BANK ACTSales or Trades (Authorized Foreign Banks) RegulationsP.C.2000-13120002
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Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 540(4)(b)a and (5)(b)a and subsection 540(6)a of the Bank Actb, hereby makes the annexed Sales or Trades (Authorized Foreign Banks) Regulations.S.C. 1999, c. 28, s. 35(1)S.C. 1991, c. 46InterpretationIn these Regulations, Act means the Bank Act.Prescribed Classes of EntitiesFor the purposes of paragraphs 540(4)(b) and (5)(b) of the Act and these Regulations, the prescribed classes of entities are all the classes of entities made up of any of the entities referred to in subparagraphs 540(4)(a)(i) and (ii) of the Act.Conditions of Sales or Trades of Financial Instruments, Securities and Bills of ExchangeThe financial instruments referred to in paragraph 540(4)(b) of the Act and the securities and bills of exchange referred to in paragraph 540(5)(b) of the Act may be sold to an entity within a class of entities prescribed by section 2 or traded with such an entity on condition thatthey are sold or traded in denominations of $150,000 or more; andthe seller or trader, as the case may be, in writing notifies the entity to which it sells or with which it trades the financial instruments, securities or bills of exchange thatthe authorized foreign bank that issued the financial instruments, guaranteed the securities or accepted the bills of exchange, as the case may be, is not a member institution within the meaning of section 2 of the Canada Deposit Insurance Corporation Act, andthe financial instruments, securities or bills of exchange, as the case may be, may only be sold to or traded with an entity that is within a class of entities prescribed by section 2.Coming into ForceThese Regulations come into force on the day on which they are registered.