Investments in Permitted Infrastructure Entities Regulations (SOR/2023-197)

Marginal note:Definitions

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

  Act

  Act means the Insurance Companies Act. (Loi)

  insurance entity

  insurance entity means a life company, society or insurance holding company. (entité d’assurances)

  public body

  public body means 

  • (a) the Government of Canada, the government of a province, a municipality or the government of a foreign country or any political subdivision of a foreign country;

  • (b) an agency or corporation of a public body referred to in paragraph (a), other than an agency or corporation that administers or manages the funds of a public pension plan or that is a sovereign wealth fund, but that does not have a mandate to support, foster or attract investments in infrastructure;

  • (c) a regulatory body established under federal, provincial or foreign legislation;

  • (d) an Indigenous government, a band council, a body established under a land claim agreement or a governing body that is authorized to act on behalf of an Indigenous group, community or people inside or outside Canada;

  • (e) an international organization that is governed by a treaty to which Canada is a signatory; or

  • (f) a not-for-profit entity or non-share capital corporation in respect of which another public body may, directly or indirectly, appoint one or more members to the board of directors or to a similar group or committee. (organisme public)
    

  value

  value means

  • (a) in respect of the shares or other ownership interests or loans held on a particular day by an insurance entity or any of its subsidiaries, the aggregate value that would be reported on their balance sheets on an unconsolidated basis as of that day;

  • (b) in respect of loans held on a particular day by a public body and made to a permitted infrastructure entity, the aggregate value that would be reported on the balance sheet of the permitted infrastructure entity on an unconsolidated basis as of that day; and

  • (c) in respect of guarantees given by an insurance entity or any of its subsidiaries, their aggregate face value. (valeur)

• Marginal note:Deemed acquisition

  (2) For the purposes of these Regulations, control or substantial investment is deemed not to have been acquired under subsection 495(2.1), 554(2.1) or 971(2.1) 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.