GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01
representative office means an office established to represent a foreign bank in Canada that is not subject to the direction of, or management by, an entity incorporated or formed by or under an Act of Parliament or of the legislature of a province, and the personnel of which are employed directly or indirectly by the foreign bank. ( bureau de représentation )
Bank Act — B-1.01
specialized financing entity means a Canadian entity that is a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial )
Bank Act — B-1.01 508
tus (3) Despite subsection (2), the Minister may, subject to any terms and conditions that he or she considers appropriate, exempt an entity from being a member of a material banking group if neither of the ratios determined in accordance with that subsection in relation to that entity exceeds the percentage prescribed for the purposes of this subsection. Subsections 507(4) to (7) do not apply (4) Subsections 507(4) to (7) do not apply with respect to the making of any determination relating to control or a substantial investment for the purposes of subparagraph (1)(b)(iii). Definitions (5) The following definitions apply in this section. total assets , in respect of an entity, means the total value of its assets (a) as reported on a consolidated basis in its most recently completed financial statements that were prepared in accordance with generally accepted accounting principles in (i) the jurisdiction in which the entity was formed or incorporated, (ii) a jurisdiction in which it carries on business, or (iii) a country or territory that is a WTO Member as defined in subsection 2(1) of the World Trade Organization Agreement Implementation Act ; or (b) if its most recently completed financial statements were not prepared in the manner described in paragraph (a), as would have been reported on a consolidated basis in its most recently completed financial statements had they been prepared in accordance with generally accepted accounting principles in Canada. ( actif total ) total revenue , in respect of an entity, means its total revenue (a) as reported on a consolidated basis in its most recently completed financial statements that were prepared in accordance with generally accepted accounting principles in (i) the jurisdiction in which the entity was formed or incorporated, (ii) a jurisdiction in which it carries on business, or (iii) a country or territory that is a WTO Member as defined in subsection 2(1) of the World Trade Organization Agreement Implementation Act ; or (b) if its most recently completed financial statements were not prepared in the manner described in paragraph (a), as would have been reported on a consolidated basis in its most recently completed financial statements had they been prepared in accordance with generally accepted accounting principles in Canada. ( recettes d’exploitation totales ) 1991, c. 46, s. 508, c. 47, s. 756; 1993, c. 44, s. 29; 1994, c. 47, s. 26; 1999, c. 28, s. 28; 2001, c. 9, s. 132; 2007, c. 6, s. 49
Bank Act — B-1.01 (a)
total assets , in respect of an entity, means the total value of its assets (a) as reported on a consolidated basis in its most recently completed financial statements that were prepared in accordance with generally accepted accounting principles in (i) the jurisdiction in which the entity was formed or incorporated, (ii) a jurisdiction in which it carries on business, or (iii) a country or territory that is a WTO Member as defined in subsection 2(1) of the World Trade Organization Agreement Implementation Act ; or (b) if its most recently completed financial statements were not prepared in the manner described in paragraph (a), as would have been reported on a consolidated basis in its most recently completed financial statements had they been prepared in accordance with generally accepted accounting principles in Canada. ( actif total )
Bank Act — B-1.01 (a)
total revenue , in respect of an entity, means its total revenue (a) as reported on a consolidated basis in its most recently completed financial statements that were prepared in accordance with generally accepted accounting principles in (i) the jurisdiction in which the entity was formed or incorporated, (ii) a jurisdiction in which it carries on business, or (iii) a country or territory that is a WTO Member as defined in subsection 2(1) of the World Trade Organization Agreement Implementation Act ; or (b) if its most recently completed financial statements were not prepared in the manner described in paragraph (a), as would have been reported on a consolidated basis in its most recently completed financial statements had they been prepared in accordance with generally accepted accounting principles in Canada. ( recettes d’exploitation totales )
