Bank Act (S.C. 1991, c. 46)

Act current to 2014-08-05 and last amended on 2014-06-19. Previous Versions

Marginal note:Application of certain provisions
  •  (1) The provisions of this Act that apply in respect of an authorized foreign bank apply in respect of an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2), with any modifications that may be required to take into account those restrictions and requirements.

  • Marginal note:Non-application of certain provisions

    (2) The following provisions do not apply in respect of an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2):

    • (a) sections 545 and 546; and

    • (b) sections 559 to 566.

  • 1991, c. 46, s. 541;
  • 1996, c. 6, s. 16;
  • 1999, c. 28, s. 35.
Marginal note:Guarantees and acceptances

 An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) may, in respect of its business in Canada, guarantee any securities and accept any bills of exchange that are issued by any person and intended by the issuer or any party to be sold or traded.

  • 1999, c. 28, s. 35.
Marginal note:Payment clearing and settlement

 Subject to section 22.1 of the Payment Clearing and Settlement Act, an authorized foreign bank may be a participant in a designated clearing and settlement system within the meaning of section 3 of that Act.

  • 1991, c. 46, s. 542;
  • 1996, c. 6, s. 17;
  • 1999, c. 28, s. 35.
Marginal note:Networking
  •  (1) Subject to sections 540, 546 and 549, an authorized foreign bank may, in Canada,

    • (a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, an entity in which a bank is permitted to acquire a substantial investment under section 468 or a Canadian entity acquired or held under section 522.08 and may enter into an arrangement with any person in respect of the provision of that service; or

    • (b) refer any person to any such financial institution or entity.

  • Marginal note:Regulations

    (2) The Governor in Council may make regulations respecting the disclosure of

    • (a) the name of the principal for whom an authorized foreign bank is acting as agent pursuant to subsection (1); and

    • (b) whether any commission is being earned by an authorized foreign bank when acting as agent pursuant to subsection (1).

  • 1991, c. 46, s. 543;
  • 1996, c. 6, s. 17;
  • 1999, c. 28, s. 35;
  • 2001, c. 9, s. 142;
  • 2007, c. 6, s. 84.