CONSOLIDATION

Equity of a Bank or a Bank Holding Company Regulations

SOR/2001-377

Current to June 20, 2022 Last amended on December 19, 2012



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 December 19, 2012. 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 December 19, 2012

TABLE OF PROVISIONS Equity of a Bank or a Bank Holding Company Regulations

Interpretation 1

Definitions

Determination of the Equity of a Bank or a Bank Holding Company 2

Where an entity’s equity is its financial statement equity

Bank’s equity by reference to its group

Bank holding company’s equity by reference to its group

Coming into Force *5

Coming into force

Current to June 20, 2022 Last amended on December 19, 2012

ii

Registration SOR/2001-377

October 4, 2001

BANK ACT Equity of a Bank or a Bank Holding Company Regulations P.C. 2001-1748

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 Equity of a Bank or a Bank Holding Company Regulations.

a

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

b

S.C. 1991, c. 46

Current to June 20, 2022 Last amended on December 19, 2012

Equity of a Bank or a Bank Holding Company Regulations

Interpretation Definitions 1 (1) The following definitions apply in these Regulations. Act means the Bank Act. (Loi) eligible Canadian financial institution has the same meaning as in subsection 370(1) of the Act. (institution financière canadienne admissible) eligible foreign institution has the same meaning as in subsection 370(1) of the Act. (institution étrangère admissible) trust and loan company means a body corporate to which the Trust and Loan Companies Act applies or a trust or loan corporation incorporated by or under an Act of the legislature of a province. (société de fiducie et de prêt) Financial statement equity (2) For the purposes of these Regulations, the financial

statement equity of an entity is the sum of the shareholders’ and members’ equity of the entity, and the minority interests in entities controlled by the entity, as they appear in the consolidated financial statements of the entity. Acting in concert (3) If two or more persons are deemed under section 9,

9.1, 9.2 or 371 of the Act, for the purposes of Part VII or Division 7 of Part XV of the Act, to be a single person who is acquiring beneficial ownership of the aggregate number of shares or membership shares of a bank, shares of a bank holding company or shares or ownership interests of an entity that are beneficially owned by them, those persons are deemed, for the purposes of these Regulations, to be a single person who has acquired beneficial ownership of the aggregate number of shares or membership shares of the bank, shares of the bank holding company or shares or ownership interests of the entity that are beneficially owned by them. SOR/2012-269, s. 4.

Current to June 20, 2022 Last amended on December 19, 2012

Equity of a Bank or a Bank Holding Company Regulations Interpretation Sections 1-3

Determination of the Equity of a Bank or a Bank Holding Company Where an entity’s equity is its financial statement equity 2 For the purposes of the Act, the equity of an entity is

its financial statement equity if the entity is (a) a widely held bank or any other bank that is not

controlled by any person; (b) a widely held bank holding company or any other bank holding company that is not controlled by any person; (c) a bank controlled by a widely held bank holding company; (d) a bank holding company controlled by a widely

held bank holding company; (e) a bank controlled by a widely-held insurance holding company; (f) a bank holding company controlled by a widelyheld insurance holding company; (g) a bank controlled by an eligible Canadian financial institution; (h) a bank holding company controlled by an eligible

Canadian financial institution; (i) a bank that is not controlled by any person other

than an eligible foreign institution or a subsidiary of the eligible foreign institution; or (j) a bank holding company that is not controlled by

any person other than an eligible foreign institution or a subsidiary of the eligible foreign institution.

Bank’s equity by reference to its group 3 For the purposes of the Act, if the equity of a bank is not determined under section 2, the equity of the bank is the sum of

Current to June 20, 2022 Last amended on December 19, 2012

Equity of a Bank or a Bank Holding Company Regulations Determination of the Equity of a Bank or a Bank Holding Company Sections 3-5

(a) the financial statement equity of the bank, if the

bank is not controlled by a bank, bank holding company or trust and loan company, and (b) all amounts each of which is the financial statement equity of an affiliate of the bank that is a bank, bank holding company or trust and loan company and that is not controlled by a bank, bank holding company or trust and loan company.

Bank holding company’s equity by reference to its group 4 For the purposes of the Act, if the equity of a bank

holding company is not determined under section 2, the equity of the bank holding company is the sum of (a) the financial statement equity of the bank holding

company, if the bank holding company is not controlled by a bank, bank holding company or trust and loan company, and (b) all amounts each of which is the financial statement equity of an affiliate of the bank holding company that is a bank, bank holding company or trust and loan company and that is not controlled by a bank, bank holding company or trust and loan company.

Coming into Force Coming into force 5 These Regulations come into force on the day on which section 978 of the Bank Act, as enacted by section 183 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 December 19, 2012

