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Version of document from 2012-12-19 to 2024-11-26:

Equity of a Bank or a Bank Holding Company Regulations

SOR/2001-377

BANK ACT

Registration 2001-10-04

Equity of a Bank or a Bank Holding Company Regulations

P.C. 2001-1748 2001-10-04

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978Footnote a of the Bank ActFootnote b, hereby makes the annexed Equity of a Bank or a Bank Holding Company Regulations.

Interpretation

Marginal note:Definitions

  • 1 (1) The following definitions apply in these Regulations.

    Act

    Act means the Bank Act. (Loi)

    eligible Canadian financial institution

    eligible Canadian financial institution has the same meaning as in subsection 370(1) of the Act. (institution financière canadienne admissible)

    eligible foreign institution

    eligible foreign institution has the same meaning as in subsection 370(1) of the Act. (institution étrangère admissible)

    trust and loan company

    trust and loan company means a body corporate to which the Trust and Loan Companies Act applies or a trust or loan corporation incorporated by or under an Act of the legislature of a province. (société de fiducie et de prêt)

  • Marginal note:Financial statement equity

    (2) For the purposes of these Regulations, the financial statement equity of an entity is the sum of the shareholders’ and members’ equity of the entity, and the minority interests in entities controlled by the entity, as they appear in the consolidated financial statements of the entity.

  • Marginal note:Acting in concert

    (3) If two or more persons are deemed under section 9, 9.1, 9.2 or 371 of the Act, for the purposes of Part VII or Division 7 of Part XV of the Act, to be a single person who is acquiring beneficial ownership of the aggregate number of shares or membership shares of a bank, shares of a bank holding company or shares or ownership interests of an entity that are beneficially owned by them, those persons are deemed, for the purposes of these Regulations, to be a single person who has acquired beneficial ownership of the aggregate number of shares or membership shares of the bank, shares of the bank holding company or shares or ownership interests of the entity that are beneficially owned by them.

  • SOR/2012-269, s. 4

Determination of the Equity of a Bank or a Bank Holding Company

Marginal note:Where an entity’s equity is its financial statement equity

2 For the purposes of the Act, the equity of an entity is its financial statement equity if the entity is

  • (a) a widely held bank or any other bank that is not controlled by any person;

  • (b) a widely held bank holding company or any other bank holding company that is not controlled by any person;

  • (c) a bank controlled by a widely held bank holding company;

  • (d) a bank holding company controlled by a widely held bank holding company;

  • (e) a bank controlled by a widely-held insurance holding company;

  • (f) a bank holding company controlled by a widely-held insurance holding company;

  • (g) a bank controlled by an eligible Canadian financial institution;

  • (h) a bank holding company controlled by an eligible Canadian financial institution;

  • (i) a bank that is not controlled by any person other than an eligible foreign institution or a subsidiary of the eligible foreign institution; or

  • (j) a bank holding company that is not controlled by any person other than an eligible foreign institution or a subsidiary of the eligible foreign institution.

Marginal note:Bank’s equity by reference to its group

3 For the purposes of the Act, if the equity of a bank is not determined under section 2, the equity of the bank is the sum of

  • (a) the financial statement equity of the bank, if the bank is not controlled by a bank, bank holding company or trust and loan company, and

  • (b) all amounts each of which is the financial statement equity of an affiliate of the bank that is a bank, bank holding company or trust and loan company and that is not controlled by a bank, bank holding company or trust and loan company.

Marginal note:Bank holding company’s equity by reference to its group

4 For the purposes of the Act, if the equity of a bank holding company is not determined under section 2, the equity of the bank holding company is the sum of

  • (a) the financial statement equity of the bank holding company, if the bank holding company is not controlled by a bank, bank holding company or trust and loan company, and

  • (b) all amounts each of which is the financial statement equity of an affiliate of the bank holding company that is a bank, bank holding company or trust and loan company and that is not controlled by a bank, bank holding company or trust and loan company.

Coming into Force

Marginal note:Coming into force

Footnote *5 These Regulations come into force on the day on which section 978 of the Bank Act, as enacted by section 183 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force.

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