Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Notices of Deposit Restrictions (Authorized Foreign Banks) Regulations (SOR/99-279)

Regulations are current to 2019-08-28 and last amended on 2009-02-12. Previous Versions

Notices of Deposit Restrictions (Authorized Foreign Banks) Regulations

SOR/99-279

BANK ACT

Registration 1999-06-23

Notices of Deposit Restrictions (Authorized Foreign Banks) Regulations

P.C. 1999-1165 1999-06-23

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 540(2)Footnote a and (3)Footnote a and 545(4) to (6)Footnote a of the Bank ActFootnote b, hereby makes the annexed Notices of Deposit Restrictions (Authorized Foreign Banks) Regulations.

Interpretation

 The following definitions apply in these Regulations.

Act

Act means the Bank Act. (Loi)

point of service

point of service means a physical location to which the public has access and at which an authorized foreign bank carries on business with the public and offers products or services through natural persons in Canada. (point de service)

  • SOR/2009-53, s. 1

Notices in Branches and Points of Service and on Websites

  •  (1) An authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) of the Act shall post at least one notice, in the form set out in Schedule 1, in each of its branches in Canada, at each of its points of service and on its websites through which it offers products or services in Canada.

  • (2) An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Act shall post at least one notice, in the form set out in Schedule 2, in each of its branches in Canada, at each of its points of service and on its websites through which it offers products or services in Canada.

  • (3) A notice in a branch or point of service shall be prominently displayed in such a manner that it is clearly visible in the area of the branch or point of service to which the public has access. The notice shall

    • (a) be 27.94 cm in height and 43.18 cm in width; and

    • (b) display letters having a font size of 120 points in the heading and a font size of 50 points in the remainder of the text.

  • (4) A notice on a website shall be prominently displayed in such a manner that it is clearly visible to the person accessing the website.

  • SOR/2009-53, s. 1

Notices in Advertisements

  •  (1) An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Act shall include in each of its advertisements in which it offers deposit facilities or solicits deposits notices to inform the public that deposits with the authorized foreign bank are not insured by the Canada Deposit Insurance Corporation.

  • (2) A notice referred to in subsection (1) shall appear prominently in the advertisement in which it is included.

Notices Before Opening Accounts

  •  (1) An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) of the Act shall, before opening a deposit account in Canada, provide to each person requesting the opening of the account a copy of a notice in the form set out in Schedule 3.

  • (2) A notice referred to in subsection (1) shall be set out in a separate written statement and be signed by the person requesting the opening of the deposit account.

Coming into Force

 These Regulations come into force on June 28, 1999.

 
Date modified: