508(1)(a) of the Act, or

Current to June 20, 2022 Last amended on May 15, 2008

Entity Associated with a Foreign Bank Regulations Exemptions Sections 2-4

(ii) is not controlled by a foreign bank described in

paragraph 508(1)(a) of the Act. SOR/2008-159, ss. 1, 2.

Ministerial Deeming Minister authorized to make order 3 The Minister may, by order, and subject to any terms

and conditions that the Minister considers appropriate, deem, for the purposes of any provision of the Act, any entity not to be an entity associated with a foreign bank.

Coming into Force Coming into force 4 These Regulations come into force on the day on which subsection 507(17) of the Bank Act, as enacted by section 132 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. *

*

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

Current to June 20, 2022 Last amended on May 15, 2008

