Bank Act

Marginal note:Requirement to maintain copies and process information in Canada

• 245 (1) If the Superintendent is of the opinion that it is incompatible with the fulfilment of the Superintendent’s responsibilities under this Act for a bank to maintain, in another country, copies of records referred to in section 238 or of its central securities register or members register or for a bank to process, in another country, information or data relating to the preparation and maintenance of those records or of its central securities register or members register — or if the Superintendent is advised by the Minister that, in the opinion of the Minister, it is not in the national interest for a bank to do any of those activities in another country — the Superintendent must direct the bank to not maintain those copies, or to not process the information or data, as the case may be, in that other country or to maintain those copies or to process the information or data only in Canada.

• Marginal note:Direction — immediate, direct, complete and ongoing access

  (1.1) Where a bank referred to in subsection 239(3.1) or 251(3) maintains records referred to in section 238 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and must, in the case referred to in paragraph (b), by order, direct the bank to maintain a copy of those records or register at any place in Canada as the directors think fit

  • (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

  • (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the bank not to maintain a copy of those records or register at any place in Canada.

• Marginal note:Bank to comply

  (2) A bank shall without delay comply with any order issued under subsection (1) or (1.1).