GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 520.1
Borrowing from the public 520.1 (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 — may, as part of its business in Canada, borrow money in Canada from the public only if (a) it maintains a branch in Canada as permitted by section 522.05 or 522.19 or it engages in or carries on business in Canada as permitted by that section; and (b) it discloses that (i) it is not a member institution of the Canada Deposit Insurance Corporation, (ii) the liability incurred through the borrowing is not a deposit, and (iii) 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) The disclosure is not required in respect of (a) a borrowing of a prescribed class or type or a borrowing in prescribed circumstances or in a prescribed manner; or (b) except as may be provided in any regulations, 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) 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; (c) a foreign insurance company; (d) a foreign securities dealer that has received the approval of the Minister under paragraph 522.22(1)(f); or (e) a prescribed entity. 2007, c. 6, s. 56
Bank Act — B-1.01 521
Regulations 521 The Governor in Council may make regulations exempting any class or classes of businesses, investments, activities and branches from any of the prohibitions set out in section 510 or 518. 1991, c. 46, s. 521; 1997, c. 15, s. 84; 1999, c. 28, s. 33; 2001, c. 9, s. 132
Bank Act — B-1.01 522
Permitted Canadian offices 522 A foreign bank may (a) with the approval of the Superintendent and (i) subject to any terms and conditions that are attached to the approval, and (ii) subject to and in accordance with rules that are prescribed in relation to the operation of representative offices and the conduct of their personnel, maintain representative offices in Canada that are registered with the Superintendent in the prescribed manner; and (b) with the approval of the Governor in Council and subject to any terms and conditions that are attached to the approval, locate its head office in Canada and, from that office, issue directions and do all other things reasonably necessary for the conduct of its banking business outside Canada. 1991, c. 46, s. 522; 1997, c. 15, s. 85; 1999, c. 28, s. 34; 2001, c. 9, s. 132
Bank Act — B-1.01 522.01
Examination of representative offices 522.01 (1) The Superintendent shall, from time to time, make or cause to be made any examination and inquiry into the operation of any representative office of a foreign bank and the conduct of the personnel in that office that the Superintendent considers necessary for the purpose of ascertaining whether the office is being operated, and whether the personnel of the office are conducting themselves, in accordance with the rules prescribed for the purposes of paragraph 522(a). Powers of Superintendent (2) For the purposes of subsection (1), the Superintendent and any person acting under the direction of the Superintendent have the same powers and obligations that the Superintendent has in relation to the examination of banks under this Act. 2001, c. 9, s. 132
Bank Act — B-1.01 522.011
Name of representative office 522.011 If the name under which a representative office of a foreign bank is or will be identifying itself in Canada is one referred to in any of paragraphs 530(1)(a) to (e), the Superintendent may, as the case may be, (a) refuse to grant the approval referred to in paragraph 522(a); (b) impose restrictions on the use of the name in Canada; or (c) direct the foreign bank to change the name. 2007, c. 6, s. 57
Bank Act — B-1.01 522.02
Cancellation of registration 522.02 The Superintendent may cancel the registration of a representative office of a foreign bank if (a) the foreign bank requests the Superintendent to cancel the registration; (b) the Superintendent is of the opinion that the representative office is not being operated, or the personnel of that office are not conducting themselves, in accordance with the rules prescribed for the purposes of paragraph 522(a); or (c) the Superintendent is of the opinion that the foreign bank has failed to comply with a restriction imposed under paragraph 522.011(b) or a direction made under paragraph 522.011(c). 2001, c. 9, s. 132; 2007, c. 6, s. 57
Bank Act — B-1.01 522.03
Business conducted from head office in Canada 522.03 (1) Subject to subsections (2) and (3), if the head office of a foreign bank is located in Canada under paragraph 522(b), the foreign bank shall not conduct any business from that office with persons resident in Canada or with Her Majesty in right of Canada or a province except for the purpose of acquiring premises, supplies, services and staff for that office. Exception (2) If a foreign bank, immediately before the establishment of its head office in Canada under paragraph 522(b), held deposits of, or had loans outstanding to, persons resident in Canada or Her Majesty in right of Canada or a province, the foreign bank may repay those deposits and collect those loans through the head office in Canada. Exception (3) If a foreign bank controlled a bank or was a major shareholder of a bank immediately before the establishment of the foreign bank’s head office in Canada under paragraph 522(b), the foreign bank may continue to carry out from the head office in Canada any activities that were carried out from the head office of the foreign bank in relation to the bank before the establishment of the head office in Canada. 2001, c. 9, s. 132
Bank Act — B-1.01 522.04
