Manner of Calculation (Foreign Banks) Regulations

Manner of Calculation (Foreign Banks) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 978a of the Bank Actb, hereby makes the annexed Manner of Calculation (Foreign Banks) Regulations. S.C. 2001, c. 9, s. 183 S.C. 1991, c. 46 Definitions The following definitions apply in these Regulations. Act means the Bank Act. (Loi) total assets has the same meaning as in subsection 508(5) of the Act. (actif total) total revenue has the same meaning as in subsection 508(5) of the Act. (recettes d’exploitation totales) Portion of entity’s activities For the purpose of the definition financial services entity in subsection 507(1) of the Act, the prescribed manner of determining the portion of the activities that an entity engages in that consists of one or more of the activities referred to in paragraphs (a) to (h) of that definition (in this section referred to as “particular activities”) is to determine it as a percentage in accordance with the formula is the greater of the fraction B/C and the fraction D/E, where is the part of the total assets of the entity that is in respect of the particular activities, is the total assets of the entity, is the part of the total revenue of the entity that is derived from the particular activities, and is the total revenue of the entity. Portion of entity’s business in Canada — par. 522.05(a) of the Act For the purpose of paragraph 522.05(a) of the Act, the prescribed manner of determining the portion of the business in Canada, of a foreign bank or other entity, that consists of one or more of the activities referred to in that paragraph (in this section referred to as “particular activities”) is to determine it as a percentage in accordance with the formula is the part of the total assets of the foreign bank or other entity that is in respect of the particular activities that the foreign bank or other entity engaged in or carried on in Canada, is the part of the total assets of the foreign bank or other entity that is in respect of its business that it engaged in or carried on in Canada, is the part of the total revenue of the foreign bank or other entity that is derived from the particular activities that the foreign bank or other entity engaged in or carried on in Canada, and is the part of the total revenue of the foreign bank or other entity that is derived from its business that it engaged in or carried on in Canada. Portion of entity’s business outside Canada — par. 522.05(b) of the Act For the purpose of paragraph 522.05(b) of the Act, the prescribed manner of determining the portion of the business outside Canada, of a foreign bank or other entity, that consists of one or more of the activities referred to in that paragraph (in this section referred to as “particular activities”) is to determine it as a percentage in accordance with the formula is the part of the total assets of the foreign bank or other entity that is in respect of the particular activities that the foreign bank or other entity engaged in or carried on outside Canada, is the part of the total assets of the foreign bank or other entity that is in respect of its business that it engaged in or carried on outside Canada, is the part of the total revenue of the foreign bank or other entity that is derived from the particular activities that the foreign bank or other entity engaged in or carried on outside Canada, and is the part of the total revenue of the foreign bank or other entity that is derived from its business that it engaged in or carried on outside Canada. Portion of Canadian entity’s activities — paragraphs 522.09(1)(b) and (2)(b) of the Act For the purpose of paragraphs 522.09(1)(b) and (2)(b) of the Act, the prescribed manner of determining the portion of the activities a Canadian entity engages in that consists of the activities referred to in either of those paragraphs (in this section referred to as “particular activities”) is to determine it as a percentage in accordance with the formula is the part of the total assets of the Canadian entity that is in respect of the particular activities, is the total assets of the Canadian entity, is the part of the total revenue of the Canadian entity that is derived from the particular activities, and is the total revenue of the Canadian entity. Portion of entity’s business in Canada — par. 522.19(1)(a) of the Act For the purpose of paragraph 522.19(1)(a) of the Act, the prescribed manner of determining the portion of the business in Canada, of a foreign bank or other entity, that consists of one or more of the activities referred to in that paragraph (in this section referred to as “particular activities”) is to determine it as a percentage in accordance with the formula Portion of entity’s business outside Canada — par. 522.19(1)(b) of the Act For the purpose of paragraph 522.19(1)(b) of the Act, the prescribed manner of determining the portion of the business outside Canada, of a foreign bank or other entity, that consists of one or more of the activities referred to in that paragraph (in this section referred to as “particular activities”) is to determine it as a percentage in accordance with the formula Coming into force These Regulations come into force on the day on which section 978 of the Bank Act, as enacted by section 183 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. [Note: Regulations in force October 24, 2001, see SI/2001-102.]