CONSOLIDATION

Exemption from Approval for Certain Investments in Intragroup Service Entities (Bank Act) Regulations

SOR/2003-242

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 Exemption from Approval for Certain Investments in Intragroup Service Entities (Bank Act) Regulations

Exemption from Approval 1

Exemption — banks

Exemption — foreign banks and associated entities

Exemption — bank holding companies

Coming into Force 4

Coming into force

Current to June 20, 2022

ii

Registration SOR/2003-242

June 18, 2003

BANK ACT Exemption from Approval for Certain Investments in Intragroup Service Entities (Bank Act) Regulations

P.C. 2003-993

June 18, 2003

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 474(b)a, 522.23(b)b and 936(b)c and section 978c of the Bank Actd, hereby makes the annexed Exemption from Approval for Certain Investments in Intragroup Service Entities (Bank Act) Regulations.

a

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

b

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

c

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

d

S.C. 1991, c. 46

Current to June 20, 2022

Exemption from Approval for Certain Investments in Intragroup Service Entities (Bank Act) Regulations

Exemption from Approval Exemption — banks 1 Subsections 468(5) and (6) of the Bank Act do not apply to a bank's acquisition of control of, or a bank's acquisition or increase of a substantial investment in, an entity referred to in paragraph 468(4)(c) of that Act if the financial intermediary activities of the entity that expose the entity to material market or credit risk are limited to providing services exclusively to the bank or members of the bank's group.

Exemption — foreign banks and associated entities 2 Paragraph 522.22(1)(b) of the Bank Act does not apply

to a foreign bank's or, in the case of an entity associated with a foreign bank, the entity's acquisition of control of an entity if the financial intermediary activities of the controlled entity that expose the controlled entity to material market or credit risk are limited to providing services exclusively to the foreign bank or members of the foreign bank's group. Exemption — bank holding companies 3 Subsections 930(5) and (6) of the Bank Act do not apply to a bank holding company's acquisition of control of, or a bank holding company's acquisition or increase of a substantial investment in, an entity referred to in paragraph 930(4)(c) of that Act if the financial intermediary activities of the entity that expose the entity to material market or credit risk are limited to providing services exclusively to the bank holding company or members of the bank holding company's group.

Coming into Force Coming into force 4 These Regulations come into force on the day

on which they are registered.

Current to June 20, 2022

