Supervisory Information (Authorized Foreign Banks) Regulations

SOR/2001-58

Registration 30 January, 2001

BANK ACT

Supervisory Information (Authorized Foreign Banks) Regulations

P.C. 2001-139 30 January, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 607^a and paragraph 668(a)^b of the Bank Act^c, hereby makes the annexed Supervisory Information (Authorized Foreign Banks) Regulations.

^a S.C. 1999, c. 28, s. 35(1)^b S.C. 1999, c. 28, s. 64(1)^c S.C. 1991, c. 46

SUPERVISORY INFORMATION (AUTHORIZED FOREIGN BANKS) REGULATIONS

PRESCRIBED SUPERVISORY INFORMATION

1. (1) For the purposes of section 607 of the Bank Act and these Regulations, prescribed supervisory information in respect of an authorized foreign bank is the following information or any component of that information:

(a) any rating assigned by the Superintendent to the authorized foreign bank to assess the soundness of its business in Canada and any other such rating that is substantially based on information obtained from the Superintendent;

(b) any stage of intervention assigned to the authorized foreign bank on the basis of the principles set out in the Guide to Intervention for Federal Financial Institutions;

(c) any order made in respect of the authorized foreign bank under section 617 of the Bank Act, any prudential agreement entered into by the authorized foreign bank under section 614.1 of that Act or any direction issued to it under section 615 of that Act;

(d) any report prepared by or at the request of the Superintendent or any recommendation made by the Superintendent as a result of an annual or special examination or other supervisory review of the authorized foreign bank, including any related correspondence to or from the principal officer, directors or other officers of the authorized foreign bank.

(2) For the purposes of section 607 of the Bank Act and these Regulations, prescribed supervisory information in respect of an affiliate of an authorized foreign bank is the supervisory information prescribed by

(a) the Supervisory Information (Banks) Regulations, if the affiliate is a bank to which the Bank Act applies;

(b) the Supervisory Information (Cooperative Credit Associations) Regulations, if the affiliate is an association to which the Cooperative Credit Associations Act applies;

(c) the Supervisory Information (Insurance Companies) Regulations, if the affiliate is a company, society, foreign company or provincial company to which the Insurance Companies Act applies;

(d) the Supervisory Information (Trust and Loan Companies) Regulations, if the affiliate is a company to which the Trust and Loan Companies Act applies;

(e) the Supervisory Information (Bank Holding Companies) Regulations, if the affiliate is a bank holding company to which the Bank Act applies; and

(f) the Supervisory Information (Insurance Holding Companies) Regulations, if the affiliate is an insurance holding company to which the Insurance Companies Act applies. SOR/2001-479, s. 1.

PROHIBITED DISCLOSURE

2. Subject to sections 3 and 4, an authorized foreign bank shall not, directly or indirectly, disclose prescribed supervisory information relating to it or to any of its affiliates.

LIMITED DISCLOSURE

3. An authorized foreign bank may disclose prescribed supervisory information referred to in section 2 to its affiliates or to its directors, officers, employees, auditors, securities underwriters or legal advisors, or to those of its affiliates, if the authorized foreign bank ensures that the information remains confidential.

4. An authorized foreign bank or any of its affiliates may disclose prescribed supervisory information referred to in paragraph 1(1)(c) if the authorized foreign bank or affiliate considers the information to contain a material fact or material change that is required by the securities laws of the relevant jurisdiction to be disclosed.

COMING INTO FORCE

5. These Regulations come into force on the day on which they are registered.