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Information Technology Activities (Authorized Foreign Banks) Regulations (SOR/2003-60)

Regulations are current to 2024-11-26

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Information Technology Activities (Authorized Foreign Banks) Regulations

SOR/2003-60

BANK ACT

Registration 2003-02-13

Information Technology Activities (Authorized Foreign Banks) Regulations

P.C. 2003-180 2003-02-13

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978Footnote a of the Bank ActFootnote b, hereby makes the annexed Information Technology Activities (Authorized Foreign Banks) Regulations.

Interpretation

Definition of Act

1 In these Regulations, Act means the Bank Act.

Prescribed Purpose or Circumstance

Marginal note:Prescribed purpose or circumstance

2 For the purposes of subparagraph 539(1)(b.2)(iii) of the Act and subject to the approval required under paragraph 539(1)(b.2) of the Act, an authorized foreign bank may develop, design, hold, manage, manufacture, sell or otherwise deal with data transmission systems, information sites, communication devices or information platforms or portals that are used for a purpose or in a circumstance that is materially related to the provision of financial products or services by

  • (a) the authorized foreign bank;

  • (b) an entity associated, within the meaning of section 507 of the Act, with the authorized foreign bank; or

  • (c) an entity in which the authorized foreign bank or an entity associated, within the meaning of section 507 of the Act, with the authorized foreign bank holds a substantial investment.

Coming into Force

Marginal note:Coming into force

3 These Regulations come into force on the day on which they are registered.

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