Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Bank Act

Version of section 370 from 2012-06-29 to 2020-05-17:


Marginal note:Definitions

  •  (1) In this Part,

    agent

    agent means

    • (a) in relation to Her Majesty in right of Canada or of a province, any agent of Her Majesty in either of those rights and includes a municipal or public body empowered to perform a function of government in Canada or any entity empowered to perform a function or duty on behalf of Her Majesty in either of those rights, but does not include

      • (i) an official or entity performing a function or duty in connection with the administration or management of the estate or property of a natural person,

      • (ii) an official or entity performing a function or duty in connection with the administration, management or investment of a fund established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons, or moneys derived from such a fund, or

      • (iii) the trustee of any trust for the administration of a fund to which Her Majesty in either of those rights contributes and of which an official or entity that is an agent of Her Majesty in either of those rights is a trustee, and

    • (b) in relation to the government of a foreign country or any political subdivision thereof, a person empowered to perform a function or duty on behalf of the government of the foreign country or political subdivision, other than a function or duty in connection with the administration or management of the estate or property of a natural person; (mandataire)

    eligible agent

    eligible agent means an agent or agency of Her Majesty in right of Canada or of a province or an agent or agency of a government of a foreign country or any political subdivision of a foreign country

    • (a) whose mandate is publicly available;

    • (b) that controls the assets of an investment fund in a manner intended to maximize long-term risk-adjusted returns and that fund is

      • (i) one to which, as the case may be, Her Majesty in right of Canada or of a province or the government of a foreign country or political subdivision contributes, or

      • (ii) established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons; and

    • (c) whose decisions with respect to the assets of the fund referred to in paragraph (b) are not influenced in any significant way by, as the case may be, Her Majesty in right of Canada or of the province or the government of the foreign country or the political subdivision; (mandataire admissible)

    eligible Canadian financial institution

    eligible Canadian financial institution means a Canadian financial institution that is a body corporate and that is widely held; (institution financière canadienne admissible)

    eligible financial institution

    eligible financial institution means an eligible Canadian financial institution or an eligible foreign institution; (institution financière admissible)

    eligible foreign institution

    eligible foreign institution means

    • (a) a foreign bank that, in the opinion of the Minister, after consultation with the Superintendent, is regulated as or like a bank, according to the jurisdiction under whose laws it was incorporated or in any jurisdiction in which it carries on business, or

    • (b) a foreign institution that, in the opinion of the Minister,

      • (i) is, with respect to its provision of financial services, regulated in the jurisdiction under whose laws it was incorporated or in any jurisdiction in which it carries on business, and

      • (ii) is widely held; (institution étrangère admissible)

    foreign institution

    foreign institution means an entity that is

    • (a) engaged in the trust, loan or insurance business, the business of a cooperative credit society or the business of dealing in securities, and

    • (b) incorporated or formed otherwise than by or under an Act of Parliament or the legislature of a province. (institution étrangère)

  • (2) to (4) [Repealed, 2001, c. 9, s. 96]

  • 1991, c. 46, s. 370, c. 48, s. 494
  • 2001, c. 9, s. 96
  • 2012, c. 19, s. 331
Date modified: