GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 522.211
No financial establishment without approval — associated entity 522.211 (1) An entity that is associated with 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 entity associated with a foreign bank, the foreign bank or any other 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) An entity associated with 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as that subsection read immediately before the coming into force of this subsection and whose designation order has not been revoked is deemed to have received the approval of the Minister to have a financial establishment in Canada. 2007, c. 6, s. 67
Bank Act — B-1.01 522.22
ecurities underwriter so long as the securities underwriter holds the substantial investment for no longer than six months. Application (5) Subsection (1) applies regardless of whether or not the approval of the Minister is required under section 522.21 or 522.211. 2001, c. 9, s. 132; 2007, c. 6, s. 68
Bank Act — B-1.01 522.23
Regulations 522.23 The Governor in Council may make regulations for the purposes of this Part and, in particular, may make regulations (a) concerning specialized financing; (b) for the purposes of subsection 522.22(1) or (2), permitting the acquisition or holding of control or the acquisition or holding of substantial investments, or prescribing the circumstances under which either of those subsections does not apply or the foreign banks, entities associated with foreign banks or other entities in respect of which either of those subsections does not apply, including prescribing foreign banks, entities associated with foreign banks or other entities on the basis of the activities they engage in; (c) restricting the ownership by foreign banks, or entities associated with foreign banks, of shares in a body corporate or of ownership interests in an unincorporated entity under Division 3 or 4 and imposing terms and conditions applicable to foreign banks, or entities associated with foreign banks, that own such shares or interests; (d) in respect of sections 409 to 411, for the purposes of paragraph 522.08(1)(a), subsection 522.22(1) and section 522.24; (e) respecting the calculation referred to in subsection 508(2), including regulations respecting the classes of entities associated with a foreign bank, and the classes of foreign banks described in any of subparagraphs 508(1)(a)(i) to (iii) that are associated with a foreign bank, that are to be taken into account in that calculation; (f) defining any terms in subsection 508(2); (g) respecting exemptions under subsection 508(3); and (h) defining factoring entity for the purpose of paragraph 522.22(1)(b). 2001, c. 9, s. 132; 2007, c. 6, s. 69
Bank Act — B-1.01 522.24
Application of regulations 522.24 Any regulations made for the purposes of sections 409 to 411 apply for the purposes of paragraph 522.08(1)(a) and subsection 522.22(1) unless otherwise provided in the regulations. 2001, c. 9, s. 132
Bank Act — B-1.01 522.25
Divestiture 522.25 (1) If a foreign bank or an entity associated with a foreign bank contravenes any provision of Division 4 or fails to comply with any terms and conditions imposed by any order made for the purpose of any of those provisions, the Minister may, if the Minister considers it in the public interest to do so, by order, direct the foreign bank or the entity to divest itself of the control of, or a substantial investment in, a bank or bank holding company to which the offence relates. Ceasing to engage in or carry on business (2) If an authorized foreign bank or an entity associated with an authorized foreign bank contravenes any provision of Division 4 or fails to comply with any terms and conditions imposed by any order made for the purpose of any of those provisions, the Minister may, if the Minister considers it in the public interest to do so, revoke the order made under subsection 524(1). Divestment order (3) The Minister may, by order, direct a foreign bank or an entity associated with a foreign bank, within any period that the Minister considers reasonable, to dispose of assets used in a business or activity engaged in or carried on, or to dispose of the control of an entity or a substantial investment in an entity acquired or held, in contravention of this Part or in contravention of any terms and conditions imposed (a) under subsection 522.26(2); or (b) under subsection 518(4) or 521(1.02), as it read immediately before October 24, 2001. 2001, c. 9, s. 132; 2007, c. 6, s. 70
Bank Act — B-1.01 522.26
Publication 522.26 The Superintendent must publish in the Canada Gazette a notice of every approval granted for the purpose of section 522.21 or 522.211 and of every revocation of any such approval. 2001, c. 9, s. 132; 2007, c. 6, s. 71
Bank Act — B-1.01 522.27
Obligation to provide information 522.27 A foreign bank or entity associated with a foreign bank shall, at the times and in the form specified by the Superintendent, provide the Superintendent with the information that he or she may require. 2001, c. 9, s. 132; 2007, c. 6, s. 71
Bank Act — B-1.01 522.29
Definitions 522.29 (1) The following definitions apply in this Division. affected entity means (a) an entity associated with a foreign bank that is an affected foreign bank and that has a financial establishment in Canada; or (b) a prescribed entity associated with a foreign bank referred to in paragraph (c) of the definition affected foreign bank . ( entité visée ) affected foreign bank means a foreign bank that (a) immediately before the day this Division comes into force, was the subject of an order made under subsection 524(1) or former subsection 521(1.06) and whose order has not been revoked; or (b) on or before June 13, 2000, controlled a foreign bank subsidiary as defined in former section 2. (c) [Repealed, 2007, c. 6, s. 73] ( banque étrangère visée ) Former provision (2) Every reference in this Division to a former provision means a reference to that provision as it read immediately before the day this Division comes into force. 2001, c. 9, s. 132; 2007, c. 6, s. 73
Bank Act — B-1.01 (a)
affected entity means (a) an entity associated with a foreign bank that is an affected foreign bank and that has a financial establishment in Canada; or (b) a prescribed entity associated with a foreign bank referred to in paragraph (c) of the definition affected foreign bank . ( entité visée )
Bank Act — B-1.01 (a)
affected foreign bank means a foreign bank that (a) immediately before the day this Division comes into force, was the subject of an order made under subsection 524(1) or former subsection 521(1.06) and whose order has not been revoked; or (b) on or before June 13, 2000, controlled a foreign bank subsidiary as defined in former section 2. (c) [Repealed, 2007, c. 6, s. 73] ( banque étrangère visée )
Bank Act — B-1.01 522.3
Former s. 507(4) 522.3 (1) Every order made under former subsection 507(4) exempting an entity from the status of being associated with a foreign bank or exempting a Canadian entity from being a “non-bank affiliate of a foreign bank” that is in force on the day this Division comes in force continues in force, subject to any further order that the Minister may make varying or revoking it. Date order takes effect (2) A revocation order or variation order takes effect three months after the date it is made unless the Minister and the entity to which it relates agree that the order is to take effect at another time. Publication (3) The Minister shall publish in the Canada Gazette a notice of every revocation order. 2001, c. 9, s. 132
Bank Act — B-1.01 522.31
Former par. 518(3)(b) or s. 521(1) 522.31 Every order made under former paragraph 518(3)(b) or former subsection 521(1) that is in force on the day this Division comes into force continues in force, subject to any further order that the Minister may make varying or revoking it. 2001, c. 9, s. 132
Bank Act — B-1.01 522.32
21(1), control of, or a substantial investment in, a Canadian entity that is not a permitted Canadian entity or a financial services entity may continue to hold control of, or a substantial investment in, the Canadian entity on and after the day this Division comes into force. Application (7) Subsection (6) applies so long as (a) within one year after the coming into force of this Division, the affected foreign bank or affected entity discloses to the Minister the nature of its businesses on June 13, 2000; (b) after the coming into force of this Division, the Canadian entity does not change the nature of its businesses as of June 13, 2000 and its businesses remain in conformity with former paragraph 518(3)(a); (c) the Canadian entity does not engage in leasing activities; and (d) neither the affected foreign bank nor any affected entity (i) is an authorized foreign bank, or (ii) controls or is a major shareholder of a bank or a bank holding company. 2001, c. 9, s. 132
Bank Act — B-1.01 522.33
Investments 522.33 (1) Despite section 517 and subject to subsection (2), paragraph 510(1)(d) does not apply in respect of the holding of control of, or a substantial investment in, a Canadian entity whose principal activity in Canada is an activity referred to in any of former subparagraphs 518(3)(a)(i) to (v) and that was acquired by a foreign bank or an entity associated with a foreign bank before August 1, 1997 and before (a) the foreign bank became a foreign bank or the foreign bank with which the entity is associated became a foreign bank, as the case may be; or (b) the Canadian entity’s principal activity in Canada became an activity described in those subparagraphs. Restriction (2) Subsection (1) applies only if the foreign bank or an entity associated with the foreign bank (a) is not an authorized foreign bank; and (b) does not control, and is not a major shareholder of, a bank or a bank holding company. 2001, c. 9, s. 132
Bank Act — B-1.01 522.34
Investment Canada Act 522.34 (1) The Investment Canada Act does not apply in respect of any of the following, whether it occurs directly or indirectly: (a) the acquisition of control of a Canadian business, within the meaning of that Act, that is an entity referred to in any of paragraphs 468(1)(a) to (f) by a foreign bank or by an entity associated with a foreign bank; (b) the establishment of a new Canadian business, within the meaning of that Act, that is the insurance business in Canada of a foreign insurance company that is a foreign bank to which Part XII does not apply or that is an entity associated with a foreign bank to which that Part does not apply; (c) the acquisition of control of a Canadian business, within the meaning of that Act, by an entity referred to in any of paragraphs 468(1)(a) to (f) that is controlled by a foreign bank or by an entity associated with a foreign bank; (d) the establishment of a new Canadian business, within the meaning of that Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada, or would have one by virtue of the establishment of the new Canadian business; and (e) the acquisition of control of a Canadian business, within the meaning of that Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada, or would have one by virtue of the acquisition. Definitions (2) The following definitions apply in subsection (1). entity associated with a foreign bank means an entity that is or is deemed to be associated with a foreign bank within the meaning of section 507. ( entité liée à une banque étrangère ) foreign insurance company means a foreign company as defined in subsection 2(1) of the Insurance Companies Act . ( société d’assurances étrangère ) Financial establishment in Canada (3) For the purpose of subsection (1), a foreign bank has a financial establishment in Canada if the foreign bank has or is deemed to have a financial establishment in Canada for the purpose of Part XII. Financial establishment in Canada (4) For the purpose of subsection (1), an entity associated with a foreign bank has a financial establishment in Canada if the entity has or is deemed to have a financial establishment in Canada for the purpose of Part XII. 2007, c. 6, s. 74
Bank Act — B-1.01
entity associated with a foreign bank means an entity that is or is deemed to be associated with a foreign bank within the meaning of section 507. ( entité liée à une banque étrangère )
Bank Act — B-1.01 523
Application to authorized foreign banks 523 (1) This Part applies only in respect of the business in Canada of authorized foreign banks. Assets and liabilities (2) The assets and liabilities of an authorized foreign bank in respect of its business in Canada, as shown by its books and records, are considered to be the assets and liabilities of the authorized foreign bank in respect of its business in Canada. 1991, c. 46, s. 523; 1997, c. 15, s. 86; 1999, c. 28, s. 35
Bank Act — B-1.01 524
Order permitting carrying on of business in Canada, etc. 524 (1) On application by a foreign bank, the Minister may make an order permitting the foreign bank to establish a branch in Canada to carry on business in Canada under this Part. Restrictions and requirements (2) The order may be made subject to the restrictions referred to in subsection 540(1) and the requirements referred to in section 627.74. Reciprocal treatment (3) The Minister may make an order only if the Minister is satisfied that, if the application is made by a non-WTO Member foreign bank, treatment as favourable for banks to which this Act applies exists or will be provided in the jurisdiction in which the authorized foreign bank principally carries on business, either directly or through a subsidiary. Consultation with Superintendent (4) The Minister may make an order only if the Minister is of the opinion, after consultation with the Superintendent, that (a) the applicant is a bank in the jurisdiction under whose laws it was incorporated and is regulated in a manner acceptable to the Superintendent; and (b) the applicant’s principal activity is the provision of (i) financial services, or (ii) services that would be permitted by this Act if they were provided by a bank in Canada. 1991, c. 46, s. 524; 1999, c. 28, s. 35; 2001, c. 9, s. 133 2018, c. 27, s. 322
Bank Act — B-1.01 524.1
Prohibition 524.1 No foreign bank may establish a branch in Canada to carry on business in Canada under this Part if the foreign bank or an entity affiliated with the foreign bank (a) has control of or has a substantial investment in an entity that engages in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or (b) engages in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in. 2001, c. 9, s. 134
Bank Act — B-1.01 524.2
Prohibition 524.2 No authorized foreign bank and no entity affiliated with an authorized foreign bank may (a) control or have a substantial investment in an entity that engages in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or (b) engage in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in. 2001, c. 9, s. 134
Bank Act — B-1.01 524.3
Policies and procedures — integrity or security 524.3 An authorized foreign bank shall establish and adhere to policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada. 2023, c. 26, s. 543
Bank Act — B-1.01 525
Application procedure 525 (1) An application for an order under subsection 524(1) shall be filed with the Superintendent, together with any other information, material and evidence that the Superintendent may require. Publishing notice of intent (2) Before filing an application, a foreign bank applicant shall, at least once a week for a period of four consecutive weeks, publish, in a form satisfactory to the Superintendent, a notice of intention to make the application in the Canada Gazette and in a newspaper in general circulation at or near the place where its principal office is to be situated. Objections (3) A person who objects to the proposed order may, within thirty days after the date of the last publication under subsection (2), submit the objection in writing to the Superintendent. Minister to be informed (4) On receipt of an objection, the Superintendent shall inform the Minister of it. Inquiry into objection and report (5) On receipt of an objection, and if the application for the order has been received, the Superintendent shall, if satisfied that it is necessary and in the public interest to do so, hold or cause to be held a public inquiry into the objection as it relates to the application and, on completion of the inquiry, the Superintendent shall report the findings of the inquiry to the Minister. Report to be made available (6) Within thirty days after receiving the report, the Minister shall make it available to the public. Rules governing proceedings (7) Subject to the approval of the Governor in Council, the Superintendent may make rules governing the proceedings at public inquiries held under this section. 1991, c. 46, s. 525; 1999, c. 28, s. 35
Bank Act — B-1.01 526
Factors to be considered by Minister 526 Before making an order under subsection 524(1), the Minister shall take into account all matters that the Minister considers relevant to the application, including (a) the nature and sufficiency of the financial resources of the foreign bank as a source of continuing financial support for the carrying on of its business in Canada; (b) the soundness and feasibility of plans of the foreign bank for the future conduct and development of its business in Canada; (c) the business record and past performance of the foreign bank; (d) the reputation of the foreign bank for being operated in a manner that is consistent with the standards of good character and integrity; (e) whether the proposed authorized foreign bank will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution; (f) the impact of any integration of the businesses and operations in Canada of the authorized foreign bank with those of its affiliates in Canada on the conduct of those businesses and operations; and (g) the best interests of the financial system in Canada. 1991, c. 46, s. 526; 1999, c. 28, s. 35; 2001, c. 9, s. 135
Bank Act — B-1.01 527
Contents of order 527 (1) An order made under subsection 524(1) shall set out (a) the name of the authorized foreign bank and, where applicable, the name under which it is permitted to carry on business in Canada; (b) the province in which the principal office of the authorized foreign bank is to be situated; (c) whether the authorized foreign bank is subject to any restrictions and requirements referred to in subsection 524(2); and (d) the date on which the order becomes effective. Provisions of order (2) The Minister may set out in the order any provision not contrary to this Act that the Minister considers advisable in order to take into account the particular circumstances of the proposed authorized foreign bank with respect to the carrying on of business in Canada. Terms and conditions (3) The Minister may impose any terms and conditions in respect of the order that the Minister considers appropriate. Notice of order (4) The Superintendent shall cause to be published in the Canada Gazette a notice of the making of the order. 1991, c. 46, s. 527; 1999, c. 28, s. 35; 2005, c. 54, s. 79
Bank Act — B-1.01 528
Amended order 528 (1) On application by an authorized foreign bank, the Minister may, by further order, (a) [Repealed, 2007, c. 6, s. 75] (b) add any provision referred to in subsection 527(2) or any term or condition referred to in subsection 527(3) or change or remove any of those provisions, terms or conditions that are included in the order made under subsection 524(1) or in any other order made under this section; or (c) add or remove the restrictions and requirements referred to in subsection 524(2). Change of name (1.1) On application by an authorized foreign bank, the Superintendent may, by order, change the name under which it is permitted to carry on business in Canada or the province in which its principal office is situated as that name or province is set out in the order made under subsection 524(1) or in any other order made under this section. Notice of intention (2) Before making an application under subsection (1), the authorized foreign bank must publish a notice of intention to make the application at least once a week for a period of four consecutive weeks in the Canada Gazette and in a newspaper of general circulation at or near the place where its principal office is situated. 1991, c. 46, s. 528; 1999, c. 28, s. 35; 2005, c. 54, s. 80; 2007, c. 6, s. 75
Bank Act — B-1.01 529
omes effective in respect of the authorized foreign bank, unless the Minister is satisfied on the basis of evidence on oath provided by an officer of the authorized foreign bank that the authorized foreign bank will not be able at law to redeem or discharge at the end of the ten years any liabilities to which the permission relates; (b) with respect to matters described in paragraphs (1)(c) and (d), that purports to be effective more than ten years after the day on which an order made under subsection 534(1) becomes effective in respect of the authorized foreign bank; and (c) with respect to matters described in paragraph (1)(f), that purports to be effective more than seven years after the day on which an order made under subsection 534(1) becomes effective in respect of the authorized foreign bank. 1991, c. 46, s. 529; 1999, c. 28, s. 35; 2001, c. 9, s. 136; 2007, c. 6, s. 76
Bank Act — B-1.01 530
Prohibited names 530 (1) An order made under subsection 524(1) or 528(1.1) may not provide for the use of a name that is (a) prohibited by an Act of Parliament; (b) in the opinion of the Superintendent, deceptively misdescriptive; (c) the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to, any existing trademark, trade name or corporate name of a body corporate, except where (i) the trademark or trade name is being changed or the body corporate is being dissolved or is changing its corporate name, and (ii) consent to the use of the trademark, trade name or corporate name is signified to the Superintendent in any manner that the Superintendent may require; (d) the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to, the known name under or by which any other entity carries on business or is identified; or (e) reserved under section 43 for an existing or proposed bank or for an existing or proposed authorized foreign bank or under section 697 for an existing or proposed bank holding company. Name otherwise prohibited (2) An order made under subsection 524(1) or 528(1.1) may provide for the use of a name that includes a word referred to in section 47 of the Trust and Loan Companies Act . 1991, c. 46, s. 530; 1999, c. 28, s. 35; 2001, c. 9, s. 137; 2007, c. 6, s. 77 2014, c. 20, s. 366(E)