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An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)

Assented to 2007-03-29

PART 11991, c. 46AMENDMENTS TO THE BANK ACT

Marginal note:2001, c. 9, s. 132

70. Paragraph 522.25(3)(b) of the Act is replaced by the following:

  • (b) under subsection 518(4) or 521(1.02), as it read immediately before October 24, 2001.

Marginal note:2001, c. 9, s. 132

71. Sections 522.26 and 522.27 of the Act are replaced by the following:

Marginal note:Publication

522.26 The Superintendent must publish in the Canada Gazette a notice of every approval granted for the purpose of section 522.21 or 522.211 and of every revocation of any such approval.

Marginal note:Obligation to provide information

522.27 A foreign bank or entity associated with a foreign bank shall, at the times and in the form specified by the Superintendent, provide the Superintendent with the information that he or she may require.

Marginal note:2001, c. 9, s. 132

72. Division 7 of Part XII of the Act is repealed.

Marginal note:2001, c. 9, s. 132

73. The definition “affected foreign bank” in subsection 522.29(1) of the Act is amended by adding the word “or” at the end of paragraph (a), by striking out the word “or” at the end of paragraph (b) and by repealing paragraph (c).

74. The Act is amended by adding the following after section 522.33:

PART XII.01NON-APPLICATION OF THE INVESTMENT CANADA ACT

Marginal note:Investment Canada Act

  • 522.34 (1) The Investment Canada Act does not apply in respect of any of the following, whether it occurs directly or indirectly:

    • (a) the acquisition of control of a Canadian business, within the meaning of that Act, that is an entity referred to in any of paragraphs 468(1)(a) to (f) by a foreign bank or by an entity associated with a foreign bank;

    • (b) the establishment of a new Canadian business, within the meaning of that Act, that is the insurance business in Canada of a foreign insurance company that is a foreign bank to which Part XII does not apply or that is an entity associated with a foreign bank to which that Part does not apply;

    • (c) the acquisition of control of a Canadian business, within the meaning of that Act, by an entity referred to in any of paragraphs 468(1)(a) to (f) that is controlled by a foreign bank or by an entity associated with a foreign bank;

    • (d) the establishment of a new Canadian business, within the meaning of that Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada, or would have one by virtue of the establishment of the new Canadian business; and

    • (e) the acquisition of control of a Canadian business, within the meaning of that Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada, or would have one by virtue of the acquisition.

  • Marginal note:Definitions

    (2) The following definitions apply in subsection (1).

    “entity associated with a foreign bank”

    « entité liée à une banque étrangère »

    “entity associated with a foreign bank” means an entity that is or is deemed to be associated with a foreign bank within the meaning of section 507.

    “foreign insurance company”

    « société d’assurances étrangère »

    “foreign insurance company” means a foreign company as defined in subsection 2(1) of the Insurance Companies Act.

  • Marginal note:Financial establishment in Canada

    (3) For the purpose of subsection (1), a foreign bank has a financial establishment in Canada if the foreign bank has or is deemed to have a financial establishment in Canada for the purpose of Part XII.

  • Marginal note:Financial establishment in Canada

    (4) For the purpose of subsection (1), an entity associated with a foreign bank has a financial establishment in Canada if the entity has or is deemed to have a financial establishment in Canada for the purpose of Part XII.

Marginal note:2005, c. 54, s. 80

  • 75. (1) Paragraph 528(1)(a) of the Act is repealed.

  • (2) Section 528 of the Act is amended by adding the following after subsection (1):

    • Marginal note:Change of name

      (1.1) On application by an authorized foreign bank, the Superintendent may, by order, change the name under which it is permitted to carry on business in Canada or the province in which its principal office is situated as that name or province is set out in the order made under subsection 524(1) or in any other order made under this section.

  • Marginal note:Transitional

    (3) Orders made under paragraph 528(1)(a) of the Act, as that paragraph read immediately before the coming into force of this section, that are in force immediately before that coming into force are deemed to be orders made under subsection 528(1.1) of the Act.

Marginal note:1999, c. 28, s. 35(1); 2001, c. 9, s. 136(1)

76. Paragraphs 529(1)(f) and (g) of the Act are replaced by the following:

  • (f) in the case of an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2), carry on business in Canada without having to deposit assets having a value of at least five million dollars, as required by subparagraphs 534(3)(a)(ii) and 582(1)(b)(i), if the authorized foreign bank continues to hold a substantial investment in

    • (i) a bank that is a subsidiary of a foreign bank and the Minister has approved an application for letters patent dissolving the bank made by the subsidiary under section 344, or

    • (ii) a company to which the Trust and Loan Companies Act applies and the Minister has approved an application for letters patent dissolving the company made under section 349 of that Act; or

  • (g) maintain outside Canada any records or registers required by this Act to be maintained in Canada.

Marginal note:1999, c. 28, s. 35(1)

  • 77. (1) The portion of subsection 530(1) of the Act before paragraph (a) is replaced by the following:

    Marginal note:Prohibited names

    • 530. (1) An order made under subsection 524(1) or 528(1.1) may not provide for the use of a name that is

  • Marginal note:1999, c. 28, s. 35(1)

    (2) Subsection 530(2) of the Act is replaced by the following:

    • Marginal note:Name otherwise prohibited

      (2) An order made under subsection 524(1) or 528(1.1) may provide for the use of a name that includes a word referred to in section 47 of the Trust and Loan Companies Act.

Marginal note:1999, c. 28, s. 35(1)

78. Section 531 of the Act is replaced by the following:

Marginal note:Publication of name

531. An authorized foreign bank shall set out its name and, where applicable, any other permitted name, as set out in the order made under subsection 524(1) or 528(1.1), in legible characters in all contracts, invoices, negotiable instruments and other documents evidencing rights and obligations with respect to other parties that are issued or made by or on behalf of the authorized foreign bank.

Marginal note:1999, c. 28, s. 35(1)

79. Subsection 532(1) of the English version of the Act is replaced by the following:

Marginal note:Directing change of name

  • 532. (1) If through inadvertence or otherwise an order made under subsection 524(1) or 528(1.1) provides for the use of a name that is prohibited by section 530, the Superintendent may, by order, direct the authorized foreign bank to change the name without delay and the authorized foreign bank shall comply with that direction.

Marginal note:1999, c. 28, s. 35(1)

80. Subsection 533(1) of the Act is replaced by the following:

Marginal note:Other name

  • 533. (1) Subject to section 531 and subsection (2), an authorized foreign bank may carry on business in Canada under a name other than the name set out in the order made under subsection 524(1) or 528(1.1).

Marginal note:2005, c. 54, s. 81

81. Subsections 535(1) and (2) of the Act are replaced by the following:

Marginal note:Principal office

  • 535. (1) An authorized foreign bank shall at all times have a principal office in the province specified in the order made under subsection 524(1) or 528(1.1) with respect to it.

  • Marginal note:Change of principal office

    (2) An authorized foreign bank may change the address of its principal office within the province specified in the order made under subsection 524(1) or 528(1.1) with respect to it.

Marginal note:2001, c. 9, s. 139(2)

82. Paragraph 539(1)(b.3) of the Act is replaced by the following:

  • (b.3) engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services;

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