CONSOLIDATION

Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations

SOR/2001-383

Current to June 20, 2022 Last amended on May 19, 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 19, 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 19, 2008

TABLE OF PROVISIONS Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations

Exemption from Restrictions on Investments 1

Prescribed circumstances — banks and bank holding companies

Prescribed circumstances — foreign banks and entities associated with foreign banks

Coming into Force *3

Coming into force

Current to June 20, 2022 Last amended on May 19, 2008

ii

Registration SOR/2001-383

October 4, 2001

BANK ACT Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations P.C. 2001-1754

October 4, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 474(a)a and (b)a and 522.23(b)b of the Bank Actc, hereby makes the annexed Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations.

a

S.C. 2001, c. 9, s. 127

b

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

c

S.C. 1991, c. 46

Current to June 20, 2022 Last amended on May 19, 2008

Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations

Exemption from Restrictions on Investments Prescribed circumstances — banks and bank holding companies 1 For the purposes of subparagraphs 468(3)(d)(ii) and

930(3)(d)(ii) of the Bank Act, subsections 468(4) to (6) of the Act do not apply in determining whether a bank would be permitted to acquire a substantial investment in an entity under subsection 466(2), paragraph 466(3)(b) or (c) or subsection 466(4) or 468(1) or (2) of the Act.

Prescribed circumstances — foreign banks and entities associated with foreign banks 2 For the purpose of subparagraph 522.08(2)(d)(ii) of the Bank Act, subsection 522.22(1) of the Act does not apply in determining whether a foreign bank or an entity associated with a foreign bank would be permitted to acquire or hold control of, or a substantial investment in, a Canadian entity under section 522.07, 522.08, any of paragraphs 522.1(a) or (c) to (e) or Division 8 of Part XII of the Act. SOR/2008-160, s. 1.

Coming into Force Coming into force 3 These Regulations come into force on the day on which paragraphs 474(a) and (b) and 522.23(b) of the Bank Act, as enacted by sections 127 and 132 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force. *

*

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

Current to June 20, 2022 Last amended on May 19, 2008

