Bank Act

Marginal note:Definitions

• 522.29 (1) The following definitions apply in this Division.

  affected entity

  entité visée

  affected entity means

  • (a) an entity associated with a foreign bank that is an affected foreign bank and that has a financial establishment in Canada; or

  • (b) a prescribed entity associated with a foreign bank referred to in paragraph (c) of the definition “affected foreign bank”. (entité visée)

  affected foreign bank

  banque étrangère visée

  affected foreign bank means a foreign bank that

  • (a) immediately before the day this Division comes into force, was the subject of an order made under subsection 524(1) or former subsection 521(1.06) and whose order has not been revoked;

  • (b) on or before June 13, 2000, controlled a foreign bank subsidiary as defined in former section 2; or

  • (c) for the purposes of subsections 522.32(6) and (7) is a prescribed foreign bank that meets any of the conditions for designation set out in any of paragraphs 508(1)(a) to (d). (banque étrangère visée)

• Marginal note:Former provision

  (2) Every reference in this Division to a former provision means a reference to that provision as it read immediately before the day this Division comes into force.