Marginal note:Obligation to be designated
522.21 (1) A foreign bank that does not have a financial establishment in Canada must be a designated foreign bank or be associated with a designated foreign bank in order to
(a) acquire or hold control of, or be a major owner of,
(i) an entity referred to in any of paragraphs 468(1)(g) to (i),
(ii) a permitted Canadian entity that is a financial services entity, or
(iii) a Canadian entity that is a financial services entity, by way of a temporary investment permitted by section 522.14; or
(b) in Canada, engage in or carry on the business of dealing in securities or the business of a cooperative credit society referred to in section 522.18.
Marginal note:Entity associated with a designated foreign bank
(2) An entity that is associated with a foreign bank and that does not have a financial establishment in Canada must be associated with a designated foreign bank in order for the entity to
(a) acquire or hold control of, or be a major owner of,
(i) an entity referred to in any of paragraphs 468(1)(g) to (i),
(ii) a permitted Canadian entity that is a financial services entity, or
(iii) a Canadian entity that is a financial services entity, by way of a temporary investment permitted by section 522.14; or
(b) in Canada, engage in or carry on the business of dealing in securities or the business of a cooperative credit society referred to in section 522.18.
Marginal note:Designated foreign bank that has a financial establishment in Canada
(3) A foreign bank that has a financial establishment in Canada must be a designated foreign bank or be associated with a designated foreign bank in order to
(a) acquire or hold control of, or a substantial investment in,
(i) an entity referred to in any of paragraphs 468(1)(g) to (i),
(ii) a permitted Canadian entity,
(iii) a Canadian entity, by way of a temporary investment permitted by section 522.14, or
(iv) a limited commercial entity;
(b) in Canada, engage in or carry on the business of dealing in securities or the business of a cooperative credit society referred to in section 522.18; or
(c) maintain a branch or engage in or carry on a business permitted by section 522.19.
Marginal note:Entity associated with designated foreign bank that has a financial establishment in Canada
(4) An entity that is associated with a foreign bank and that has a financial establishment in Canada must be an entity associated with a foreign bank that is a designated foreign bank in order for the entity to
(a) acquire or hold control of, or a substantial investment in,
(i) an entity referred to in any of paragraphs 468(1)(g) to (i),
(ii) a permitted Canadian entity,
(iii) a Canadian entity, by way of a temporary investment permitted by section 522.14, or
(iv) a limited commercial entity;
(b) in Canada, engage in or carry on the business of dealing in securities or the business of a cooperative credit society referred to in section 522.18; or
(c) maintain a branch or engage in or carry on a business permitted by section 522.19.
- 2001, c. 9, s. 132
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