Civil Remedies (Banks and Bank Holding Companies) Regulations (SOR/2006-299)

Interpretation

1 In these Regulations, Act means the Bank Act.

Civil Remedies

2 For the purpose of paragraph 271(1)(d) of the Act, the prescribed percentage of voting rights attached to all of the bank’s or bank holding company’s outstanding shares is 10%.

2.1 For the purpose of subsection 271(1.1) of the Act, the prescribed percentage of the membership shares of the federal credit union is 10%.

3 For the purpose of subsection 271(3) of the Act, take-over bid means a take-over bid under any legislation that is set out in column 2 of the schedule.

4 For the purpose of paragraph 271(6)(c) of the Act, the prescribed circumstances are that the insider

• (a) entered into the purchase or sale of the security as an agent pursuant to a specific unsolicited order to purchase or sell;

• (b) made the purchase or sale of the security pursuant to participation in an automatic dividend reinvestment plan, share purchase plan or other similar automatic plan that the insider entered into before the acquisition of the confidential information;

• (c) made the purchase or sale of the security to fulfil a legally binding obligation that the insider entered into before the acquisition of the confidential information; or

• (d) purchased or sold the security as agent or trustee in the circumstances described in paragraph (b) or (c).

Coming into Force

5 These Regulations come into force on the day on which they are registered.