Notices of Deposit Restrictions (Authorized Foreign Banks) Regulations

Consolidated Statutes and Regulations
Enabling statute: Bank Act
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Source: http://laws.justice.gc.ca/en/B-1.01/SOR-99-279/19731.html
Regulation current to September 15, 2006

SOR/99-279

Registration 23 June, 1999

BANK ACT

Notices of Deposit Restrictions (Authorized Foreign Banks) Regulations

P.C. 1999-1165 23 June, 1999

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 540(2)^a and (3)^a and 545(4) to (6)^a of the Bank Act^b, hereby makes the annexed Notices of Deposit Restrictions (Authorized Foreign Banks) Regulations.

^a S.C. 1999, c. 28, s. 35(1)^b S.C. 1991, c. 46

NOTICES OF DEPOSIT RESTRICTIONS (AUTHORIZED FOREIGN BANKS) REGULATIONS

INTERPRETATION

1. In these Regulations, "Act" means the Bank Act.

NOTICES IN BRANCHES

2. (1) An authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) of the Act shall post in each of its branches in Canada at least one notice in the form set out in Schedule 1.

(2) An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Act shall post in each of its branches in Canada at least one notice in the form set out in Schedule 2.

(3) A notice referred to in subsection (1) or (2) shall

(a) be 27.94 cm in height and 43.18 cm in width;

(b) display letters having a font size of 120 points in the heading and a font size of 50 points in the remainder of the text; and

(c) be prominently displayed in such a manner that it is clearly visible in the area of the branch to which the public has access.

NOTICES IN ADVERTISEMENTS

3. (1) An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Act shall include in each of its advertisements in which it offers deposit facilities or solicits deposits notices to inform the public that deposits with the authorized foreign bank are not insured by the Canada Deposit Insurance Corporation.

(2) A notice referred to in subsection (1) shall appear prominently in the advertisement in which it is included.

NOTICES BEFORE OPENING ACCOUNTS

4. (1) An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Act shall, before opening a deposit account in Canada, provide to each person requesting the opening of the account a copy of a notice in the form set out in Schedule 3.

(2) A notice referred to in subsection (1) shall be set out in a separate written statement and be signed by the person requesting the opening of the deposit account.

COMING INTO FORCE

5. These Regulations come into force on June 28, 1999.

SCHEDULE 1
(Subsection 2(1))
NOTICE

(Name of authorized foreign bank)
does not accept deposits from the public in Canada and is not a
member institution of the Canada Deposit Insurance Corporation

SCHEDULE 2
(Subsection 2(2))
NOTICE

Deposits with
(name of authorized foreign bank)
are not insured by the
Canada Deposit Insurance Corporation

SCHEDULE 3
(Subsection 4(1))
NOTICE

Deposits with (name of authorized foreign bank) are not insured by the Canada Deposit Insurance Corporation.

(Name of authorized foreign bank) is authorized to carry on business in Canada pursuant to the Bank Act. Its primary supervisor, (name of home country supervisor), is responsible for the supervision of the total business and affairs of (name of authorized foreign bank). Its business in Canada is supervised by the Office of the Superintendent of Financial Institutions.

For more information, you can contact the Office of the Superintendent of Financial Institutions at:

Office of the Superintendent of Financial Institutions
255 Albert Street
Ottawa, Ontario
K1A 0H2

I acknowledge receipt of this notice.

_____________________________________
(signature of the person requesting
the opening of the deposit account)


				Important Notices