364. Section 441 of the Act is amended by adding the following after subsection (2):

365. The Act is amended by adding the following before section 443:

366. The Act is amended by adding the following after section 443:

Marginal note:2001, c. 9, s. 548

• 367. (1) Subsection 444.1(1) of the French version of the Act is replaced by the following:

  Marginal note:Avis de fermeture de bureau

  • 444.1 (1) Sous réserve des règlements pris en vertu du paragraphe (5), la société membre qui a au Canada un bureau dans lequel elle ouvre des comptes de dépôt de détail et procède à la sortie de fonds pour ses clients par l’intermédiaire d’une personne physique donne un préavis — conforme à ces règlements — de la fermeture du bureau ou de la cessation de l’une ou l’autre de ces activités.

• Marginal note:2001, c. 9, s. 548

  (2) Subsection 444.1(2) of the Act is replaced by the following:

  • Marginal note:Pre-closure meeting

    (2) After notice is given but before the branch is closed or ceases to carry on the activities, the Commissioner shall, in prescribed situations, require the company to convene and hold a meeting between representatives of the company, representatives of the Agency and interested parties in the vicinity of the branch in order to exchange views about the closing or cessation of activities, including, but not limited to, alternative service delivery by the company and measures to help the branch’s customers adjust to the closing or cessation of activities.

Marginal note:2001, c. 9, s. 548

368. Subparagraph 444.3(a)(iv) of the Act is replaced by the following:

369. Subsection 449(1) of the Act is amended by adding the following in alphabetical order:

370. Section 451 of the Act is amended by adding the following after subsection (5):

Marginal note:2001, c. 9, s. 550

• 371. (1) The portion of subsection 453(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Permitted investments

  • 453. (1) Subject to subsections (4) to (6) and Part XI, a company may acquire control of, or acquire or increase a substantial investment in,

• Marginal note:2001, c. 9, s. 550

  (2) Paragraph 453(1)(j) of the French version of the Act is replaced by the following:

  • j) une entité qui est constituée en personne morale ou formée et réglementée autrement que sous le régime d’une loi fédérale ou provinciale et qui exerce principalement, à l’étranger, des activités commerciales qui, au Canada, seraient des opérations bancaires, l’activité d’une société coopérative de crédit, des opérations d’assurance, la prestation de services fiduciaires ou le commerce de valeurs mobilières.

• Marginal note:2001, c. 9, s. 550

  (3) Paragraph 453(2)(e) of the Act is replaced by the following:

  • (e) engaging in the activities referred to in the definition “closed-end fund”, “mutual fund distribution entity” or “mutual fund entity” in subsection 449(1); and

• (4) Section 453 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(d), a company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee of a trust if the entity has been authorized under the laws of a province to act as a trustee of a trust and the entity is

    • (a) a closed-end fund;

    • (b) a mutual fund entity; or

    • (c) an entity whose business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity,

      • (ii) any activity that a company is permitted to engage in under paragraph 410(1)(d.1), and

      • (iii) the provision of investment counselling services and portfolio management services.

• Marginal note:2001, c. 9, s. 550

  (5) Paragraphs 453(4)(b) and (c) of the French version of the Act are replaced by the following:

  • b) s’agissant d’une entité dont l’activité commerciale comporte une activité visée à l’alinéa (2)a) et qui exerce, dans le cadre de son activité commerciale, des activités d’intermédiaire financier comportant des risques importants de crédit ou de marché, notamment une entité s’occupant d’affacturage, une entité s’occupant de crédit-bail ou une entité s’occupant de financement, elle ne peut le faire que si :

    • (i) soit elle la contrôle ou en acquiert de la sorte le contrôle, au sens de l’alinéa 3(1)d),

    • (ii) soit elle est autorisée par règlement pris en vertu de l’alinéa 459a) à acquérir ou augmenter l’intérêt;

  • c) s’agissant d’une entité dont l’activité commerciale comporte une activité visée à l’alinéa (2)b), y compris une entité s’occupant de financement spécial, elle ne peut le faire que si :

    • (i) soit elle la contrôle ou en acquiert de la sorte le contrôle, au sens de l’alinéa 3(1)d),

    • (ii) soit elle est autorisée par règlement pris en vertu de l’alinéa 459a) à acquérir ou à augmenter l’intérêt,

    • (iii) soit, sous réserve des modalités éventuellement fixées par règlement, les activités de l’entité ne comportent pas l’acquisition ou la détention du contrôle d’une entité visée aux alinéas a) ou b) ou d’une entité qui n’est pas une entité admissible, ni d’actions ou de titres de participation dans celle-ci.

• Marginal note:2001, c. 9, s. 550

  (6) Paragraph 453(5)(d) of the Act is replaced by the following:

  • (d) acquire control of, or acquire or increase a substantial investment in, an entity that engages in Canada in an activity described in paragraph 410(1)(c);

  • (d.1) acquire control of, or acquire or increase a substantial investment in, an entity that engages in an activity described in paragraph 410(1)(c.1); or

• Marginal note:2001, c. 9, s. 550

  (7) Paragraph 453(7)(a) of the Act is replaced by the following:

  • (a) the company is acquiring control of an entity, other than a specialized financing entity, and the only reason for which the company would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b);

Marginal note:2001, c. 9, s. 550

372. Subsections 456(4) and (5) of the Act are replaced by the following:

373. Subsection 457(1) of the Act is amended by striking out the word “or” at the end of paragraph (c), by adding the word “or” at the end of paragraph (d) and by adding the following after paragraph (d):

• 374. (1) Section 470 of the Act is amended by adding the following after subsection (1):

  • Marginal note:Approval of series of transactions

    (1.1) The Superintendent may, for the purposes of subsection (1), approve a transaction or series of transactions relating to the acquisition or transfer of assets that may be entered into with a person, or with persons of any class of persons, regardless of whether those persons are known at the time of the granting of the approval or not.

• Marginal note:2001, c. 9, s. 550

  (2) Subsections 470(2) and (3) of the Act are replaced by the following:

  • Marginal note:Exceptions

    (2) Subsection (1) does not apply in respect of

    • (a) an asset that is a debt obligation referred to in subparagraphs (b)(i) to (v) of the definition “commercial loan” in subsection 449(1);

    • (b) assets acquired or transferred under a transaction or series of transactions by the company with another financial institution as a result of the company’s participation in one or more syndicated loans with that financial institution;

    • (c) assets purchased or sold under a sale agreement that is approved by the Minister under section 241;

    • (d) shares of, or ownership interests in, an entity for which the approval of the Minister under Part VII or subsection 453(5) is required or the approval of the Superintendent under subsection 453(6) is required;

    • (e) assets that are acquired or transferred under a transaction that has been approved by the Minister under subsection 678(1) of the Bank Act or subsection 715(1) of the Insurance Companies Act;

    • (f) assets, other than real property, acquired or disposed of under an arrangement that has been approved by the Superintendent under subsection 482(3); or

    • (g) assets acquired or disposed of with the approval of the Superintendent under subsection 482(4).

• Marginal note:2001, c. 9, s. 550

  (3) Paragraph 470(4)(b) of the Act is replaced by the following:

  • (b) in the case of assets that are transferred, the value of the assets as reported in the last annual statement of the company prepared before the transfer or, if the value of the assets is not reported in that annual statement, the value of the assets as it would be reported in the annual statement of the company if the annual statement had been prepared, in accordance with the accounting principles referred to in subsection 313(4), immediately before the transfer.

• Marginal note:2001, c. 9, s. 550

  (4) Subsection 470(6) of the Act is replaced by the following:

  • Marginal note:Total value of all assets

    (6) For the purposes of subsection (1), the total value of all assets that the company or any of its subsidiaries has transferred during the 12-month period referred to in subsection (1) is the total of the value of each of those assets as reported in the last annual statement of the company prepared before the transfer of the asset or, if the value of any of those assets is not reported in that annual statement, as it would be reported in the annual statement of the company if the annual statement had been prepared, in accordance with the accounting principles referred to in subsection 313(4), immediately before the transfer of the asset.

375. Section 476 of the Act is amended by adding the following after subsection (3):

376. Section 482 of the Act is amended by adding the following after subsection (5):

Marginal note:1997, c. 15, s. 400

377. Subsection 483(3) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 552

• 378. (1) The description of B in subsection 483.3(1) of the Act is replaced by the following:

  B

  is the total value of all assets that the company directly or indirectly acquired from, or directly or indirectly transferred to, that related party in the 12 months ending immediately before the acquisition or transfer, other than assets acquired by or transferred to the company under transactions permitted by section 478; and

• Marginal note:2001, c. 9, s. 552

  (2) Paragraph 483.3(3)(a) of the Act is replaced by the following:

  • (a) the company purchases or sells assets under a sale agreement that is approved by the Minister under section 241; or