Bank 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, if it is subject to approval under this Act, the Trust and Loan Companies Act or the Insurance Companies Act:

  • (a) the acquisition of control of a Canadian business 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;

  • (a.1) the acquisition, in whole or in part, of an entity referred to in paragraph 25.1(c) of the Investment Canada 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, or of an entity referred to in paragraph 25.1(c) of the Investment Canada Act, that is the insurance business in Canada of a foreign insurance company that is a foreign bank, or an entity associated with a foreign bank, to which Part XII does not apply;

  • (c) the acquisition of control of a Canadian business 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;

  • (c.1) the acquisition, in whole or in part, of an entity referred to in paragraph 25.1(c) of the Investment Canada 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, or of an entity referred to in paragraph 25.1(c) of the Investment Canada 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 or the entity;

  • (e) the acquisition of control of a Canadian business 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; and

  • (f) the acquisition, in whole or in part, of an entity referred to in paragraph 25.1(c) of the Investment Canada 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).

  Canadian business

  Canadian business has the same meaning as in section 3 of the Investment Canada Act. (entreprise canadienne)

  entity associated with a foreign bank

  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. (entité liée à une banque étrangère)

  foreign insurance company

  foreign insurance company means a foreign company as defined in subsection 2(1) of the Insurance Companies Act. (société d’assurances étrangère)

  new Canadian business

  new Canadian business has the same meaning as in section 3 of the Investment Canada Act. (nouvelle entreprise canadienne)

• 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.