Exemption from Approval for Certain Investments in Intragroup Service Entities (Cooperative Credit Associations) Regulations

SOR/2003-243

COOPERATIVE CREDIT ASSOCIATIONS ACT

Registration 2003-06-18

Exemption from Approval for Certain Investments in Intragroup Service Entities (Cooperative Credit Associations) Regulations

P.C. 2003-994  2003-06-18

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph 396(b)Footnote a and section 463Footnote b of the Cooperative Credit Associations ActFootnote c, hereby makes the annexed Exemption from Approval for Certain Investments in Intragroup Service Entities (Cooperative Credit Associations) Regulations.

Marginal note:Exemption

 Subsections 390(5) and (6) of the Cooperative Credit Associations Act do not apply to an association’s acquisition of control of, or an association’s acquisition or increase of a substantial investment in, an entity referred to in paragraph 390(4)(b) of that Act if the financial intermediary activities of the entity that expose the entity to material market or credit risk are limited to providing services exclusively to the association or members of the association’s group.

Marginal note:Coming into force

 These Regulations come into force on the day on which they are registered.