Permitted investment — foreign bank 522.04 (1) A foreign bank that does not have a financial establishment in Canada may acquire or hold control of, or a substantial investment in, a Canadian entity, so long as, by virtue of the acquisition, neither the foreign bank nor any entity associated with the foreign bank controls or becomes a major owner of (a) a Canadian entity referred to in any of paragraphs 468(1)(a) to (i); or (b) a Canadian entity that is a financial services entity. Permitted investment — associated entity (2) An entity that is associated with a foreign bank and that does not have a financial establishment in Canada may acquire or hold control of, or a substantial investment in, a Canadian entity, so long as, by virtue of the acquisition, neither the entity nor the foreign bank, nor any other entity associated with the foreign bank, controls or becomes a major owner of (a) a Canadian entity referred to in any of paragraphs 468(1)(a) to (i); or (b) a Canadian entity that is a financial services entity. 2001, c. 9, s. 132
Bank Act — B-1.01 522.05
Permitted Canadian commercial branch 522.05 A foreign bank, or an entity that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province and that is associated with a foreign bank, that does not have a financial establishment in Canada may maintain a branch in Canada or engage in or carry on business in Canada so long as less than (a) the prescribed portion — or if no portion is prescribed, 10 per cent — of its business in Canada, determined in the prescribed manner, consists of one or more of the activities referred to in any of paragraphs (a) to (g) of the definition financial services entity in subsection 507(1); and (b) the prescribed portion — or if no portion is prescribed, 10 per cent — of its business outside Canada, determined in the prescribed manner, consists of one or more activities referred to in any of (i) paragraphs (a) to (g) of the definition financial services entity in subsection 507(1), and (ii) paragraph (h) of that definition, except under prescribed circumstances. 2001, c. 9, s. 132
Bank Act — B-1.01 522.06
Permitted branches re leasing 522.06 Despite section 522.05, a foreign bank, or an entity that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province and that is associated with a foreign bank, that does not have a financial establishment in Canada and that outside Canada (a) engages only in the activities referred to in the definition leasing entity in subsection 507(1), or (b) engages only in activities other than those referred to in any of (i) paragraphs (a) to (g) of the definition financial services entity in subsection 507(1), and (ii) paragraph (h) of that definition, except under prescribed circumstances, may in Canada engage in the activities of a leasing entity so long as it does not engage in any other activity in Canada. 2001, c. 9, s. 132
Bank Act — B-1.01 522.07
Investment in a financial institution 522.07 Subject to the requirements relating to approval set out in Division 5, a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a Canadian entity referred to in any of paragraphs 468(1)(a) to (i). 2001, c. 9, s. 132; 2007, c. 6, s. 58
Bank Act — B-1.01 522.08
e of a Canadian entity that is controlled by the foreign bank or the entity associated with a foreign bank, the foreign bank or the entity associated with a foreign bank itself would be permitted to acquire or hold control of, or a substantial investment in, the other Canadian entity under this section or section 522.07 or 522.1 or Division 8, or (ii) in the case of a Canadian entity that is not controlled by the foreign bank or the entity associated with a foreign bank, the foreign bank or the entity associated with a foreign bank itself would be permitted to acquire or hold control of, or a substantial investment in, the other Canadian entity under this section, section 522.07, any of paragraphs 522.1(a) or (c) to (e) or Division 8; or (e) any prescribed activity. Exception (2.1) Despite paragraph (2)(a), a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied: (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and (b) if the entity engages in other business, that business is limited to engaging in one or more of the following: (i) the activities of a mutual fund distribution entity, (ii) any activity that a bank is permitted to engage in under paragraph 410(1)(c.2), and (iii) the provision of investment counselling services and portfolio management services. 2001, c. 9, s. 132; 2007, c. 6, s. 59; 2012, c. 5, s. 55
Bank Act — B-1.01 522.09
Investment in a limited commercial entity — foreign bank 522.09 (1) Subject to the requirements relating to approval set out in Division 5, a foreign bank that has a financial establishment in Canada may acquire or hold control of, or a substantial investment in, a Canadian entity if (a) the Canadian entity is not an entity referred to in any of paragraphs 468(1)(a) to (i); (b) the Canadian entity does not engage in more than the prescribed portion of — or if no portion is prescribed, 10 per cent of — the activities referred to in paragraphs 522.08(1)(a) to (f) or in any of paragraphs (a) to (h) of the definition financial services entity in subsection 507(1), determined in the prescribed manner; (c) the Canadian entity does not engage in any leasing activities; and (d) in the opinion of the Minister, the Canadian entity engages in or carries on business that is the same as, or similar, related or incidental to, the business outside Canada of the foreign bank or any entity associated with the foreign bank. Investment in a limited commercial entity — entity associated with a foreign bank (2) Subject to the requirements relating to approval set out in Division 5, an entity