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Bank Act

Version of section 510 from 2008-05-19 to 2024-03-06:


Marginal note:Prohibited activities

  •  (1) Except as permitted by this Part, a foreign bank or an entity associated with a foreign bank shall not

    • (a) in Canada, engage in or carry on

      • (i) any business that a bank is permitted to engage in or carry on under this Act, or

      • (ii) any other business;

    • (b) maintain a branch in Canada for any purpose;

    • (c) establish, maintain or acquire for use in Canada an automated banking machine, a remote service unit or a similar automated service, or in Canada accept data from such a machine, unit or service; or

    • (d) acquire or hold control of, or a substantial investment in, a Canadian entity.

  • Marginal note:Deeming re acts of agent, etc. — foreign banks

    (2) For the purposes of this Part, a foreign bank is deemed to be carrying out or to have carried out anything prohibited by subsection (1) if it is carried out by a nominee or agent of the foreign bank acting as such.

  • Marginal note:Deeming re acts of agent, etc. — associated entities

    (3) For the purposes of this Part, an entity associated with a foreign bank is deemed to be carrying out or to have carried out anything prohibited by subsection (1) if it is carried out by a nominee or agent of the entity associated with the foreign bank acting as such.

  • Marginal note:Non-application re federal institutions associated with a foreign bank

    (4) Subsection (1) does not apply to

    • (a) an entity referred to in any of paragraphs 468(1)(a) to (f) that is an entity associated with a foreign bank; or

    • (b) a Canadian entity that an entity referred to in paragraph (a) controls, or in which such an entity has a substantial investment.

  • Marginal note:Non-application re Canadian entity associated with a foreign bank

    (5) Paragraphs (1)(a) and (b) do not apply to a Canadian entity that is an entity associated with a foreign bank and that is held or acquired in accordance with this Part.

  • 1991, c. 46, s. 510
  • 1996, c. 6, s. 9
  • 1997, c. 15, s. 77
  • 2001, c. 9, s. 132
  • 2007, c. 6, s. 50

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