Marginal note:Limited commercial branches
522.19 (1) Subject to the requirements relating to approval set out in Division 5, and subject to subsection (2), a foreign bank, or an entity that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province and that is associated with a foreign bank, that has a financial establishment in Canada may maintain a branch in Canada or engage in or carry on business in Canada, so long as
(a) less than the prescribed portion — or if no portion is prescribed, 10 per cent — of its business in Canada, determined in the prescribed manner, consists of one or more of the activities referred to in any of
(i) paragraphs 522.08(1)(a) to (f), and
(ii) paragraphs (a) to (g) of the definition financial services entity in subsection 507(1);
(b) less than the prescribed portion — or if no portion is prescribed, 10 per cent — of its business outside Canada, determined in the prescribed manner, consists of one or more of the activities referred to in any of
(i) paragraphs 522.08(1)(a) to (f),
(ii) paragraphs (a) to (g) of the definition financial services entity in subsection 507(1), and
(iii) paragraph (h) of that definition, except under prescribed circumstances; and
(c) in the opinion of the Minister, the business in Canada is the same as, or similar, related or incidental to, the business outside Canada of the foreign bank or the entity associated with a foreign bank.
Marginal note:Prohibition
(2) A foreign bank — or an entity associated with a foreign bank — that maintains a branch or engages in or carries on any business under subsection (1) may not in Canada engage in any leasing activities.
- 2001, c. 9, s. 132
- 2007, c. 6, s. 65
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