Specialized Financing (Trust And Loan Companies) Regulations
P.C. 2001-1802 2001-10-04
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 452Footnote a, 459Footnote a and 531Footnote b of the Trust and Loan Companies ActFootnote c, hereby makes the annexed Specialized Financing (Trust and Loan Companies) Regulations.
1. (1) The following definitions apply in these Regulations.
« Loi »
“Act” means the Trust and Loan Companies Act.
“balance sheet value”
« valeur au bilan »
“balance sheet value” in respect of the shares and ownership interests held by an entity, means the value reported on its balance sheet on an unconsolidated basis.
- “book value”
“book value” [Repealed, SOR/2008-168, s. 27]
“specialized financing entity of the company”
« entité de la société s’occupant de financement spécial »
“specialized financing entity of the company” means a specialized financing entity that is controlled by the company or in which the company holds a substantial investment.
« filiale »
“subsidiary”, in respect of a company, does not include a subsidiary that is a specialized financing entity of the company.
Definition of “specialized financing entity”
(2) In these Regulations and for the purpose of the definition “specialized financing entity” in subsection 449(1) of the Act, “specialized financing entity” means an entity that acquires or holds shares of, or ownership interests in, entities that a company may acquire control of, or hold, acquire or increase a substantial investment in, under subsection 451(4) of the Act.
- SOR/2008-168, s. 27.
2. These Regulations apply to specialized financing activities under subsection 451(4) of the Act and to the ownership by a company of shares of, or ownership interests in, a specialized financing entity under paragraph 453(2)(b) of the Act.
Marginal note:Limits on investments
3. A company shall not, by way of specialized financing activities, acquire control of, or hold, acquire or increase a substantial investment in,
(a) an entity referred to in any of paragraphs 453(1)(a) to (j) of the Act;
(b) an entity that is primarily engaged in the leasing of motor vehicles in Canada for the purpose of extending credit to a customer or financing a customer’s acquisition of a motor vehicle;
(c) an entity that is primarily engaged in providing temporary possession of personal property, including motor vehicles, to customers in Canada for a purpose other than to finance the customer’s acquisition of the property; or
(d) an entity that acts as an insurance broker or agent in Canada.
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