CONSOLIDATION

Exempt Classes of Foreign Banks Regulations

SOR/2001-381

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 Classes of Foreign Banks Regulations

Exemption 1

Exempt classes of foreign banks

Coming into Force *2

Coming into force

Current to June 20, 2022

ii

Registration SOR/2001-381

October 4, 2001

BANK ACT Exempt Classes of Foreign Banks Regulations

P.C. 2001-1752

October 4, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 14.2a of the Bank Actb, hereby makes the annexed Exempt Classes of Foreign Banks Regulations.

a

S.C. 2001, c. 9, s. 43.1

b

S.C. 1991, c. 46

Current to June 20, 2022

Exempt Classes of Foreign Banks Regulations

Exemption Exempt classes of foreign banks 1 The governments of foreign countries, or of political subdivisions of foreign countries, that do 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 Bank Act and that would, but for these Regulations, be foreign banks are exempt from the application of the definition foreign bank in section 2 of the Act.

Coming into Force Coming into force 2 These Regulations come into force on the day on which section 14.2 of the Bank Act, as enacted by section 43.1 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

