Marginal note:Prohibition re deposits
520 (1) A foreign bank — or an entity that is associated with a foreign bank and that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province — shall not, as part of its business in Canada,
(a) engage in the business of accepting deposit liabilities;
(b) engage in the business of acting as an agent for the acceptance of deposit liabilities for a foreign bank or an entity associated with a foreign bank; or
(c) represent to the public that any instrument issued by it is a deposit or that any liability incurred by it is a deposit.
Marginal note:Exception
(2) Subsection (1) does not apply to
(a) a foreign bank that is an authorized foreign bank; or
(b) a foreign cooperative credit society that has received the approval of the Minister under paragraph 522.22(1)(f) to engage in or carry on the business of a cooperative credit society.
Marginal note:Exception
(3) Paragraph (1)(b) does not apply to a foreign securities dealer that has received the approval of the Minister under paragraph 522.22(1)(f) or to a foreign insurance company — or to a prescribed entity — that engages in the business of acting as an agent for the acceptance of deposit liabilities for
(a) an authorized foreign bank;
(b) a foreign cooperative credit society that has received the approval of the Minister under paragraph 522.22(1)(f) to engage in or carry on the business of a cooperative credit society; or
(c) an entity referred to in paragraph 468(1)(a), (c), (d) or (h) or a trust or loan corporation referred to in paragraph 468(1)(g).
- 1991, c. 46, s. 520
- 1999, c. 28, s. 32
- 2001, c. 9, s. 132
- 2007, c. 6, s. 56
- Date modified: