Prohibited Activities Respecting Real Property (Foreign Banks) Regulations

SOR/2001-411

Registration 4 October, 2001

BANK ACT

Prohibited Activities Respecting Real Property (Foreign Banks) Regulations

P.C. 2001-1782 4 October, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978^aof the Bank Act^b, hereby makes the annexed Prohibited Activities Respecting Real Property (Foreign Banks) Regulations.

^a S.C. 2001, c. 9, s. 183^b S.C. 1991, c. 46

PROHIBITED ACTIVITIES RESPECTING REAL PROPERTY (FOREIGN BANKS) REGULATIONS

PROHIBITED ACTIVITIES

Prohibited activities

1. Paragraphs 510(1)(a) and (b) of the Bank Act apply in respect of the holding, managing and other dealing with real property in Canada by a foreign bank or an entity associated with a foreign bank if that holding, managing or other dealing involves the making or acquiring of loans or advances on security of real property in Canada.

COMING INTO FORCE

Coming into force

2.* These Regulations come into force on the day on which section 514 of the Bank Act, as enacted by section 132 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force.

*[Note: Regulations in force October 24, 2001, see SI/2001-102.]