Prescribed Deposits (Banks without Deposit Insurance) Regulations

Version of section 2 from 2006-03-22 to 2008-03-05:


 For the purposes of subsection 413(5) of the Act, a prescribed deposit is a deposit of less than $150,000 that is taken by a bank referred to in paragraph 413(1)(b) of the Act from

  • (a) Her Majesty in right of Canada or in right of a province, an agent of Her Majesty in either of those rights, including a municipal or public body empowered to perform a function of government in Canada, or an entity controlled by Her Majesty in either of those rights;

  • (b) the government of a foreign country or any political subdivision of that country, an agency of the government of a foreign country or any political subdivision of that country, or an entity that is controlled by the government of a foreign country or any political subdivision of that country;

  • (c) an international agency of which Canada is a member, including the Inter-American Development Bank, the Asian Development Bank, the Caribbean Development Bank, the European Bank for Reconstruction and Development and any other international regional bank of which Canada is a member, and an international agency of which Canada is a member that is a member of the World Bank Group;

  • (d) a financial institution;

  • (e) a pension fund that is maintained in respect of a pension plan registered for income tax purposes and that has total assets under administration of more than $100 million at the time the first deposit transaction is made;

  • (f) a mutual fund that is regulated under an Act of the legislature of a province or under the laws of a jurisdiction outside Canada and the assets of which are managed by a person that has total assets under their management of more than $10 million at the time the first deposit transaction is made;

  • (g) an entity that, at the time the first deposit transaction is made, has for the fiscal year immediately preceding that deposit transaction, gross revenues of more than $5 million; or

  • (h) any other entity, where the deposit facilitates the provision of the following services by the bank to the entity, namely,

    • (i) lending money,

    • (ii) dealing in foreign exchange, or

    • (iii) dealing in securities, other than debt obligations of the bank.

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