Exchange Rate (Authorized Foreign Banks) Regulations
P.C. 1999-1159 1999-06-23
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 545(2)Footnote a and (6)Footnote a of the Bank ActFootnote b, hereby makes the annexed Exchange Rate (Authorized Foreign Banks) Regulations.
Rate of Exchange
1 For the purposes of subsection 545(2) of the Bank Act, the rate of exchange that shall be applied on any day in determining the amount in Canadian dollars of a deposit with an authorized foreign bank in a currency of a country other than Canada is the latest exchange rate at which the authorized foreign bank offers, before the day of the determination, to buy that currency with Canadian dollars.
Coming into Force
2 These Regulations come into force on June 28, 1999.
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