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Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 14.2 of the Bank Act, hereby makes the annexed Exempt Classes of Foreign Banks Regulations.notenote
Exemption
1Exempt classes of foreign banks#
The governments of foreign countries, or of political subdivisions of foreign countries, that do not in Canada carry on a business that includes any of the activities referred to in paragraphs (a) to (g) of the definition financial services entity in subsection 507(1) of the Bank Act and that would, but for these Regulations, be foreign banks are exempt from the application of the definition foreign bank in section 2 of the Act.
Coming into Force
*2Coming into force#
These Regulations come into force on the day on which section 14.2 of the Bank Act, as enacted by section 43.1 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force.
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.