SOR/2008-15620085

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20196

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BANK ACTName use (Foreign Banks) RegulationsP.C.2008-93620085

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Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978a and subsection 983(18)b of the Bank Actc, hereby makes the annexed Name Use (Foreign Banks) Regulations.aS.C. 2005, c. 54, s. 135bS.C. 2007, c. 6, s. 129(8)cS.C. 1991, c. 46Interpretation

Definition1In these Regulations, Act means the Bank Act.

Disclosure Requirements

Non-bank affiliate and foreign bank2(1)For the purpose of paragraph 983(4)(g) of the Act, the word “bank”, “banker” or “banking” may be used in a description of the corporate relationship between a non-bank affiliate of a foreign bank, within the meaning of subsection 507(1) of the Act, and a foreign bank that controls the non-bank affiliate if the description includes a statement that the foreign bank is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company.Exception(2)Subsection (1) does not apply if the foreign bank is an authorized foreign bank.

Non-bank affiliate and entity associated with foreign bank3(1)For the purpose of paragraph 983(4)(h) of the Act, the word “bank”, “banker” or “banking” may be used in a description of the corporate relationship between a non-bank affiliate of a foreign bank, within the meaning of subsection 507(1) of the Act, and an entity associated with a foreign bank that controls the non-bank affiliate if the description includes a statement that the entity associated with a foreign bank is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company.Exception(2)Subsection (1) does not apply if the entity associated with a foreign bank is one described in any of paragraphs 468(1)(c) to (i) of the Act.

Term and condition re: use of name of foreign bank4(1)For the purpose of subsection 983(10) of the Act, the Canadian entity must disclose, in conjunction with the use of the name or identifying mark of the foreign bank, that the foreign bank is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company.Exception(2)Subsection (1) does not apply if the foreign bank is an authorized foreign bank.

Repeal

5[Repeal]

Coming into Force

S.C. 2007, c. 6*6These Regulations come into force on the day on which section 129 of An Act to amend the law governing financial institutions and to provide for related and consequential matters, being chapter 6, of the Statutes of Canada, 2007, comes into force.*[Note: Regulations in force May 19, 2008, see SI/2008-58.]