Bank Act

Marginal note:Order permitting carrying on of business in Canada, etc.

• 524 (1) On application by a foreign bank, the Minister may make an order permitting the foreign bank to establish a branch in Canada to carry on business in Canada under this Part.

• Marginal note:Restrictions and requirements

  (2) The order may be made subject to the restrictions and requirements referred to in subsections 540(1) and (2), respectively.

• Marginal note:Reciprocal treatment

  (3) The Minister may make an order only if the Minister is satisfied that, if the application is made by a non-WTO Member foreign bank, treatment as favourable for banks to which this Act applies exists or will be provided in the jurisdiction in which the authorized foreign bank principally carries on business, either directly or through a subsidiary.

• Marginal note:Consultation with Superintendent

  (4) The Minister may make an order only if the Minister is of the opinion, after consultation with the Superintendent, that

  • (a) the applicant is a bank in the jurisdiction under whose laws it was incorporated and is regulated in a manner acceptable to the Superintendent; and

  • (b) the applicant’s principal activity is the provision of

    • (i) financial services, or

    • (ii) services that would be permitted by this Act if they were provided by a bank in Canada.