Exempt Classes of Foreign Banks Regulations

SOR/2001-381

Registration 4 October, 2001

BANK ACT

Exempt Classes of Foreign Banks Regulations

P.C. 2001-1752 4 October, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 14.2^a of the Bank Act^b, hereby makes the annexed Exempt Classes of Foreign Banks Regulations.

^a S.C. 2001, c. 9, s. 43.1^b S.C. 1991, c. 46

EXEMPT CLASSES OF FOREIGN BANKS REGULATIONS

EXEMPTION

Exempt classes of foreign banks

1. The governments of foreign countries, or of political subdivisions of foreign countries, that do not in Canada carry on a business that includes any of the activities referred to in paragraphs (a) to (g) of the definition "financial services entity" in subsection 507(1) of the Bank Act and that would, but for these Regulations, be foreign banks are exempt from the application of the definition "foreign bank" in section 2 of the Act.

COMING INTO FORCE

Coming into force

2.* These Regulations come into force on the day on which section 14.2 of the Bank Act, as enacted by section 43.1 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.]