Marginal note:Investments

• 522.33 (1) Despite section 517 and subject to subsection (2), paragraph 510(1)(d) does not apply in respect of the holding of control of, or a substantial investment in, a Canadian entity whose principal activity in Canada is an activity referred to in any of former subparagraphs 518(3)(a)(i) to (v) and that was acquired by a foreign bank or an entity associated with a foreign bank before August 1, 1997 and before

  • (a) the foreign bank became a foreign bank or the foreign bank with which the entity is associated became a foreign bank, as the case may be; or

  • (b) the Canadian entity’s principal activity in Canada became an activity described in those subparagraphs.

• Marginal note:Restriction

  (2) Subsection (1) applies only if the foreign bank or an entity associated with the foreign bank

  • (a) is not an authorized foreign bank; and

  • (b) does not control, and is not a major shareholder of, a bank or a bank holding company.

Marginal note:Investment Canada Act

• 522.34 (1) The Investment Canada Act does not apply in respect of any of the following, whether it occurs directly or indirectly:

  • (a) the acquisition of control of a Canadian business, within the meaning of that Act, that is an entity referred to in any of paragraphs 468(1)(a) to (f) by a foreign bank or by an entity associated with a foreign bank;

  • (b) the establishment of a new Canadian business, within the meaning of that Act, that is the insurance business in Canada of a foreign insurance company that is a foreign bank to which Part XII does not apply or that is an entity associated with a foreign bank to which that Part does not apply;

  • (c) the acquisition of control of a Canadian business, within the meaning of that Act, by an entity referred to in any of paragraphs 468(1)(a) to (f) that is controlled by a foreign bank or by an entity associated with a foreign bank;

  • (d) the establishment of a new Canadian business, within the meaning of that Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada, or would have one by virtue of the establishment of the new Canadian business; and

  • (e) the acquisition of control of a Canadian business, within the meaning of that Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada, or would have one by virtue of the acquisition.

• Marginal note:Definitions

  (2) The following definitions apply in subsection (1).

  “entity associated with a foreign bank”

  « entité liée à une banque étrangère »

  “entity associated with a foreign bank” means an entity that is or is deemed to be associated with a foreign bank within the meaning of section 507.

  “foreign insurance company”

  « société d’assurances étrangère »

  “foreign insurance company” means a foreign company as defined in subsection 2(1) of the Insurance Companies Act.

• Marginal note:Financial establishment in Canada

  (3) For the purpose of subsection (1), a foreign bank has a financial establishment in Canada if the foreign bank has or is deemed to have a financial establishment in Canada for the purpose of Part XII.

• Marginal note:Financial establishment in Canada

  (4) For the purpose of subsection (1), an entity associated with a foreign bank has a financial establishment in Canada if the entity has or is deemed to have a financial establishment in Canada for the purpose of Part XII.