Bank Act — B-1.01 510
Prohibited activities 510 (1) Except as permitted by this Part, a foreign bank or an entity associated with a foreign bank shall not (a) in Canada, engage in or carry on (i) any business that a bank is permitted to engage in or carry on under this Act, or (ii) any other business; (b) maintain a branch in Canada for any purpose; (c) establish, maintain or acquire for use in Canada an automated banking machine, a remote service unit or a similar automated service, or in Canada accept data from such a machine, unit or service; or (d) acquire or hold control of, or a substantial investment in, a Canadian entity. Deeming re acts of agent, etc. — foreign banks (2) For the purposes of this Part, a foreign bank is deemed to be carrying out or to have carried out anything prohibited by subsection (1) if it is carried out by a nominee or agent of the foreign bank acting as such. Deeming re acts of agent, etc. — associated entities (3) For the purposes of this Part, an entity associated with a foreign bank is deemed to be carrying out or to have carried out anything prohibited by subsection (1) if it is carried out by a nominee or agent of the entity associated with the foreign bank acting as such. Non-application re federal institutions associated with a foreign bank (4) Subsection (1) does not apply to (a) an entity referred to in any of paragraphs 468(1)(a) to (f) that is an entity associated with a foreign bank; or (b) a Canadian entity that an entity referred to in paragraph (a) controls, or in which such an entity has a substantial investment. Non-application re Canadian entity associated with a foreign bank (5) Paragraphs (1)(a) and (b) do not apply to a Canadian entity that is an entity associated with a foreign bank and that is held or acquired in accordance with this Part. 1991, c. 46, s. 510; 1996, c. 6, s. 9; 1997, c. 15, s. 77; 2001, c. 9, s. 132; 2007, c. 6, s. 50
Bank Act — B-1.01 510.01
Limit — business growth fund 510.01 (1) The aggregate value of all ownership interests in the business growth fund and the entities that the business growth fund controls that a foreign bank and the entities associated with it hold must not exceed $200,000,000. Application (2) For the purposes of subsection (1), the value of an ownership interest is determined by the amount paid for it at the time of its issuance. 2018, c. 27, s. 142
Bank Act — B-1.01 510.02
Business growth fund 510.02 (1) Subject to section 510.01 and subsections (2) to (4), a foreign bank or an entity associated with a foreign bank may hold or acquire a substantial investment in the business growth fund or a Canadian entity that the business growth fund controls. For greater certainty (2) For greater certainty, a foreign bank or an entity associated with a foreign bank is prohibited from acquiring control of the business growth fund or any Canadian entity that the business growth fund controls. Prohibition — entity (3) A foreign bank or an entity associated with a foreign bank is prohibited from holding or acquiring a substantial investment in the business growth fund or any Canadian entity that the business growth fund controls if the business growth fund or any entity that the business growth fund controls holds or acquires shares of, or other ownership interests in, any of the following entities, or in any entity that controls any of the following entities: (a) an entity referred to in any of paragraphs 468(1)(a) to (j); (b) an entity that is primarily engaged in the leasing of motor vehicles in Canada for the purpose of extending credit to a customer or financing a customer’s acquisition of a motor vehicle; (c) an entity that is primarily engaged in providing temporary possession of personal property, including motor vehicles, to customers in Canada for a purpose other than to finance the customer’s acquisition of the property; (d) an entity that acts as an insurance broker or agent in Canada; or (e) an entity that is engaged in any prescribed activity. Prohibition — capital and loans (4) A foreign bank or an entity associated with a foreign bank is prohibited from holding or acquiring a substantial investment in the business growth fund or any Canadian entity that the business growth fund controls if the business growth fund or any entity that the business growth fund controls holds shares of, or other ownership interests in, an entity or holds a loan made to an entity and, in respect of that entity and its affiliates, the aggregate value of the following exceeds $100,000,000: (a) all ownership interests that are held by the foreign bank, the entities associated with the foreign bank, the business growth fund or the entities that the business growth fund controls, the value of those ownership interests as determined by the amount paid for them at the time each was first acquired by any of those entities; and (b) the outstanding principal of all loans held by the business growth fund or the entities that the business growth fund controls. 2018, c. 27, s. 142
Bank Act — B-1.01 510.1
Exception re real property holding and management 510.1 Except as may be prescribed, paragraphs 510(1)(a) and (b) do not apply in respect of the holding or managing of, or otherwise dealing with, real property in Canada by a foreign bank or an entity associated with a foreign bank. 2007, c. 6, s. 51
Bank Act — B-1.01 511
Exception re accessing accounts 511 Nothing in paragraphs 510(1)(a) to (c) is to be construed as prohibiting a foreign bank or an entity associated with a foreign bank from providing its customers who are natural persons not ordinarily resident in Canada with access in Canada to their accounts located outside Canada through the use of automated banking machines located in Canada. 1991, c. 46, s. 511; 2001, c. 9, s. 132; 2007, c. 6, s. 51
Bank Act — B-1.01 512
Exception re quotations 512 Nothing in paragraphs 510(1)(a) to (c) is to be construed as prohibiting a foreign bank or an entity associated with a foreign bank from establishing, maintaining or using a private telephone service or similar facility for the purpose of quoting to customers in Canada, or entering with customers in Canada into verbal agreements relating to, foreign exchange, deposit or loan rates if there is no accounting or information processing involved in the private telephone service or similar facility. 1991, c. 46, s. 512; 2001, c. 9, s. 132
Bank Act — B-1.01 513
Exception re automated services 513 (1) A foreign bank, or an entity associated with a foreign bank, that has received the approval of the Minister under paragraph 522.22(1)(f) may (a) if it is a foreign securities dealer that has also received the approval of the Minister under paragraph 522.22(1)(i), engage in the activities referred to in paragraph 510(1)(c) so long as they relate to its business referred to in paragraph 522.18(1)(b); and (b) if it is a foreign cooperative credit society, engage in the activities referred to in paragraph 510(1)(c) so long as they relate to its business as a cooperative credit society engaged in or carried on by it in accordance with provincial laws relating to cooperative credit societies. Non-application (2) Paragraph 510(1)(c) does not apply to (a) a Canadian entity referred to in any of paragraphs 468(1)(g) to (i); (b) a prescribed Canadian entity, other than a permitted Canadian entity, that is controlled by a Canadian entity referred to in paragraph (a); or (c) any other Canadian entity, other than a limited commercial entity, that is acquired or held by a foreign bank or an entity associated with a foreign bank in accordance with Divisions 4 and 5, and that has received the approval of the Minister under paragraph 522.22(1)(i). 1991, c. 46, s. 513; 1997, c. 15, s. 78; 1999, c. 28, s. 29; 2001, c. 9, s. 132; 2007, c. 6, s. 52
Bank Act — B-1.01 516
Change of status 516 (1) If an entity becomes a foreign bank, or an entity associated with a foreign bank, to which this Part applies and immediately before it became such a foreign bank or such an entity it maintained a branch or engaged in or carried on business in Canada that is not permitted by or under this Part, it may continue to maintain that branch or engage in or carry on that business for a period of six months after the day on which it became such a foreign bank or such an entity, or for any other shorter period that may be specified or approved by the Minister. Transitional (2) If a foreign bank or an entity associated with a foreign bank was permitted by section 516 or 517, as that section read immediately before the day on which this subsection came into force, to maintain a branch or engage in or carry on business in Canada that is not permitted by or under this Part, it may continue to maintain that branch or engage in or carry on that business for the period during which it could have done so under that section . 1991, c. 46, s. 516; 2001, c. 9, s. 132; 2007, c. 6, s. 53
Bank Act — B-1.01 517
Change of status 517 (1) If an entity becomes a foreign bank, or an entity associated with a foreign bank, to which this Part applies and immediately before it became such a foreign bank or such an entity it held control of, or a substantial investment in, a Canadian entity and that control or substantial investment is not permitted by or under this Part, it may continue to hold control of, or a substantial investment in, the Canadian entity for a period of six months after the day on which it became such a foreign bank or such an entity, or for any other shorter period that may be specified or approved by the Minister. Transitional (2) If a foreign bank or an entity associated with a foreign bank was permitted by section 516 or 517, as that section read immediately before the day on which this subsection came into force, to hold control of, or a substantial investment in, a Canadian entity and that holding is not permitted by or under this Part, it may continue to hold control of, or the substantial investment in, the Canadian entity for the period during which it could have done so under that section. 1991, c. 46, s. 517; 1997, c. 15, s. 81; 2001, c. 9, s. 132; 2007, c. 6, s. 53
Bank Act — B-1.01 517.1
Restriction 517.1 If an order has been made under subsection 973.1(1) in respect of a foreign bank or an entity associated with a foreign bank and section 516 or 517 applies to the foreign bank or entity, as the case may be, the period under section 516 or 517 may not extend beyond the expiry of the period referred to in the order made under subsection 973.1(1). 2001, c. 9, s. 132; 2007, c. 6, s. 54(E)
Bank Act — B-1.01 518
Prohibition re guarantee and acceptance of securities and bills 518 (1) Subject to subsections (2) to (4), (a) a foreign bank shall not guarantee any securities or accept any bills of exchange or depository bills that are issued by a person resident in Canada and that are intended by the issuer or by any party to the security or bill to be sold or traded in Canada; and (b) no person shall participate in any arrangement in connection with a guarantee or acceptance prohibited by paragraph (a). Exception (2) Subsection (1) does not apply in respect of the guarantee or acceptance by a foreign bank of securities, bills of exchange or depository bills that are issued by (a) a non-bank affiliate of the foreign bank; (b) any other person resident in Canada and guaranteed or accepted by (i) a bank that is a subsidiary of the foreign bank or of an entity associated with the foreign bank, (ii) a Canadian entity referred to in any of paragraphs 468(1)(a) to (i) in which a bank that is a subsidiary of the foreign bank, or of an entity associated with the foreign bank, holds a substantial investment, (iii) a Canadian entity referred to in any of paragraphs 468(1)(a) to (i) that is controlled by a bank that is a subsidiary of the foreign bank, or of an entity associated with the foreign bank, (iv) a Canadian entity referred to in any of paragraphs 468(1)(b) to (i) that is a non-bank affiliate of the foreign bank, or (v) a prescribed entity; (c) a bank that is a subsidiary of the foreign bank or of an entity associated with the foreign bank; (d) a Canadian entity in which a bank that is a subsidiary of the foreign bank, or of an entity associated with the foreign bank, holds a substantial investment; (e) a Canadian entity controlled by a bank that is a subsidiary of the foreign bank or of an entity associated with the foreign bank; or (f) a prescribed entity. Exception (3) Subsection (1) does not apply in respect of (a) the business in Canada of an authorized foreign bank; or (b) a foreign insurance company in relation to its insurance business in Canada. Exception (4) Despite subsection (1), a foreign bank, or an entity associated with a foreign bank, that has received the approval of the Minister under paragraph 522.22(1)(f) may guarantee any securities or accept any bills of exchange or depository bills in relation to its business permitted under paragraph 522.18(1)(a) or (b). 1991, c. 46, s. 518; 1997, c. 15, s. 82; 1999, c. 28, s. 30, c. 31, s. 15(F); 2001, c. 9, s. 132; 2007, c. 6, s. 55
Bank Act — B-1.01 519
Prohibited activities — non-bank affiliates 519 (1) Despite subsections 510(4) and (5), a non-bank affiliate of a foreign bank shall not, in Canada, (a) engage in the business of accepting deposit liabilities; (b) engage in the business of acting as an agent for the acceptance of deposit liabilities for a foreign bank or an entity associated with a foreign bank, other than for (i) an authorized foreign bank, (ii) a foreign cooperative credit society that has received the approval of the Minister under paragraph 522.22(1)(f) to engage in or carry on the business of a cooperative credit society, or (iii) an entity referred to in any of paragraphs 468(1)(a), (c), (d) and (h) or a trust or loan corporation referred to in paragraph 468(1)(g); or (c) represent to the public that any instrument issued by it is a deposit or that any liability incurred by it is a deposit. Exception (2) Subsection (1) does not apply to a non-bank affiliate that is (a) a trust or loan corporation incorporated by or under an Act of Parliament or of the legislature of a province; (b) a Canadian entity referred to in paragraph 468(1)(d) or (h); or (c) a prescribed entity. 1991, c. 46, s. 519; 1997, c. 15, s. 83; 1999, c. 28, s. 31; 2001, c. 9, s. 132; 2007, c. 6, s. 56
Bank Act — B-1.01 519.1
Borrowing from the public — non-bank affiliates 519.1 (1) A non-bank affiliate of a foreign bank that carries on as part of its business the provision of financial services may borrow money in Canada from the public only if it discloses that (a) it is not a member institution of the Canada Deposit Insurance Corporation; (b) the liability incurred by it through the borrowing is not a deposit; and (c) it is not regulated as a financial institution in Canada. Manner of disclosure (2) The disclosure must be (a) in a prospectus, information circular or other offering document or a similar document related to the borrowing or, if there is no such document, in a statement delivered to the lender; or (b) in any other manner that may be prescribed. Exception for certain borrowing (3) Subsection (1) does not apply (a) to a borrowing of a prescribed class or type or to a borrowing in prescribed circumstances or in a prescribed manner; or (b) except as may be provided in any regulations, to a borrowing (i) from a person in an amount of $150,000 or more, or (ii) through the issue of instruments in denominations of $150,000 or more. Exception (4) Subsection (1) does not apply to a non-bank affiliate that is (a) a Canadian entity referred to in any of paragraphs 468(1)(b), (c) or (e) to (g); (b) an entity controlled by a bank holding company or an insurance holding company or in which a bank holding company or an insurance holding company has a substantial investment; (c) a financial institution referred to in paragraph (g) of the definition financial institution in section 2; or (d) a prescribed entity. 2007, c. 6, s. 56
Bank Act — B-1.01 520
Prohibition re deposits 520 (1) A foreign bank — or an entity that is associated with a foreign bank and that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province — shall not, as part of its business in Canada, (a) engage in the business of accepting deposit liabilities; (b) engage in the business of acting as an agent for the acceptance of deposit liabilities for a foreign bank or an entity associated with a foreign bank; or (c) represent to the public that any instrument issued by it is a deposit or that any liability incurred by it is a deposit. Exception (2) Subsection (1) does not apply to (a) a foreign bank that is an authorized foreign bank; or (b) a foreign cooperative credit society that has received the approval of the Minister under paragraph 522.22(1)(f) to engage in or carry on the business of a cooperative credit society. Exception (3) Paragraph (1)(b) does not apply to a foreign securities dealer that has received the approval of the Minister under paragraph 522.22(1)(f) or to a foreign insurance company — or to a prescribed entity — that engages in the business of acting as an agent for the acceptance of deposit liabilities for (a) an authorized foreign bank; (b) a foreign cooperative credit society that has received the approval of the Minister under paragraph 522.22(1)(f) to engage in or carry on the business of a cooperative credit society; or (c) an entity referred to in paragraph 468(1)(a), (c), (d) or (h) or a trust or loan corporation referred to in paragraph 468(1)(g). 1991, c. 46, s. 520; 1999, c. 28, s. 32; 2001, c. 9, s. 132; 2007, c. 6, s. 56