Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Bank Act (S.C. 1991, c. 46)

Full Document:  

Act current to 2024-03-06 and last amended on 2024-01-01. Previous Versions

AMENDMENTS NOT IN FORCE

  • — 2005, c. 54, s. 27(2), as amended by 2019, c. 29, s. 91(E)

    • 1997, c. 15, s. 10
      • 27 (2) The definition solicit or solicitation in section 156.01 of the Act is replaced by the following:

        solicitation

        solicitation

        • (a) includes

          • (i) a request for a proxy whether or not accompanied by or included in a form of proxy,

          • (ii) a request to execute or not to execute or, in Quebec, to sign or not to sign a form of proxy or to revoke a proxy,

          • (iii) the sending of a form of proxy or other communication to a shareholder under circumstances reasonably calculated to result in the procurement, withholding or revocation of a proxy, and

          • (iv) the sending of a form of proxy to a shareholder under subsection 156.04(1); but

        • (b) does not include

          • (i) the sending of a form of proxy in response to an unsolicited request made by or on behalf of a shareholder,

          • (ii) the performance of administrative acts or professional services on behalf of a person soliciting a proxy,

          • (iii) the sending by an intermediary of the documents referred to in subsection 156.07(1),

          • (iv) a solicitation by a person in respect of shares of which they are the beneficial owner,

          • (v) a prescribed public announcement by a shareholder of how they intend to vote and the reasons for that decision,

          • (vi) a communication for the purpose of obtaining the support of persons in accordance with paragraph 143(1.1)(b), or

          • (vii) a communication, other than a solicitation by or on behalf of the management of a bank, that is made to shareholders in the prescribed circumstances. (sollicitation)

  • — 2005, c. 54, s. 102

    • 102 Section 746 of the Act is amended by striking out the word “and” at the end of paragraph (d), by adding the word “and” at the end of paragraph (e) and by adding the following after paragraph (e):

      • (f) the reference to “paragraph 143(1.1)(b)” in subparagraph (b)(vi) of the definition solicitation in section 156.01 is to be read as a reference to “paragraph 732(1.1)(b)”.

  • — 2012, c. 5, s. 54

      • 54 (1) Section 507 of the Act is amended by adding the following after subsection (1):

        • Definition of foreign bank

          (1.1) For the purposes of this Part, foreign bank means a foreign bank as defined in section 2 but without regard to the portion of that definition after paragraph (g).

      • (2) Subsection 507(15) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

        • (e) is a subsidiary of a federal financial institution.

      • (3) Subsection 507(16) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

        • (e) is a subsidiary of a federal financial institution.

  • — 2012, c. 5, s. 56

    • 56 Section 522.09 of the Act is amended by adding the following after subsection (3):

      • Exception — subsidiary of federal financial institution

        (4) Subsections (1) to (3) do not apply to a foreign bank — or an entity associated with a foreign bank — that is a subsidiary of a federal financial institution.

  • — 2012, c. 5, s. 57

    • 57 Section 522.19 of the Act is amended by adding the following after subsection (2):

      • Exception — subsidiary of federal financial institution

        (3) Subsection (1) does not apply to a foreign bank — or an entity associated with a foreign bank — that is a subsidiary of a federal financial institution.

  • — 2012, c. 5, s. 58

    • 58 Subsection 522.21(2) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

      • (e) is a subsidiary of a federal financial institution.

  • — 2012, c. 5, s. 59

    • 59 Subsection 522.211(2) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

      • (e) is a subsidiary of a federal financial institution.

  • — 2018, c. 12, s. 316(1)

      • 316 (1) Paragraphs 410(1)(c) and (c.1) of the Bank Act are replaced by the following:

        • (b.1) subject to sections 416 and 417 and the regulations, engage in any activity that relates to the provision of financial services by the bank or any of its affiliates;

        • (c) subject to the regulations, engage in any of the following activities:

          • (i) collecting, manipulating and transmitting information, and

          • (ii) designing, developing, manufacturing, selling and otherwise dealing with technology, if those activities relate to

            • (A) an activity referred to in this subsection that is engaged in by the bank or any of its affiliates, or

            • (B) the provision of financial services by any other entity,

  • — 2018, c. 12, ss. 316(3) to (5)

      • 316 (3) Paragraph 410(3)(a) of the Act is replaced by the following:

        • (a) respecting what a bank may or may not do with respect to the carrying on of the activities referred to in paragraphs (1)(b.1), (c) and (c.2);

      • (4) Subparagraph 410(3)(b)(iii) of the English version of the Act is replaced by the following:

        • (iii) the carrying on of the activities referred to in paragraphs (1)(b.1), (c) and (c.2); and

      • (5) Paragraph 410(3)(c) of the Act is replaced by the following:

        • (c) respecting the circumstances in which a bank may engage in the activities referred to in paragraphs (1)(b.1) and (c), including the circumstances in which banks may collect, manipulate and transmit information under subparagraph (1)(c)(i).

