Bank Act

Marginal note:Prohibited activities

• 510 (1) Except as permitted by this Part, a foreign bank or an entity associated with a foreign bank shall not

  • (a) in Canada, engage in or carry on

    • (i) any business that a bank is permitted to engage in or carry on under this Act, or

    • (ii) any other business;

  • (b) maintain a branch in Canada for any purpose;

  • (c) establish, maintain or acquire for use in Canada an automated banking machine, a remote service unit or a similar automated service, or in Canada accept data from such a machine, unit or service; or

  • (d) acquire or hold control of, or a substantial investment in, a Canadian entity.

• Marginal note:Deeming re acts of agent, etc. — foreign banks

  (2) For the purposes of this Part, a foreign bank is deemed to be carrying out or to have carried out anything prohibited by subsection (1) if it is carried out by a nominee or agent of the foreign bank acting as such.

• Marginal note:Deeming re acts of agent, etc. — associated entities

  (3) For the purposes of this Part, an entity associated with a foreign bank is deemed to be carrying out or to have carried out anything prohibited by subsection (1) if it is carried out by a nominee or agent of the entity associated with the foreign bank acting as such.