Investments in Permitted Infrastructure Entities Regulations (SOR/2023-197)
Full Document:
Regulations are current to 2024-05-01
AMENDMENTS NOT IN FORCE
— SOR/2023-197, s. 10
10 Subsection 1(2) of these Regulations is replaced by the following:
Deemed acquisition
(2) For the purposes of these Regulations, control or substantial investment is deemed not to have been acquired under subsection 495(2.01), 554(2.01) or 971(2.01) of the Act if, since it was last acquired or deemed to have been acquired under any of those subsections, it is deemed under subsection 493(7), 552(6) or 969(6) of the Act to have been acquired under another provision.
— SOR/2023-197, s. 11
11 (1) Paragraph 4(3)(b) of these Regulations is replaced by the following:
(b) another permitted infrastructure entity that the insurance entity, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01), 554(2.01) or 971(2.01) of the Act; or
(2) Paragraph 4(4)(b) of these Regulations is replaced by the following:
(b) another permitted infrastructure entity that the insurance entity, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01), 554(2.01) or 971(2.01) of the Act.
— SOR/2023-197, s. 12
12 (1) Paragraphs 7(1)(a) to (c) of these Regulations are replaced by the following:
(a) the value of all shares and other ownership interests held by the life company or any of its subsidiaries, whether individually or jointly, in all the permitted infrastructure entities that the life company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) of the Act;
(b) the value of the outstanding principal of all loans held by the life company or any of its subsidiaries, whether individually or jointly, and made to permitted infrastructure entities that the life company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) of the Act; and
(c) the value of the outstanding guarantees given by the life company or any of its subsidiaries, whether individually or jointly, on behalf of all permitted infrastructure entities that the life company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) of the Act.
(2) Paragraph 7(2)(a) of these Regulations is replaced by the following:
(a) acquire additional shares of or other ownership interests in, or acquire loans made to, a permitted infrastructure entity that the life company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) of the Act;
(3) Subparagraphs 7(2)(c)(i) and (ii) of these Regulations are replaced by the following:
(i) shares of or other ownership interests in a permitted infrastructure entity that the life company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) of the Act, or
(ii) loans to or guarantees on behalf of a permitted infrastructure entity that the life company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) of the Act.
— SOR/2023-197, s. 13
13 (1) Paragraphs 8(1)(a) to (c) of these Regulations are replaced by the following:
(a) the value of all shares and other ownership interests held by the society or any of its subsidiaries, whether individually or jointly, in all the permitted infrastructure entities that the society, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 554(2.01) of the Act;
(b) the value of the outstanding principal of all loans held by the society or any of its subsidiaries, whether individually or jointly, and made to permitted infrastructure entities that the society, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 554(2.01) of the Act; and
(c) the value of the outstanding guarantees given by the society or any of its subsidiaries, whether individually or jointly, on behalf of all permitted infrastructure entities that the society, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 554(2.01) of the Act.
(2) Paragraph 8(2)(a) of these Regulations is replaced by the following:
(a) acquire additional shares of, or other ownership interests in or acquire loans made to, a permitted infrastructure entity that the society, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 554(2.01) of the Act;
(3) Subparagraphs 8(2)(c)(i) and (ii) of these Regulations are replaced by the following:
(i) shares of or other ownership interests in a permitted infrastructure entity that the society, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 554(2.01) of the Act, or
(ii) loans to or guarantees on behalf of a permitted infrastructure entity that the society, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 554(2.01) of the Act.
— SOR/2023-197, s. 14
14 (1) Paragraphs 9(1)(a) to (c) of these Regulations are replaced by the following:
(a) the value of all shares and other ownership interests held by the insurance holding company or any of its subsidiaries, whether individually or jointly, in all the permitted infrastructure entities that the insurance holding company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 971(2.01) of the Act;
(b) the value of the outstanding principal of all loans held by the insurance holding company or any of its subsidiaries, whether individually or jointly, and made to permitted infrastructure entities that the insurance holding company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 971(2.01) of the Act; and
(c) the value of the outstanding guarantees given by the insurance holding company or any of its subsidiaries, whether individually or jointly, on behalf of all permitted infrastructure entities that the insurance holding company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 971(2.01) of the Act.
(2) Paragraph 9(2)(a) of these Regulations is replaced by the following:
(a) acquire additional shares of or other ownership interests in, or acquire loans made to, a permitted infrastructure entity that the insurance holding company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 971(2.01) of the Act;
(3) Subparagraphs 9(2)(c)(i) and (ii) of these Regulations are replaced by the following:
(i) shares of or other ownership interests in a permitted infrastructure entity that the insurance holding company, or any of its life company subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 971(2.01) of the Act, or
(ii) loans to or guarantees on behalf of a permitted infrastructure entity that the insurance holding company, or any of its subsidiaries that is a life company, holds control of or has a substantial investment in, if that control or substantial investment was acquired under subsection 495(2.01) or 971(2.01) of the Act.
- Date modified: