Finance Entity Regulations

SOR/2001-388

Registration 4 October, 2001

BANK ACT
COOPERATIVE CREDIT ASSOCIATIONS ACT
INSURANCE COMPANIES ACT
TRUST AND LOAN COMPANIES ACT

Finance Entity Regulations

P.C. 2001-1759 4 October, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 978^a of the Bank Act^b, 463^c of the Cooperative Credit Associations Act^d, 1021^e of the Insurance Companies Act^f and 531^g of the Trust and Loan Companies Act^h, hereby makes the annexed Finance Entity Regulations.

^a S.C. 2001, c. 9, s. 183^b S.C. 1991, c. 46^c S.C. 2001, c. 9, s. 339^d S.C. 1991, c. 48^e S.C. 2001, c. 9, s. 465^f S.C. 1991, c. 47^g S.C. 2001, c. 9, s. 569^h S.C. 1991, c. 45

FINANCE ENTITY REGULATIONS

FINANCE ENTITY

Definition of "finance entity"

1. (1) Subject to subsection (2), for the purposes of the definition "finance entity" in subsections 464(1) and 507(1) of the Bank Act, 386(1) of the Cooperative Credit Associations Act, 490(1) of the Insurance Companies Act and 449(1) of the Trust and Loan Companies Act, "finance entity" means an entity that engages in a business that includes

(a) issuing payment, credit or charge cards and, in cooperation with others including financial institutions, operating a payment, credit or charge card plan; or

(b) making or refinancing loans or entering into any other similar arrangements for advancing funds or credit.

Non-application

(2) The definition in subsection (1) does not apply to

(a) a financial institution;

(b) a factoring entity;

(c) a financial leasing entity; or

(d) a specialized financing entity, if it makes or refinances loans to, or enters into any other similar arrangements for advancing funds or credit with, only entities that it controls or in which it holds a substantial investment.

COMING INTO FORCE

Coming into force

2.* These Regulations come into force on the day on which sections 464 and 507 of the Bank Act, 386 of the Cooperative Credit Associations Act, 490 of the Insurance Companies Act and 449 of the Trust and Loan Companies Act, as enacted by sections 127, 132, 314, 426 and 550, respectively, 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.]