What changed

Place of records

• (3.1)

  Subject to subsection 245(1.1), subsection (1) does not apply to a bank that is 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.

Requirement to maintain copies and process information in Canada

• (1.1)

  added on 2021-08-10

  Where a bank referred to in subsection 239(3.1) or 251(3) maintains records referred to in section 238 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and must, in the case referred to in paragraph (b), by order, direct the bank to maintain a copy of those records or register at any place in Canada as the directors think fit (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the bank not to maintain a copy of those records or register at any place in Canada.

• (a)

  added on 2021-08-10

  if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

• (b)

  added on 2021-08-10

  if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the bank not to maintain a copy of those records or register at any place in Canada.

• (2)

  A bank shall without delay comply with any directionorder issued under subsection (1) or (1.1).

Regulations

The Governor in Council may make regulations respecting the records, papers and documents to be retained by a bank, andincluding the length of time those records, papers and documents are to be retained, and what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph 245(1.1)(a).

Location of central securities register

• (3)

  Subject to subsection 245(1.1), subsection (1) does not apply to a bank that is 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.

Records

• (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.

• (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.

Application of sections 244 to 247

• (a)

  the reference in subsectionsubsections 245(1) and (1.1) to “records referred to in section 238” wereshall be read as a reference to “records referred to in subsection 597(1)”; and

• (b)

  the reference in paragraphsubsection 246245(1)(a.1) to “records of the bank referred to in subsection 238239(3.1)” wereshall be read as a reference to “records of the authorized foreign bank referred to in subsection 597(2.1)”.;

• (c)

  added on 2021-08-10

  the reference in subsection 245(1.1) to “directors” shall be read as a reference to “principal officer”; and

• (d)

  added on 2021-08-10

  the reference in paragraph 246(1)(a) to “records of the bank referred to in subsection 238(1)” shall be read as a reference to “records of the authorized foreign bank” referred to in subsection 597(1)”.

Sunset provision

• (1)

  Subject to subsections (2) and (4), bank holding companies shall not carry on business after theJune fifth anniversary of the day on which the Budget Implementation Act30, 2018, No2025. 1 receives royal assent.

• (4)

  If Parliament dissolves on the fifth anniversary of the day onset whichout thein Budgetsubsection Implementation Act, 2018, No. (1 receives royal assent) or on any day within the six-month period before that anniversaryday or on any day within an extension ordered under subsection (2), bank holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.

Place of records

• (1.1)

  Subject to subsection 822(1.1), subsection (1) does not apply to a bank holding company that is 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.

Requirement to maintain copies and process information in Canada

• (1.1)

  added on 2021-08-10

  Where a bank holding company referred to in subsection 816(1.1) or 828(3) maintains records referred to in section 815 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and shall, in the case referred to in paragraph (b), by order, direct the bank holding company to maintain a copy of those records or register at any place in Canada as the directors think fit (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the bank holding company not to maintain a copy of those records or register at any place in Canada.

• (a)

  added on 2021-08-10

  if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

• (b)

  added on 2021-08-10

  if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the bank holding company not to maintain a copy of those records or register at any place in Canada.

• (2)

  A bank holding company shall without delay comply with any directionorder issued under subsection (1) or (1.1).

Regulations

The Governor in Council may make regulations respecting the records, papers and documents to be retained by a bank holding company, andincluding the length of time those records, papers and documents are to be retained, and what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph 822(1.1)(a).

Location of central securities register

• (3)

  Subject to subsection 822(1.1), subsection (1) does not apply to a bank holding company that is 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.