Bank Act — B-1.01 507
ontrolled by a foreign bank or an entity associated with a foreign bank, but a Canadian entity is not a non-bank affiliate of a foreign bank by reason only that a bank that is a subsidiary of the foreign bank or of the entity associated with a foreign bank controls, or holds a substantial investment in, the Canadian entity. ( établissement affilié à une banque étrangère ) permitted Canadian entity means a Canadian entity that a foreign bank or an entity associated with a foreign bank may control in accordance with section 522.08, or in which a foreign bank or an entity associated with a foreign bank is permitted to acquire a substantial investment in accordance with that section. ( entité canadienne admissible ) 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 ) specialized financing entity means a Canadian entity that is a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial ) Entity associated with foreign bank (2) For the purposes of this Part, (a) an entity is associated with a foreign bank if (i) the entity controls, or is controlled by, the foreign bank, or (ii) the entity and the foreign bank are controlled by the same person; (b) an entity may be associated with more than one foreign bank; and (c) a foreign bank may be associated with another foreign bank. Entity deemed to be associated with a foreign bank (3) For the purposes of this Part, the Minister may deem an entity to be associated with a foreign bank if, in the opinion of the Minister, it is reasonable to conclude that under any agreement, commitment or understanding, whether formal or informal, verbal or written, (a) the foreign bank is acting, jointly or in concert, in relation to the shares or ownership interests of the entity, with one or more other persons such that, if they were one person, they would control the entity; (b) the entity is acting, jointly or in concert, in relation to the shares or ownership interests of the foreign bank, with one or more other persons such that, if they were one person, they would control the foreign bank; (c) another entity that is associated with the foreign bank is acting, jointly or in concert, in relation to the shares or ownership interests of the entity, with one or more other persons such that, if they were one person, they would control the entity; (d) a person who controls the entity is acting, jointly or in concert, in relation to the shares or ownership interests of the foreign bank, with one or more other persons, such that, if they were one person, they would control the foreign bank; (e) a person who controls the foreign bank is acting, jointly or in concert, in relation to the shares or ownership interests of the entity, with one or more other persons, such that, if they were one person, they would control the entity; or (f) two or more persons are acting, jointly or in concert, in relation to the shares or ownership interests of the entity and the foreign bank such that, if they were one person, they would control the entity and the foreign bank. Deemed substantial investment by foreign bank (4) For the purposes of this Part, a foreign bank is deemed to hold a substantial investment in a Canadian entity if (a) the foreign bank and one or more entities associated with the foreign bank, or (b) two or more entities associated with the foreign bank would, if they were one person, hold a substantial investment in the Canadian entity. Deemed substantial investment by entity associated (5) For the purposes of this Part, an entity associated with a foreign bank is deemed to hold a substantial investment in a Canadian entity if (a) the entity and the foreign