Bank Act (S.C. 1991, c. 46)

Marginal note:Indirect investments through federal institutions

• 522.11 (1) A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a Canadian entity by way of

  • (a) an acquisition or holding of the control of a Canadian entity referred to in any of paragraphs 468(1)(a) to (f), or of a prescribed Canadian entity, that controls or has a substantial investment in the Canadian entity; or

  • (b) an acquisition or holding of shares or ownership interests in the Canadian entity by

    • (i) a Canadian entity referred to in any of paragraphs 468(1)(a) to (f), or a prescribed Canadian entity, that is controlled by the foreign bank or the entity associated with the foreign bank, or

    • (ii) a Canadian entity controlled by a Canadian entity referred to in subparagraph (i).

• Marginal note:Indirect investments through federal institutions

  (2) If a foreign bank or an entity associated with a foreign bank acquires or holds control of, or a substantial investment in, a Canadian entity under subsection (1), none of the requirements relating to approval set out in Division 5 apply in respect of that acquisition or holding.

Marginal note:Investments through provincial institutions

522.12 An entity that is associated with a foreign bank and that is

• (a) an entity referred to in any of paragraphs 468(1)(g) to (i), or

• (b) a Canadian entity controlled by an entity referred to in any of paragraphs 468(1)(g) to (i)

may acquire or hold control of, or a substantial investment in, a Canadian entity that is not a permitted Canadian entity or an entity referred to in paragraphs 468(1)(a) to (i), and if it does so, none of the requirements relating to approval set out in Division 5 apply in respect of that acquisition or holding.

Marginal note:Indirect investments through provincial institutions

522.13 A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a Canadian entity, other than a permitted Canadian entity or a Canadian entity referred to in any of paragraphs 468(1)(a) to (i), by way of

• (a) an acquisition or holding of the control of a Canadian entity referred to in any of paragraphs 468(1)(g) to (i), or of a prescribed Canadian entity, that controls or has a substantial investment in the Canadian entity; or

• (b) an acquisition or holding of shares or ownership interests in the Canadian entity by

  • (i) a Canadian entity referred to in any of paragraphs 468(1)(g) to (i), or a prescribed Canadian entity, that is controlled by the foreign bank or the entity associated with the foreign bank, or

  • (ii) a Canadian entity controlled by a Canadian entity referred to in subparagraph (i).