Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations

SOR/2001-383

Registration 4 October, 2001

BANK ACT

Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations

P.C. 2001-1754 4 October, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 474(a)^a and (b)^a and 522.23(b)^b of the Bank Act^c, hereby makes the annexed Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations.

^a S.C. 2001, c. 9, s. 127^b S.C. 2001, c. 9, s. 132^c S.C. 1991, c. 46

EXEMPTION FROM RESTRICTIONS ON INVESTMENTS (BANKS, BANK HOLDING COMPANIES AND FOREIGN BANKS) REGULATIONS

EXEMPTION FROM RESTRICTIONS ON INVESTMENTS

Prescribed circumstances -- banks and bank holding companies

1. For the purposes of subparagraphs 468(3)(d)(ii) and 930(3)(d)(ii) of the Bank Act, subsections 468(4) to (6) of the Act do not apply in determining whether a bank would be permitted to acquire a substantial investment in an entity under subsection 466(2), paragraph 466(3)(b) or (c) or subsection 466(4) or 468(1) or (2) of the Act.

Prescribed circumstances -- foreign banks and entities associated with foreign banks

2. For the purpose of subparagraph 522.08(2)(d)(ii) of the Bank Act, subsection 522.22(1) of the Act does not apply in determining whether a foreign bank or an entity associated with a foreign bank would be permitted to acquire or hold control of, or a substantial investment in, a Canadian entity under section 522.07 or 522.08, paragraph 522.1(a), (c) or (d) or Division 8 of Part XII of the Act.

COMING INTO FORCE

Coming into force

3.* These Regulations come into force on the day on which paragraphs 474(a) and (b) and 522.23(b) of the Bank Act, as enacted by sections 127 and 132 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.]