Payment Clearing and Settlement Act

Marginal note:Foreign participation

• 22.1 (1) An authorized foreign bank or foreign institution that is or wishes to be a participant in a designated clearing and settlement system shall provide the Governor of the Bank with any information regarding the application of foreign laws to the authorized foreign bank or foreign institution that the Governor considers necessary.

• Marginal note:Prohibition or conditions

  (2) The Governor may prohibit the authorized foreign bank or foreign institution from being a participant in the designated clearing and settlement system or may require it to comply with any conditions with respect to its participation that the Governor considers necessary if the Governor is of the opinion, on the basis of the information provided under subsection (1) or of any other information that the Governor considers relevant, that its participation poses, or is likely to pose, a systemic risk or a payments system risk or poses, or is likely to pose, an unacceptable risk to the Bank in guaranteeing settlement of the authorized foreign bank’s or foreign institution’s obligations.

• Marginal note:Powers of Governor of Bank

  (3) The Governor’s powers under subsection (2) are in addition to all other powers conferred on the Governor and the Bank by this Act.

• Marginal note:Definitions

  (4) The definitions in this subsection apply in this section.

  authorized foreign bank

  banque étrangère autorisée

  authorized foreign bank means an authorized foreign bank within the meaning of section 2 of the Bank Act. (banque étrangère autorisée)

  designated clearing and settlement system

  designated clearing and settlement system[Repealed, 2014, c. 39, s. 373]

  foreign institution

  institution étrangère

  foreign institution means a foreign institution within the meaning of section 2 of the Bank Act. (institution étrangère)