Bank Act

Marginal note:Investment Canada Act

• 522.34 (1) The Investment Canada Act does not apply in respect of any of the following, whether it occurs directly or indirectly:

  • (a) the acquisition of control of a Canadian business, within the meaning of that Act, that is an entity referred to in any of paragraphs 468(1)(a) to (f) by a foreign bank or by an entity associated with a foreign bank;

  • (b) the establishment of a new Canadian business, within the meaning of that Act, that is the insurance business in Canada of a foreign insurance company that is a foreign bank to which Part XII does not apply or that is an entity associated with a foreign bank to which that Part does not apply;

  • (c) the acquisition of control of a Canadian business, within the meaning of that Act, by an entity referred to in any of paragraphs 468(1)(a) to (f) that is controlled by a foreign bank or by an entity associated with a foreign bank;

  • (d) the establishment of a new Canadian business, within the meaning of that Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada, or would have one by virtue of the establishment of the new Canadian business; and

  • (e) the acquisition of control of a Canadian business, within the meaning of that Act, by a foreign bank to which Part XII applies, or by an entity associated with a foreign bank to which that Part applies, that has a financial establishment in Canada, or would have one by virtue of the acquisition.

• Marginal note:Definitions

  (2) The following definitions apply in subsection (1).

  entity associated with a foreign bank

  entity associated with a foreign bank means an entity that is or is deemed to be associated with a foreign bank within the meaning of section 507. (entité liée à une banque étrangère)

  foreign insurance company

  foreign insurance company means a foreign company as defined in subsection 2(1) of the Insurance Companies Act. (société d’assurances étrangère)

• Marginal note:Financial establishment in Canada

  (3) For the purpose of subsection (1), a foreign bank has a financial establishment in Canada if the foreign bank has or is deemed to have a financial establishment in Canada for the purpose of Part XII.

• Marginal note:Financial establishment in Canada

  (4) For the purpose of subsection (1), an entity associated with a foreign bank has a financial establishment in Canada if the entity has or is deemed to have a financial establishment in Canada for the purpose of Part XII.