Contents
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978 and subsection 983(18) of the Bank Act, hereby makes the annexed Name Use (Foreign Banks) Regulations.notenotenote
Interpretation
Disclosure Requirements
2Non-bank affiliate and foreign bank#
(1)For the purpose of paragraph 983(4)(g) of the Act, the word “bank”, “banker” or “banking” may be used in a description of the corporate relationship between a non-bank affiliate of a foreign bank, within the meaning of subsection 507(1) of the Act, and a foreign bank that controls the non-bank affiliate if the description includes a statement that the foreign bank is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company.
(2)Subsection (1) does not apply if the foreign bank is an authorized foreign bank.
3Non-bank affiliate and entity associated with foreign bank#
(1)For the purpose of paragraph 983(4)(h) of the Act, the word “bank”, “banker” or “banking” may be used in a description of the corporate relationship between a non-bank affiliate of a foreign bank, within the meaning of subsection 507(1) of the Act, and an entity associated with a foreign bank that controls the non-bank affiliate if the description includes a statement that the entity associated with a foreign bank is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company.
(2)Subsection (1) does not apply if the entity associated with a foreign bank is one described in any of paragraphs 468(1)(c) to (i) of the Act.
4Term and condition re: use of name of foreign bank#
(1)For the purpose of subsection 983(10) of the Act, the Canadian entity must disclose, in conjunction with the use of the name or identifying mark of the foreign bank, that the foreign bank is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company.
(2)Subsection (1) does not apply if the foreign bank is an authorized foreign bank.
Repeal
Coming 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.