GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Specialized Financing (Retail Associations) Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 389 a , 396 a and 463 b of the Cooperative Credit Associations Act c , hereby makes the annexed Specialized Financing (Retail Associations) Regulations . a S.C. 2001, c. 9, s. 314 b S.C. 2001, c. 9, s. 339 c S.C. 1991, c. 48
Specialized Financing (Retail Associations) Regulations — 1
Definitions 1 (1) The following definitions apply in these Regulations. Act means the Cooperative Credit Associations Act . ( Loi ) balance sheet value , in respect of the shares and ownership interests held by an entity, means the value reported on its balance sheet on an unconsolidated basis. ( valeur au bilan ) book value [Repealed, SOR/2008-168, s. 11] specialized financing entity of the retail association means a specialized financing entity that is controlled by the retail association or in which the retail association holds a substantial investment. ( entité de l’association de détail s’occupant de financement spécial ) subsidiary , in respect of a retail association, does not include a subsidiary that is a specialized financing entity of the retail association. ( filiale ) Definition of specialized financing entity (2) In these Regulations and for the purpose of the definition specialized financing entity in subsection 386(1) of the Act, specialized financing entity means an entity that acquires or holds shares of, or ownership interests in, entities that a retail association may acquire control of, or hold, acquire or increase a substantial investment in, under subsection 388(4) of the Act. SOR/2008-168, s. 11
Specialized Financing (Retail Associations) Regulations — Specialized Financing (Retail Associations) Regulations
Act means the Cooperative Credit Associations Act . ( Loi )
Specialized Financing (Retail Associations) Regulations — Specialized Financing (Retail Associations) Regulations
balance sheet value , in respect of the shares and ownership interests held by an entity, means the value reported on its balance sheet on an unconsolidated basis. ( valeur au bilan )
Specialized Financing (Retail Associations) Regulations — Specialized Financing (Retail Associations) Regulations
book value [Repealed, SOR/2008-168, s. 11]
Specialized Financing (Retail Associations) Regulations — Specialized Financing (Retail Associations) Regulations
specialized financing entity of the retail association means a specialized financing entity that is controlled by the retail association or in which the retail association holds a substantial investment. ( entité de l’association de détail s’occupant de financement spécial )
Specialized Financing (Retail Associations) Regulations — Specialized Financing (Retail Associations) Regulations
subsidiary , in respect of a retail association, does not include a subsidiary that is a specialized financing entity of the retail association. ( filiale )
Specialized Financing (Retail Associations) Regulations — 2
Application 2 These Regulations apply to specialized financing activities under subsection 388(4) of the Act and to the ownership by a retail association of shares of, or ownership interests in, a specialized financing entity under paragraph 390(2)(b) of the Act.
Specialized Financing (Retail Associations) Regulations — 3
Limits on investments 3 A retail association shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, (a) an entity referred to in any of paragraphs 390(1)(a) to (h) of the Act; (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; or (d) an entity that acts as an insurance broker or agent in Canada.
Specialized Financing (Retail Associations) Regulations — 4
Length of investment 4 A retail association shall not, by way of specialized financing activities, hold control of, or hold a substantial investment in, an entity for more than 13 consecutive years.
Specialized Financing (Retail Associations) Regulations — 5
Maximum authorized investment 5 A retail association shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, an entity if the aggregate balance sheet value of the shares and ownership interests that the retail association, any subsidiary of the retail association and any specialized financing entity of the retail association hold or would hold in the entity is more than $250 million. SOR/2008-168, s. 12
Specialized Financing (Retail Associations) Regulations — 6
Limit of 10% of regulatory capital 6 A retail association shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, an entity if the sum of the following exceeds 10% of the retail association’s regulatory capital: (a) the aggregate balance sheet value of the shares and ownership interests that the retail association and its subsidiaries, whether individually or jointly, would acquire in the entity, (b) the aggregate value of outstanding loans made by the retail association and its subsidiaries, whether individually or jointly, to the specialized financing entities of the retail association, and (c) the aggregate balance sheet value of the shares and ownership interests held by the retail association and its subsidiaries, whether individually or jointly, in the specialized financing entities of the retail association, in the entities controlled by the retail association by way of specialized financing activities, and in the entities in which the retail association holds a substantial investment by way of specialized financing activities. SOR/2008-168, s. 12
Specialized Financing (Retail Associations) Regulations — 7
Limit of 25% of regulatory capital — investment in a specialized financing entity 7 (1) A retail association shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, an entity controlled by a specialized financing entity of the retail association or an entity in which the specialized financing entity of the retail association holds a substantial investment, if the sum of the following exceeds or would exceed 25% of the retail association’s regulatory capital: (a) the aggregate balance sheet value of the shares and ownership interests held by the retail association and its subsidiaries, whether individually or jointly, in the specialized financing entity of the retail association, in the entities controlled by the specialized financing entity of the retail association and in the entities in which that specialized financing entity holds a substantial investment, and (b) the aggregate value of outstanding loans that the retail association and its subsidiaries, whether individually or jointly, have made to the specialized financing entity of the retail association, to the entities controlled by the specialized financing entity of the retail association and to the entities in which that specialized financing entity holds a substantial investment. Limit of 25% of regulatory capital — investment in an entity (2) A retail association shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, an entity, other than by way of an investment of a specialized financing entity controlled by the retail association, if the sum of the following exceeds 25% of the retail association’s regulatory capital: (a) the aggregate balance sheet value of the shares and ownership interests that the retail association and its subsidiaries, whether individually or jointly, would acquire in the entity, (b) the aggregate balance sheet value of the shares and ownership interests held by the retail association and its subsidiaries, whether individually or jointly, in the entities controlled by the retail association by way of specialized financing activities and in the entities in which the retail association holds a substantial investment by way of specialized financing activities, other than entities that the retail association has acquired control of, or a substantial investment in, by way of an investment of a specialized financing entity of the retail association, and (c) the aggregate value of outstanding loans that the retail association and its subsidiaries, whether individually or jointly, have made to the entities controlled by the retail association by way of specialized financing activities and to the entities in which the retail association holds a substantial investment by way of specialized financing activities, other than entities that the retail association has acquired control of, or a substantial investment in, by way of an investment of a specialized financing entity of the retail association. SOR/2008-168, s. 12
Specialized Financing (Retail Associations) Regulations — 9
Control not required 9 Subsection 390(4) of the Act does not apply to a retail association’s acquisition or increase of a substantial investment in an entity by way of specialized financing activities in accordance with these Regulations.
Specialized Financing (Retail Associations) Regulations — 10
Approvals not required 10 Subsections 390(5) and (6) of the Act do not apply to a retail association’s acquisition of control of, or its acquisition or increase of a substantial investment in, an entity by way of specialized financing activities in accordance with these Regulations.
Specialized Financing (Retail Associations) Regulations — Coming into force
Coming into force * 12 These Regulations come into force on the day on which sections 389, 396 and 463 of the Cooperative Credit Associations Act , as enacted by sections 314 and 339 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.]
Specialized Financing (Trust And Loan Companies) Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 452 a , 459 a and 531 b of the Trust and Loan Companies Act c , hereby makes the annexed Specialized Financing (Trust and Loan Companies) Regulations . a S.C. 2001, c. 9, s. 550 b S.C. 2001, c. 9, s. 569 c S.C. 1991, c. 45
Specialized Financing (Trust And Loan Companies) Regulations — 1
Definitions 1 (1) The following definitions apply in these Regulations. Act means the Trust and Loan Companies Act . ( Loi ) balance sheet value in respect of the shares and ownership interests held by an entity, means the value reported on its balance sheet on an unconsolidated basis. ( valeur au bilan ) book value [Repealed, SOR/2008-168, s. 27] specialized financing entity of the company means a specialized financing entity that is controlled by the company or in which the company holds a substantial investment. ( entité de la société s’occupant de financement spécial ) subsidiary , in respect of a company, does not include a subsidiary that is a specialized financing entity of the company. ( filiale ) Definition of specialized financing entity (2) In these Regulations and for the purpose of the definition specialized financing entity in subsection 449(1) of the Act, specialized financing entity means an entity that acquires or holds shares of, or ownership interests in, entities that a company may acquire control of, or hold, acquire or increase a substantial investment in, under subsection 451(4) of the Act. SOR/2008-168, s. 27
Specialized Financing (Trust And Loan Companies) Regulations — Specialized Financing (Trust And Loan Companies) Regulations
Act means the Trust and Loan Companies Act . ( Loi )
Specialized Financing (Trust And Loan Companies) Regulations — Specialized Financing (Trust And Loan Companies) Regulations
balance sheet value in respect of the shares and ownership interests held by an entity, means the value reported on its balance sheet on an unconsolidated basis. ( valeur au bilan )
Specialized Financing (Trust And Loan Companies) Regulations — Specialized Financing (Trust And Loan Companies) Regulations
book value [Repealed, SOR/2008-168, s. 27]
Specialized Financing (Trust And Loan Companies) Regulations — Specialized Financing (Trust And Loan Companies) Regulations
specialized financing entity of the company means a specialized financing entity that is controlled by the company or in which the company holds a substantial investment. ( entité de la société s’occupant de financement spécial )
Specialized Financing (Trust And Loan Companies) Regulations — Specialized Financing (Trust And Loan Companies) Regulations
subsidiary , in respect of a company, does not include a subsidiary that is a specialized financing entity of the company. ( filiale )
Specialized Financing (Trust And Loan Companies) Regulations — 2
Application 2 These Regulations apply to specialized financing activities under subsection 451(4) of the Act and to the ownership by a company of shares of, or ownership interests in, a specialized financing entity under paragraph 453(2)(b) of the Act.
Specialized Financing (Trust And Loan Companies) Regulations — 3
Limits on investments 3 A company shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, (a) an entity referred to in any of paragraphs 453(1)(a) to (j) of the Act; (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; or (d) an entity that acts as an insurance broker or agent in Canada.
Specialized Financing (Trust And Loan Companies) Regulations — 4
Length of investment 4 A company shall not, by way of specialized financing activities, hold control of, or hold a substantial investment in, an entity for more than 13 consecutive years.
Specialized Financing (Trust And Loan Companies) Regulations — 5
Maximum authorized investment 5 A company shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, an entity if the aggregate balance sheet value of the shares and ownership interests that the company, any subsidiary of the company and any specialized financing entity of the company hold or would hold in the entity is more than $250 million. SOR/2008-168, s. 28
Specialized Financing (Trust And Loan Companies) Regulations — 6
Limit of 10% of regulatory capital 6 A company shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, an entity if the sum of the following exceeds 10% of the company’s regulatory capital: (a) the aggregate balance sheet value of the shares and ownership interests that the company and its subsidiaries, whether individually or jointly, would acquire in the entity, (b) the aggregate value of outstanding loans made by the company and its subsidiaries, whether individually or jointly, to the specialized financing entities of the company, and (c) the aggregate balance sheet value of the shares and ownership interests held by the company and its subsidiaries, whether individually or jointly, in the specialized financing entities of the company, in the entities controlled by the company by way of specialized financing activities, and in the entities in which the company holds a substantial investment by way of specialized financing activities. SOR/2008-168, s. 28
Specialized Financing (Trust And Loan Companies) Regulations — 7
Limit of 25% of regulatory capital — investment in a specialized financing entity 7 (1) A company shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, an entity controlled by a specialized financing entity of the company or an entity in which the specialized financing entity of the company holds a substantial investment, if the sum of the following exceeds or would exceed 25% of the company’s regulatory capital: (a) the aggregate balance sheet value of the shares and ownership interests held by the company and its subsidiaries, whether individually or jointly, in the specialized financing entity of the company, in the entities controlled by the specialized financing entity of the company and in the entities in which that specialized financing entity holds a substantial investment, and (b) the aggregate value of outstanding loans that the company and its subsidiaries, whether individually or jointly, have made to the specialized financing entity of the company, to the entities controlled by the specialized financing entity of the company and to the entities in which that specialized financing entity holds a substantial investment. Limit of 25% of regulatory capital — investment in an entity (2) A company shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in, an entity, other than by way of an investment of a specialized financing entity controlled by the company, if the sum of the following exceeds 25% of the company’s regulatory capital: (a) the aggregate balance sheet value of the shares and ownership interests that the company and its subsidiaries, whether individually or jointly, would acquire in the entity, (b) the aggregate balance sheet value of the shares and ownership interests held by the company and its subsidiaries, whether individually or jointly, in the entities controlled by the company by way of specialized financing activities and in the entities in which the company holds a substantial investment by way of specialized financing activities, other than entities that the company has acquired control of, or a substantial investment in, by way of an investment of a specialized financing entity of the company, and (c) the aggregate value of outstanding loans that the company and its subsidiaries, whether individually or jointly, have made to the entities controlled by the company by way of specialized financing activities and to the entities in which the company holds a substantial investment by way of specialized financing activities, other than entities that the company has acquired control of, or a substantial investment in, by way of an investment of a specialized financing entity of the company. SOR/2008-168, s. 28
Specialized Financing (Trust And Loan Companies) Regulations — 8
Definition of non-controlling interest 8 (1) In this section, non-controlling interest means an equity interest, in a specialized financing entity of the company controlled by a specialized financing entity, that is held by a person other than the company or an entity controlled by the company. Ownership restrictions (2) A company shall not acquire or hold control of, or hold, acquire or increase a substantial investment in, a specialized financing entity if (a) the value of the outstanding debt obligations, other than those payable to the company or to entities controlled by the company, of the specialized financing entity and any specialized financing entity of the company controlled by the specialized financing entity, as reported on their respective balance sheets on an unconsolidated basis, exceeds twice the value of the sum of the following, namely (i) the value of the excess of assets over liabilities of the specialized financing entity as reported on its balance sheet on an unconsolidated basis, and (ii) the value of the non-controlling interests as reported on the balance sheet of the specialized financing entity on a consolidated basis; (b) the specialized financing entity controls or holds shares of, or ownership interests in, any of the entities referred to in paragraphs 3(a) to (d); (c) the aggregate balance sheet value of the shares and ownership interests, other than shares or ownership interests held by the specialized financing entity in a specialized financing entity of the company that it controls, that the company, the specialized financing entity, the subsidiaries of the company and the other specialized financing entities of the company hold, or would hold, in an entity that the specialized financing entity holds control of, or a substantial investment in, is more than $250 million; (d) the sum of the values under paragraphs 6(a) to (c) exceeds or would exceed 10% of the company’s regulatory capital; or (e) the sum of the values under paragraphs 7(1)(a) and (b) exceeds or would exceed 25% of the company’s regulatory capital. 13 year limit (3) A company shall not hold control of, or a substantial investment in, a specialized financing entity of the company if either the specialized financing entity of the company or the specialized financing entity of the company and one or more of the following entities, one after another, have held control of, or a substantial investment in, an entity, other than an entity described in subsection (4), for more than 13 consecutive years: (a) the company; or (b) any other specialized financing entity of the company. Exception (4) A specialized financing entity of the company controlled by the specialized financing entity of the company shall not be considered for the purpose of subsection (3). Prior periods not included (5) If a specialized financing entity of the company held control of, or a substantial investment in, an entity for a period before becoming the specialized financing entity of the company, that period shall not be considered for the purpose of subsection (3). SOR/2008-168, s. 28
Specialized Financing (Trust And Loan Companies) Regulations — 9
Control not required 9 Subsection 453(4) of the Act does not apply to a company’s acquisition or increase of a substantial investment in an entity by way of specialized financing activities in accordance with these Regulations.
Specialized Financing (Trust And Loan Companies) Regulations — 10
Approvals not required 10 Subsections 453(5) and (6) of the Act do not apply to a company’s acquisition of control of, or its acquisition or increase of a substantial investment in, an entity by way of specialized financing activities in accordance with these Regulations.
Specialized Financing (Trust And Loan Companies) Regulations — Coming into force
Coming into force * 12 These Regulations come into force on the day on which sections 452, 459 and 531 of the Trust and Loan Companies Act , as enacted by sections 550 and 569 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.]
Specialized Financing (Foreign Banks) Regulations — a
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 522.23 a and 978 b of the Bank Act c , hereby makes the annexed Specialized Financing (Foreign Banks) Regulations . a S.C. 2001, c. 9, s. 132 b S.C. 2001, c. 9, s. 183 c S.C. 1991, c. 46