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Bank Act

Version of section 522.21 from 2003-01-01 to 2008-03-07:


Marginal note:Obligation to be designated

  •  (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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