524.2 No authorized foreign bank and no entity affiliated with an authorized foreign bank may
(a) control or have a substantial investment in an entity that engages in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or
(b) engage in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in.
- 2001, c. 9, s. 134.
Marginal note:Application procedure
525. (1) An application for an order under subsection 524(1) shall be filed with the Superintendent, together with any other information, material and evidence that the Superintendent may require.
Marginal note:Publishing notice of intent
(2) Before filing an application, a foreign bank applicant shall, at least once a week for a period of four consecutive weeks, publish, in a form satisfactory to the Superintendent, a notice of intention to make the application in the Canada Gazette and in a newspaper in general circulation at or near the place where its principal office is to be situated.
(3) A person who objects to the proposed order may, within thirty days after the date of the last publication under subsection (2), submit the objection in writing to the Superintendent.
Marginal note:Minister to be informed
(4) On receipt of an objection, the Superintendent shall inform the Minister of it.
Marginal note:Inquiry into objection and report
(5) On receipt of an objection, and if the application for the order has been received, the Superintendent shall, if satisfied that it is necessary and in the public interest to do so, hold or cause to be held a public inquiry into the objection as it relates to the application and, on completion of the inquiry, the Superintendent shall report the findings of the inquiry to the Minister.
Marginal note:Report to be made available
(6) Within thirty days after receiving the report, the Minister shall make it available to the public.
Marginal note:Rules governing proceedings
(7) Subject to the approval of the Governor in Council, the Superintendent may make rules governing the proceedings at public inquiries held under this section.
- 1991, c. 46, s. 525;
- 1999, c. 28, s. 35.
Marginal note:Factors to be considered by Minister
526. Before making an order under subsection 524(1), the Minister shall take into account all matters that the Minister considers relevant to the application, including
(a) the nature and sufficiency of the financial resources of the foreign bank as a source of continuing financial support for the carrying on of its business in Canada;
(b) the soundness and feasibility of plans of the foreign bank for the future conduct and development of its business in Canada;
(c) the business record and past performance of the foreign bank;
(d) the reputation of the foreign bank for being operated in a manner that is consistent with the standards of good character and integrity;
(e) whether the proposed authorized foreign bank will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution;
(f) the impact of any integration of the businesses and operations in Canada of the authorized foreign bank with those of its affiliates in Canada on the conduct of those businesses and operations; and
(g) the best interests of the financial system in Canada.
- 1991, c. 46, s. 526;
- 1999, c. 28, s. 35;
- 2001, c. 9, s. 135.
- Date modified: