Bank Act

Marginal note:No financial establishment without approval — foreign bank

• 522.21 (1) A foreign bank may not, without the prior written approval of the Minister, have a financial establishment in Canada.

• Marginal note:Exception

  (2) Subsection (1) does not apply if the foreign bank or any entity associated with the foreign bank

  • (a) is an authorized foreign bank;

  • (b) is a foreign insurance company;

  • (c) controls or is a major owner of a Canadian entity referred to in any of paragraphs 468(1)(a) to (f); or

  • (d) has already received the approval of the Minister to have a financial establishment in Canada.

• Marginal note:Deeming

  (3) A foreign bank that was the subject of a designation order under subsection 508(1) as that subsection read immediately before the coming into force of this subsection and whose designation order has not been revoked is deemed to have received the approval of the Minister to have a financial establishment in Canada.