that is associated with a foreign bank and that has a financial establishment in Canada may acquire or hold control of, or a substantial investment in, a Canadian entity if (a) the Canadian entity is not an entity referred to in any of paragraphs 468(1)(a) to (i); (b) the Canadian entity does not engage in more than the prescribed portion of — or if no portion is prescribed, 10 per cent of — the activities referred to in paragraphs 522.08(1)(a) to (f) or in any of paragraphs (a) to (h) of the definition financial services entity in subsection 507(1), determined in the prescribed manner; (c) the Canadian entity does not engage in leasing activities; and (d) in the opinion of the Minister, the Canadian entity engages in or carries on business that is the same as, or similar, related or incidental to, the business outside Canada of the entity associated with the foreign bank, the foreign bank or any other entity associated with the foreign bank. Investment in holding body corporate — limited commercial entities (3) A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a Canadian entity whose business is limited to acquiring or holding shares of, or ownership interests in, limited commercial entities. 2001, c. 9, s. 132; 2007, c. 6, s. 60
Bank Act — B-1.01 522.1
Acquisition of other investments 522.1 A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a Canadian entity (a) by way of an investment permitted by any of sections 522.11 to 522.13; (b) by way of a temporary investment permitted by section 522.14; (c) as a result of a default that has occurred under the terms of an agreement with respect to a loan or under any other documents governing the terms of a loan, as permitted by section 522.15; (d) through a realization of security, as permitted by section 522.15; or (e) if it does so in accordance with regulations made under paragraph 522.23(a) concerning specialized financing. 2001, c. 9, s. 132; 2007, c. 6, s. 61
Bank Act — B-1.01 522.11
Indirect investments through federal institutions 522.11 (1) A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a Canadian entity by way of (a) an acquisition or holding of the control of a Canadian entity referred to in any of paragraphs 468(1)(a) to (f), or of a prescribed Canadian entity, that controls or has a substantial investment in the Canadian entity; or (b) an acquisition or holding of shares or ownership interests in the Canadian entity by (i) a Canadian entity referred to in any of paragraphs 468(1)(a) to (f), or a prescribed Canadian entity, that is controlled by the foreign bank or the entity associated with the foreign bank, or (ii) a Canadian entity controlled by a Canadian entity referred to in subparagraph (i). Indirect investments through federal institutions (2) If a foreign bank or an entity associated with a foreign bank acquires or holds control of, or a substantial investment in, a Canadian entity under subsection (1), none of the requirements relating to approval set out in Division 5 apply in respect of that acquisition or holding. 2001, c. 9, s. 132; 2007, c. 6, s. 62
Bank Act — B-1.01 522.12
Investments through provincial institutions 522.12 An entity that is associated with a foreign bank and that is (a) an entity referred to in any of paragraphs 468(1)(g) to (i), or (b) a Canadian entity controlled by an entity referred to in any of paragraphs 468(1)(g) to (i) may acquire or hold control of, or a substantial investment in, a Canadian entity that is not a permitted Canadian entity or an entity referred to in paragraphs 468(1)(a) to (i), and if it does so, none of the requirements relating to approval set out in Division 5 apply in respect of that acquisition or holding. 2001, c. 9, s. 132
Bank Act — B-1.01 522.13
Indirect investments through provincial institutions 522.13 A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a Canadian entity, other than a permitted Canadian entity or a Canadian entity referred to in any of paragraphs 468(1)(a) to (i), by way of (a) an acquisition or holding of the control of a Canadian entity referred to in any of paragraphs 468(1)(g) to (i), or of a prescribed Canadian entity, that controls or has a substantial investment in the Canadian entity; or (b) an acquisition or holding of shares or ownership interests in the Canadian entity by (i) a Canadian entity referred to in any of paragraphs 468(1)(g) to (i), or a prescribed Canadian entity, that is controlled by the foreign bank or the entity associated with the foreign bank, or (ii) a Canadian entity controlled by a Canadian entity referred to in subparagraph (i). 2001, c. 9, s. 132
Bank Act — B-1.01 522.15
Acquisition by loan workout or realization of security 522.15 (1) If a foreign bank or an entity associated with a foreign bank acquires or holds control of, or a substantial investment in, a Canadian entity (a) as a result of a default that has occurred under the terms of an agreement with respect to a loan made between the foreign bank — or the entity associated with a foreign bank — and the Canadian entity, or under any other documents governing the terms of the loan, or (b) through the realization of a security interest for any loan or advance made by the foreign bank or the entity associated with the foreign bank, or for any other debt or liability owing to it, it may retain the control or the substantial investment for five years, but it shall do all things necessary to ensure that, within five years after the acquisition, it no longer controls the Canadian entity or holds a substantial investment in the Canadian entity. Extension (2) On application by a foreign bank or an entity associated with a foreign bank, the Minister may extend the period referred to in subsection (1) by any further period or periods. Exception (3) If, under subsection (1), a foreign bank or an entity associated with a foreign bank acquires or holds control of, or a substantial investment in, a Canadian entity for which the approval of the Minister is required under Division 5, the foreign bank or entity associated with the foreign bank may retain control of the Canadian entity, or continue to hold the substantial investment, for an indeterminate period if the approval in writing of the Minister is obtained before the end of the period referred to in subsection (1) or of any extension granted under subsection (2). 2001, c. 9, s. 132
Bank Act — B-1.01 522.16
Bank branches 522.16 A foreign bank may, under Part XII.1, maintain a branch in Canada to carry on business in Canada. 2001, c. 9, s. 132
Bank Act — B-1.01 522.17
Insurance branches 522.17 A foreign bank, or an entity that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province and that is associated with a foreign bank may obtain an order under Part XIII of the Insurance Companies Act to insure, in Canada, risks. 2001, c. 9, s. 132
Bank Act — B-1.01 522.18
Business of a cooperative credit society and dealing in securities 522.18 (1) Subject to the requirements relating to approval set out in Division 5, a foreign bank — or an entity associated with a foreign bank — (a) that is a foreign cooperative credit society may, in Canada, engage in or carry on the business of a cooperative credit society, so long as that business is engaged in or carried on in accordance with provincial laws relating to cooperative credit societies; or (b) that is a foreign securities dealer may, in Canada, engage in or carry on the business of dealing in securities, or the business of providing investment counselling services and portfolio management services, so long as that business is engaged in or carried on in accordance with provincial laws relating to securities dealing or investment counselling and portfolio management. Business of investment counselling services and portfolio management services (2) Subject to the requirements relating to approval set out in Division 5, an entity associated with a foreign bank incorporated or formed, and regulated, otherwise than by or under an Act of Parliament or of the legislature of a province, that engages in or carries on, outside Canada, the business of providing investment counselling services and portfolio management services may engage in or carry on that business in Canada so long as that business in Canada is engaged in or carried on in accordance with provincial laws relating to investment counselling and portfolio management. 2001, c. 9, s. 132; 2007, c. 6, s. 64
Bank Act — B-1.01 522.19
Limited commercial branches 522.19 (1) Subject to the requirements relating to approval set out in Division 5, and subject to subsection (2), a foreign bank, or an entity that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province and that is associated with a foreign bank, that has a financial establishment in Canada may maintain a branch in Canada or engage in or carry on business in Canada, so long as (a) less than the prescribed portion — or if no portion is prescribed, 10 per cent — of its business in Canada, determined in the prescribed manner, consists of one or more of the activities referred to in any of (i) paragraphs 522.08(1)(a) to (f), and (ii) paragraphs (a) to (g) of the definition financial services entity in subsection 507(1); (b) less than the prescribed portion — or if no portion is prescribed, 10 per cent — of its business outside Canada, determined in the prescribed manner, consists of one or more of the activities referred to in any of (i) paragraphs 522.08(1)(a) to (f), (ii) paragraphs (a) to (g) of the definition financial services entity in subsection 507(1), and (iii) paragraph (h) of that definition, except under prescribed circumstances; and (c) in the opinion of the Minister, the business in Canada is the same as, or similar, related or incidental to, the business outside Canada of the foreign bank or the entity associated with a foreign bank. Prohibition (2) A foreign bank — or an entity associated with a foreign bank — that maintains a branch or engages in or carries on any business under subsection (1) may not in Canada engage in any leasing activities. 2001, c. 9, s. 132; 2007, c. 6, s. 65
Bank Act — B-1.01 522.2
Non-application 522.2 This Division does not apply in respect of investments acquired and held, branches maintained and businesses engaged in or carried on in accordance with Division 3. 2001, c. 9, s. 132
Bank Act — B-1.01 522.21
No financial establishment without approval — foreign bank 522.21 (1) A foreign bank may not, without the prior written approval of the Minister, have a financial establishment in Canada. Exception (2) Subsection (1) does not apply if the foreign bank or any entity associated with the foreign bank (a) is an authorized foreign bank; (b) is a foreign insurance company; (c) controls or is a major owner of a Canadian entity referred to in any of paragraphs 468(1)(a) to (f); or (d) has already received the approval of the Minister to have a financial establishment in Canada. Deeming (3) A foreign bank that was the subject of a designation order under subsection 508(1) as that subsection read immediately before the coming into force of this subsection and whose designation order has not been revoked is deemed to have received the approval of the Minister to have a financial establishment in Canada. 2001, c. 9, s. 132; 2007, c. 6, s. 67