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Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 474(a) and (b) and 522.23(b) of the Bank Act, hereby makes the annexed Exemption from Restrictions on Investments (Banks, Bank Holding Companies and Foreign Banks) Regulations.notenotenote
Exemption from Restrictions on Investments
1Prescribed circumstances — banks and bank holding companies#
For the purposes of subparagraphs 468(3)(d)(ii) and 930(3)(d)(ii) of the Bank Act, subsections 468(4) to (6) of the Act do not apply in determining whether a bank would be permitted to acquire a substantial investment in an entity under subsection 466(2), paragraph 466(3)(b) or (c) or subsection 466(4) or 468(1) or (2) of the Act.
2Prescribed circumstances — foreign banks and entities associated with foreign banks#
For the purpose of subparagraph 522.08(2)(d)(ii) of the Bank Act, subsection 522.22(1) of the Act does not apply in determining whether a foreign bank or an entity associated with a foreign bank would be permitted to acquire or hold control of, or a substantial investment in, a Canadian entity under section 522.07, 522.08, any of paragraphs 522.1(a) or (c) to (e) or Division 8 of Part XII of the Act.note
Coming into Force
*3Coming into force#
These Regulations come into force on the day on which paragraphs 474(a) and (b) and 522.23(b) of the Bank Act, as enacted by sections 127 and 132 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come 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.