  • — 2018, c. 12, s. 317

    • 317 Section 411 of the Act is replaced by the following:

      • Networking
        • 411 (1) Subject to section 416 and the regulations, a bank may

          • (a) act as agent for any person in respect of

            • (i) the carrying on of any activity referred to in subsection 410(1) that is engaged in by a financial institution, by a permitted entity as defined in subsection 464(1), if that definition were read without reference to the requirements of subsections 468(4) to (6), or by a prescribed entity, or

            • (ii) the provision of any service that relates to financial services and that is provided by an institution or entity referred to in subparagraph (i);

          • (a.1) enter into an arrangement with any person in respect of the carrying on of an activity referred to in subparagraph (a)(i) or the provision of a service referred to in subparagraph (a)(ii); and

          • (b) refer any person to another person.

        • Regulations

          (2) The Governor in Council may make regulations

          • (a) respecting the disclosure of the name of the person for whom a bank is acting as agent under subsection (1);

          • (b) respecting the disclosure of any commission being earned by a bank when acting as agent under subsection (1);

          • (c) respecting the circumstances in which a bank may act as an agent, enter into an arrangement or refer a person under subsection (1); and

          • (d) imposing terms and conditions in respect of the carrying on of activities under that subsection.

      • Regulations

        411.1 The Governor in Council may, for the purposes of section 409 and subsection 411(1), make regulations respecting what a bank is prohibited from doing when acting as an agent or when making referrals.

  • — 2018, c. 12, s. 318

      • 318 (1) Section 468 of the Act is amended by adding the following after subsection (2):

        • Permitted investments

          (2.1) Subject to subsections (3) to (6), Part XI and the regulations made under paragraphs (2.2)(b) and (c), a bank may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs (1)(a) to (j), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities that a bank is permitted to engage in under any of paragraphs 409(2)(a) to (d).

        • Regulations

          (2.2) The Governor in Council may make regulations

          • (a) defining, for the purposes of subsection (2.1), the word “majority”;

          • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a bank may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and

          • (c) respecting the circumstances in which a bank may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (2.1).

      • (2) Subparagraph 468(3)(d)(ii) of the Act is replaced by the following:

        • (ii) in the case of an entity that is not controlled by the bank, the bank itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 466(2), paragraph 466(3)(b) or (c) or subsection 466(4); or

      • (3) Subsection 468(5) of the Act is amended by adding “or” at the end of paragraph (c) and by repealing paragraphs (d) and (d.1).

      • (4) Paragraph 468(7)(a) of the Act is replaced by the following:

        • (a) the bank is acquiring control of an entity, other than a specialized financing entity, under subsection (2) or (2.1) and the only reason for which the bank would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b);

  • — 2018, c. 12, s. 319

    • 319 The Act is amended by adding the following after section 468:

      • Regulations

        468.1 The Governor in Council may make regulations

        • (a) respecting the circumstances in which a bank may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a bank is permitted to engage in under paragraph 410(1)(b.1) or (c), including the circumstances in which a bank is prohibited from doing so; and

        • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).

  • — 2018, c. 12, s. 320

    • 320 Paragraph 495(1)(c) of the Act is replaced by the following:

      • (c) consists of a written contract with the related party for the purpose of having either one of them act as an agent or make referrals;

  • — 2018, c. 12, s. 321

    • 321 Section 522.08 of the Act is amended by adding the following after subsection (1):

      • Permitted investments

        (1.1) Subject to subsection (2) and the regulations made under paragraphs (1.2)(a) and (b), a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or hold a substantial investment in, a Canadian entity that a bank may acquire control of, or acquire or increase a substantial investment in, under subsection 468(2.1).

      • Regulations

        (1.2) The Governor in Council may make regulations

        • (a) imposing terms and conditions in respect of the acquisition or holding of control of, or acquisition or holding of a substantial investment in, a Canadian entity that a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or hold a substantial investment in, under subsection (1.1); and

        • (b) respecting the circumstances in which a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or hold a substantial investment in, a Canadian entity under subsection (1.1).

  • — 2018, c. 12, s. 322

    • 322 The Act is amended by adding the following after section 522.08:

      • Regulations

        522.081 The Governor in Council may make regulations

        • (a) respecting the circumstances in which a foreign bank or an entity associated with a foreign bank may acquire or hold control of, or acquire or hold a substantial investment in, a Canadian entity that engages in activities that a bank is permitted to engage in under paragraph 410(1)(b.1) or (c); and

        • (b) imposing terms and conditions in respect of the acquisition or holding of control of, or acquisition or holding of a substantial investment in, an entity referred to in paragraph (a).

  • — 2018, c. 12, s. 323

    • 323 Paragraphs 522.22(1)(d) and (d.1) of the Act are repealed.

  • — 2018, c. 12, s. 324(1)

      • 324 (1) Paragraphs 539(1)(b.1) and (b.2) of the Act are replaced by the following:

        • (b.1) subject to sections 549 and 550 and the regulations, engage in any activity that relates to the provision of financial services by the authorized foreign bank or any of its affiliates;

        • (b.2) subject to the regulations, engage in any of the following activities:

          • (i) collecting, manipulating and transmitting information, and

          • (ii) designing, developing, manufacturing, selling and otherwise dealing with technology, if those activities relate to

            • (A) an activity referred to in this subsection that is engaged in by the authorized foreign bank or any of its affiliates, or

            • (B) the provision of financial services by any other entity,

  • — 2018, c. 12, s. 324(3)

      • 324 (3) Paragraph 539(3)(c) of the Act is replaced by the following:

        • (c) respecting the circumstances in which an authorized foreign bank may engage in an activity referred to in paragraphs (1)(b.1) and (b.2), including the circumstances in which it may collect, manipulate and transmit information under subparagraph (1)(b.2)(i).

  • — 2018, c. 12, s. 325

    • 325 Section 543 of the Act is replaced by the following:

      • Networking
        • 543 (1) Subject to sections 540, 546 and 549 and the regulations, an authorized foreign bank may, in Canada,

          • (a) act as agent for any person in respect of

            • (i) the carrying on of any activity referred to in subsection 410(1) or 539(1) that is engaged in by a financial institution, by an entity in which a bank is permitted to acquire a substantial investment under section 468, if that section were read without reference to the requirements of subsections 468(4) to (6), or by a Canadian entity acquired or held under section 522.08, or

            • (ii) the provision of any service that relates to financial services and that is provided by an institution or entity referred to in subparagraph (i);

          • (a.1) enter into an arrangement with any person in respect of the carrying on of an activity referred to in subparagraph (a)(i) or the provision of a service referred to in subparagraph (a)(ii); and

          • (b) refer any person to another person.

        • Regulations

          (2) The Governor in Council may make regulations

          • (a) respecting the disclosure of the name of the person for whom an authorized foreign bank is acting as agent under subsection (1);

          • (b) respecting the disclosure of any commission being earned by an authorized foreign bank when acting as agent under subsection (1);

          • (c) respecting the circumstances in which an authorized foreign bank may act as an agent, enter into an arrangement or refer a person under subsection (1); and

          • (d) imposing terms and conditions in respect of the carrying on of activities under that subsection.

      • Regulations

        543.1 The Governor in Council may, for the purposes of section 538 and subsection 543(1), make regulations respecting what an authorized foreign bank is prohibited from doing when acting as an agent or when making referrals.

  • — 2018, c. 12, s. 326

      • 326 (1) Section 930 of the Act is amended by adding the following after subsection (2):

        • Permitted investments

          (2.1) Subject to subsections (3) to (6) and the regulations made under paragraphs (2.2)(a) and (b), a bank holding company may acquire control of, or acquire or increase a substantial investment in, an entity that a bank may acquire control of, or acquire or increase a substantial investment in, under subsection 468(2.1).

        • Regulations

          (2.2) The Governor in Council may make regulations

          • (a) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a bank holding company may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and

          • (b) respecting the circumstances in which a bank holding company may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (2.1).

      • (2) Subparagraph 930(3)(d)(ii) of the Act is replaced by the following:

        • (ii) in the case of an entity that is not controlled by the bank holding company, a bank would be permitted to acquire a substantial investment in the other entity under subsection 466(2), paragraph 466(3)(b) or (c) or subsection 466(4) or 468(1), (2) or (2.1); or

      • (3) Subsection 930(5) of the Act is amended by adding “or” at the end of paragraph (c) and by repealing paragraphs (5)(d) and (d.1).

      • (4) Paragraph 930(7)(a) of the Act is replaced by the following:

        • (a) the bank holding company is acquiring control of an entity, other than a specialized financing entity, under subsection (2) or (2.1) and the only reason for which the bank holding company would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b);

  • — 2018, c. 12, s. 327

    • 327 The Act is amended by adding the following after section 930:

      • Regulations

        930.1 The Governor in Council may make regulations

        • (a) respecting the circumstances in which a bank holding company may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a bank is permitted to engage in under paragraph 410(1)(b.1) or (c), including the circumstances in which a bank holding company is prohibited from doing so; and

        • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).

  • — 2018, c. 12, s. 328

    • 328 Subsection 976.1(1) of the Act is replaced by the following:

      • Application for certain approvals
        • 976.1 (1) An application for the prior written approval of the Minister in respect of any of paragraphs 468(5)(b.1) or (c), 522.22(1)(c) or 930(5)(b.1) or (c) must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.


Date modified: