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Canada–United States–Mexico Agreement Implementation Act (S.C. 2020, c. 1)

Assented to 2020-03-13

PART 2Related Amendments (continued)

1991, c. 45Trust and Loan Companies Act (continued)

 Section 256 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Exception

    (3) Subject to subsection 250(1.1), subsection (1) does not apply to a company that is a subsidiary of a regulated foreign entity.

1991, c. 46Bank Act

 Section 2 of the Bank Act is amended by adding the following in alphabetical order:

regulated foreign entity

regulated foreign entity means an entity that is

  • (a) incorporated or formed otherwise in a country or territory, other than Canada, in which a trade agreement listed in Schedule IV is applicable, and

  • (b) subject to financial services regulation in that country or territory; (entité étrangère réglementée)

 The Act is amended by adding the following after section 14.1:

Marginal note:Schedule IV

14.11 For the purpose of implementing Canada’s international trade obligations, the Governor in Council may, by order, amend Schedule IV by adding or deleting the name of a trade agreement.

 Section 239 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Exception

    (3.1) Subject to subsection 245(1.1), subsection (1) does not apply to a bank that is a subsidiary of a foreign bank incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable or of a regulated foreign entity.

Marginal note:2007, c. 6, s. 17

 Subsection 245(2) of the Act is replaced by the following:

  • Marginal note:Direction — immediate, direct, complete and ongoing access

    (1.1) Where a bank referred to in subsection 239(3.1) or 251(3) maintains records referred to in section 238 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and must, in the case referred to in paragraph (b), by order, direct the bank to maintain a copy of those records or register at any place in Canada as the directors think fit

    • (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

    • (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the bank not to maintain a copy of those records or register at any place in Canada.

  • Marginal note:Bank to comply

    (2) A bank shall without delay comply with any order issued under subsection (1) or (1.1).

 Section 247 of the Act is replaced by the following:

Marginal note:Regulations

247 The Governor in Council may make regulations respecting the records, papers and documents to be retained by a bank, including the length of time those records, papers and documents are to be retained, and what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph 245(1.1)(a).

 Section 251 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Exception

    (3) Subject to subsection 245(1.1), subsection (1) does not apply to a bank that is a subsidiary of a foreign bank incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable or of a regulated foreign entity.

 Section 597 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Exception

    (2.1) Subject to subsection 245(1.1), subsection (2) does not apply to an authorized foreign bank that is:

    • (a) incorporated in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable; or

    • (b) a subsidiary of a foreign bank incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable or of a regulated foreign entity.

Marginal note:2007, c. 6, s. 95

 Section 598 of the Act is replaced by the following:

Marginal note:Application of sections 244 to 247

598 Sections 244 to 247 apply, with any modifications that the circumstances require, to an authorized foreign bank, and in the application of those sections,

  • (a) the reference in subsections 245(1) and (1.1) to “records referred to in section 238” shall be read as a reference to “records referred to in subsection 597(1)”;

  • (b) the reference in subsection 245(1.1) to “subsection 239(3.1)” shall be read as a reference to “subsection 597(2.1)”;

  • (c) the reference in subsection 245(1.1) to “directors” shall be read as a reference to “principal officer”; and

  • (d) the reference in paragraph 246(1)(a) to “records of the bank referred to in subsection 238(1)” shall be read as a reference to “records of the authorized foreign bank” referred to in subsection 597(1)”.

 Section 816 of the Act is amended by adding the following after subsection (1):

  • Marginal note:Exception

    (1.1) Subject to subsection 822(1.1), subsection (1) does not apply to a bank holding company that is a subsidiary of a foreign bank incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable or of a regulated foreign entity.

Marginal note:2007, c. 6, s. 117

 Subsection 822(2) of the Act is replaced by the following:

  • Marginal note:Direction — immediate, direct, complete and ongoing access

    (1.1) Where a bank holding company referred to in subsection 816(1.1) or 828(3) maintains records referred to in section 815 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and shall, in the case referred to in paragraph (b), by order, direct the bank holding company to maintain a copy of those records or register at any place in Canada as the directors think fit

    • (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

    • (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the bank holding company not to maintain a copy of those records or register at any place in Canada.

  • Marginal note:Bank holding company to comply

    (2) A bank holding company shall without delay comply with any order issued under subsection (1) or (1.1).

Marginal note:2001, c. 9, s. 183

 Section 824 of the Act is replaced by the following:

Marginal note:Regulations

824 The Governor in Council may make regulations respecting the records, papers and documents to be retained by a bank holding company, including the length of time those records, papers and documents are to be retained, and what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph 822(1.1)(a).

 Section 828 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Exception

    (3) Subject to subsection 822(1.1), subsection (1) does not apply to a bank holding company that is a subsidiary of a foreign bank incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable or of a regulated foreign entity.

 The Act is amended by adding, after Schedule III, the Schedule IV set out in Schedule 1 to this Act.

1991, c. 47Insurance Companies Act

 Section 2 of the Insurance Companies Act is amended by adding the following in alphabetical order:

regulated foreign entity

regulated foreign entity means an entity that is

  • (a) incorporated or formed otherwise in a country or territory, other than Canada, in which a trade agreement listed in Schedule IV of the Bank Act is applicable; and

  • (b) subject to financial services regulation in that country or territory. (entité étrangère réglementée)

 
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