Bank Act

Marginal note:Records

• 597 (1) An authorized foreign bank shall prepare and maintain

  • (a) records containing copies of all orders of the Minister or the Superintendent in relation to the authorized foreign bank;

  • (b) accounting records respecting its business in Canada;

  • (c) with respect to its business in Canada, records showing, for each of its customers, on a daily basis, particulars of the transactions with that customer and the balance owing to or by the authorized foreign bank in respect of that customer;

  • (d) records containing information set out in Schedule III, as that information exists from time to time, in relation to the authorized foreign bank; and

  • (e) records containing the name, address and date of appointment of the authorized foreign bank’s auditor.

• Marginal note:Place of records

  (2) The records described in subsection (1) shall be kept at the principal office of the authorized foreign bank or at any other place in Canada that its principal officer thinks fit.

• Marginal note:Exception

  (2.1) Subject to subsection 245(1.1), subsection (2) does not apply to an authorized foreign bank that is:

  • (a) incorporated in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable; or

  • (b) a subsidiary of a foreign bank incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV is applicable or of a regulated foreign entity.

• Marginal note:Notice of place of records

  (3) Where any of the records described in subsection (1) are not kept at the principal office of an authorized foreign bank, the authorized foreign bank shall notify the Superintendent of the place where they are kept.

• Marginal note:Form of records

  (4) Records required by this Act to be prepared and maintained by an authorized foreign bank

  • (a) may be in a bound or loose-leaf form or in a photographic film form; or

  • (b) may be entered or recorded by any system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time.

• Marginal note:Conversion of records

  (5) Records kept in one form may be converted to any other form and, notwithstanding section 246, an authorized foreign bank may destroy the record at any time after it has been converted.

• Marginal note:Access to records

  (6) Creditors in respect of the business in Canada of an authorized foreign bank and their personal representatives may examine a record referred to in any of paragraphs (1)(a), (d) or (e) during the usual business hours of the authorized foreign bank, and may take extracts from it, free of charge, or have copies made of it on payment of a reasonable fee.

• Marginal note:Electronic access

  (7) An authorized foreign bank may make the information contained in records referred to in subsection (1) available to persons by any system of mechanical or electronic data processing or any other information storage device that is capable of reproducing the records in intelligible written form within a reasonable time.