BANK ACTInformation Technology Activities (Authorized Foreign Banks) RegulationsP.C.2003-18020032
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Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978a of the Bank Actb, hereby makes the annexed Information Technology Activities (Authorized Foreign Banks) Regulations.S.C. 2001, c. 9, s. 183S.C. 1991, c. 46InterpretationDefinition of ActIn these Regulations, Act means the Bank Act.Prescribed Purpose or CircumstancePrescribed purpose or circumstanceFor 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 bythe authorized foreign bank;an entity associated, within the meaning of section 507 of the Act, with the authorized foreign bank; oran 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 ForceComing into forceThese Regulations come into force on the day on which they are registered.