Exempt Classes of Foreign Banks Regulations (SOR/2001-381)

Regulations are current to 2019-06-20

Exempt Classes of Foreign Banks Regulations

SOR/2001-381

BANK ACT

Registration 2001-10-04

Exempt Classes of Foreign Banks Regulations

P.C. 2001-1752 2001-10-04

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 14.2Footnote a of the Bank ActFootnote b, hereby makes the annexed Exempt Classes of Foreign Banks Regulations.

Exemption

Marginal note:Exempt classes of foreign banks

 The governments of foreign countries, or of political subdivisions of foreign countries, that do not in Canada carry on a business that includes any of the activities referred to in paragraphs (a) to (g) of the definition financial services entity in subsection 507(1) of the Bank Act and that would, but for these Regulations, be foreign banks are exempt from the application of the definition foreign bank in section 2 of the Act.

Coming into Force

Marginal note:Coming into force

Footnote * These Regulations come into force on the day on which section 14.2 of the Bank Act, as enacted by section 43.1 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force.

 
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