Bank Act (S.C. 1991, c. 46)

Marginal note:Regulations

521. The Governor in Council may make regulations exempting any class or classes of businesses, investments, activities and branches from any of the prohibitions set out in section 510 or 518.

Marginal note:Permitted Canadian offices

522. A foreign bank may

• (a) with the approval of the Superintendent and

  • (i) subject to any terms and conditions that are attached to the approval, and

  • (ii) subject to and in accordance with rules that are prescribed in relation to the operation of representative offices and the conduct of their personnel,

  maintain representative offices in Canada that are registered with the Superintendent in the prescribed manner; and

• (b) with the approval of the Governor in Council and subject to any terms and conditions that are attached to the approval, locate its head office in Canada and, from that office, issue directions and do all other things reasonably necessary for the conduct of its banking business outside Canada.

Marginal note:Examination of representative offices

• 522.01 (1) The Superintendent shall, from time to time, make or cause to be made any examination and inquiry into the operation of any representative office of a foreign bank and the conduct of the personnel in that office that the Superintendent considers necessary for the purpose of ascertaining whether the office is being operated, and whether the personnel of the office are conducting themselves, in accordance with the rules prescribed for the purposes of paragraph 522(a).

• Marginal note:Powers of Superintendent

  (2) For the purposes of subsection (1), the Superintendent and any person acting under the direction of the Superintendent have the same powers and obligations that the Superintendent has in relation to the examination of banks under this Act.

Marginal note:Name of representative office

522.011 If the name under which a representative office of a foreign bank is or will be identifying itself in Canada is one referred to in any of paragraphs 530(1)(a) to (e), the Superintendent may, as the case may be,

• (a) refuse to grant the approval referred to in paragraph 522(a);

• (b) impose restrictions on the use of the name in Canada; or

• (c) direct the foreign bank to change the name.

Marginal note:Cancellation of registration

522.02 The Superintendent may cancel the registration of a representative office of a foreign bank if

• (a) the foreign bank requests the Superintendent to cancel the registration;

• (b) the Superintendent is of the opinion that the representative office is not being operated, or the personnel of that office are not conducting themselves, in accordance with the rules prescribed for the purposes of paragraph 522(a); or

• (c) the Superintendent is of the opinion that the foreign bank has failed to comply with a restriction imposed under paragraph 522.011(b) or a direction made under paragraph 522.011(c).