Bank Act

Marginal note:Additional activities

• 539 (1) In addition, an authorized foreign bank may, in Canada,

  • (a) hold, manage and otherwise deal with real property;

  • (b) provide prescribed bank-related data processing services;

  • (b.1) with the prior written approval of the Minister, engage in any of the following activities, namely,

    • (i) collecting, manipulating and transmitting

      • (A) information that is primarily financial or economic in nature,

      • (B) information that relates to the business of an entity in which a bank is permitted to acquire a substantial investment under section 468 or to the business of a Canadian entity acquired or held under section 522.08, and

      • (C) any other information that the Minister may, by order, specify,

    • (ii) providing advisory or other services in the design, development or implementation of information management systems,

    • (iii) designing, developing or marketing computer software, and

    • (iv) designing, developing, manufacturing or selling, as an ancillary activity to any activity referred to in any of subparagraphs (i) to (iii) that the authorized foreign bank is engaging in, computer equipment integral to the provision of information services related to the business of financial institutions or to the provision of financial services;

  • (b.2) with the prior written approval of the Minister, develop, design, hold, manage, manufacture, sell or otherwise deal with data transmission systems, information sites, communication devices or information platforms or portals that are used

    • (i) to provide information that is primarily financial or economic in nature,

    • (ii) to provide information that relates to the business of an entity in which a bank is permitted to acquire a substantial investment under section 468 or to the business of a Canadian entity acquired or held under section 522.08, or

    • (iii) for a prescribed purpose or in prescribed circumstances;

  • (b.3) engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services;

  • (c) promote merchandise and services to the holders of any payment, credit or charge card issued by the authorized foreign bank;

  • (d) engage in the sale of

    • (i) tickets, including lottery tickets, on a non-profit public service basis in connection with special, temporary and infrequent non-commercial celebrations or projects that are of local, municipal, provincial or national interest,

    • (ii) urban transit tickets, and

    • (iii) tickets in respect of a lottery sponsored by the federal government or a provincial or municipal government or an agency of any of those governments;

  • (e) act as a custodian of property;

  • (f) act as receiver, liquidator or sequestrator; and

  • (g) provide identification, authentication or verification services.

• Marginal note:Restriction

  (2) Except as authorized by or under this Act, an authorized foreign bank shall not deal in Canada in goods, wares or merchandise or engage in any trade or other business.

• Marginal note:Regulations

  (3) The Governor in Council may make regulations

  • (a) respecting what an authorized foreign bank may or may not do with respect to the carrying on of the activities referred to in paragraphs (1)(b.1) to (b.3);

  • (b) imposing terms and conditions in respect of

    • (i) the provision of financial services referred to in paragraph 538(2)(a) that are financial planning services,

    • (ii) the provision of services referred to in paragraph 538(2)(c), and

    • (iii) the carrying on of the activities referred to in any of paragraphs (1)(b.1) to (b.3); and

  • (c) respecting the circumstances in which authorized foreign banks may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(b.1) or (b.2).