Subsidiaries Holding Bank Shares (Banks) Regulations (SOR/92-313)
Full Document:
- HTMLFull Document: Subsidiaries Holding Bank Shares (Banks) Regulations (Accessibility Buttons available) |
- XMLFull Document: Subsidiaries Holding Bank Shares (Banks) Regulations [5 KB] |
- PDFFull Document: Subsidiaries Holding Bank Shares (Banks) Regulations [99 KB]
Regulations are current to 2024-11-11
Subsidiaries Holding Bank Shares (Banks) Regulations
SOR/92-313
Registration 1992-05-21
Regulations Permitting Banks to Permit their Subsidiaries to Hold Shares of the Bank
P.C. 1992-1088 1992-05-21
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph 559(h) of the Bank ActFootnote *, is pleased hereby to make the annexed Regulations permitting banks to permit their subsidiaries to hold shares of the bank, effective June 1, 1992.
Return to footnote *S.C. 1991, c. 46
Short Title
1 These Regulations may be cited as the Subsidiaries Holding Bank Shares (Banks) Regulations.
Interpretation
2 In these Regulations,
- Act
Act means the Bank Act; (Loi)
- distribution
distribution means distribution as defined in subsection 273(3) of the Act; (mise en circulation)
- regulated securities entity
regulated securities entity means a financial institution whose primary business is dealing in securities and that is regulated in its securities dealings by an Act of Parliament or of the legislature of a province or by the laws of a foreign country. (entité de valeurs mobilières réglementée)
Holding of Bank’s Shares by Subsidiary
3 For the purposes of paragraph 70(c) of the Act, subject to section 4, a bank may permit a subsidiary of the bank that is a regulated securities entity to hold shares of the bank if the aggregate value of shares of the bank held by all such subsidiaries, other than shares referred to in section 72 of the Act, does not exceed one per cent of the regulatory capital of the bank.
Exception for Underwriter
4 Where a subsidiary of a bank is a regulated securities entity and is acting as a securities underwriter in connection with a distribution of shares of the bank, the bank may permit the subsidiary to hold shares of the bank in excess of the limit set out in section 3 until the distribution is ended.
- Date modified: