Name Use (Affiliates of Banks or Bank Holding Companies) Regulations

Name Use (Affiliates of Banks or Bank Holding Companies) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978a and subsection 983(18)b of the Bank Actc, hereby makes the annexed Name Use (Affiliates of Banks or Bank Holding Companies) Regulations. S.C. 2005, c. 54, s. 135 S.C. 2007, c. 6, s. 129(8) S.C. 1991, c. 46 Definition of Act In these Regulations, Act means the Bank Act. Application Paragraph 983(4)(b) and subsection 983(5.3) of the Act apply to an entity that is affiliated with a bank, and subsections 983(8) and (9.1) of the Act apply to an entity that is affiliated with a bank holding company, if the entity complies with the following conditions: the entity does not, in Canada, engage in the business of accepting deposit liabilities; the entity does not, in Canada, represent to the public that any instrument issued by it is a deposit or that any liability incurred by it is a deposit; and if the entity carries on as part of its business the provision of financial services — and borrows money in Canada from the public through the issue of instruments in denominations of less than $150,000 or by borrowing from a person in an amount of less than $150,000, the entity discloses that it is not a member institution of the Canada Deposit Insurance Corporation, the liability incurred by it through the borrowing is not a deposit, and it is not regulated as a financial institution in Canada. Means of disclosure The disclosure referred to in paragraph (1)(c) must be in a prospectus, information circular or other offering document related to the borrowing or in a similar document related to the borrowing or, if there is no such document, in a statement delivered to the lender. The conditions set out in subsection (1) do not apply to an entity that is a trust or loan corporation incorporated under a federal or provincial law; an association to which the Cooperative Credit Associations Act applies; or a cooperative credit society incorporated or formed, and regulated, by or under a provincial law. The condition set out in paragraph (1)(c) does not apply to an entity that is an insurance company or fraternal benefit society incorporated or formed by or under a federal or provincial law; an insurance holding company; controlled by an insurance holding company or in which an insurance holding company has a substantial investment; or incorporated or formed by or under a federal or provincial law and that is primarily engaged in dealing in securities, including portfolio management and investment counselling. Subsequent use by bank or bank holding company The conditions set out in subsection (1) do not apply in respect of the use by an entity of a name that, before being used by the bank or bank holding company, as the case may be, was already used by the entity, or by an entity affiliated with it, in the corporate name of the entity or affiliate or in a name under which the entity or affiliate carries on business. The conditions set out in subsection (1) do not apply in respect of the use by an entity of an identifying mark that, before being used by the bank or bank holding company, as the case may be, was already used by the entity, or by an entity affiliated with it, in carrying on the business of the entity or affiliate. [Repeal] These Regulations come into force on the day on which section 129 of An Act to amend the law governing financial institutions and to provide for related and consequential matters, being chapter 6, of the Statutes of Canada, 2007, comes into force. [Note: Regulations in force May 19, 2008, see SI/2008-58.]