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Foreign Bank Representative Offices Regulations

Version of section 6 from 2008-05-15 to 2024-05-28:

  •  (1) No representative office of a foreign bank shall undertake a business activity other than

    • (a) promoting the services of the foreign bank or an affiliate of the foreign bank other than an affiliate incorporated in Canada; or

    • (b) acting as a liaison between clients of the foreign bank and other offices of the foreign bank or of affiliates of the foreign bank other than an affiliate incorporated in Canada.

  • (2) No person employed in a representative office of a foreign bank shall, in the course of that employment, undertake or carry on any business activities other than activities that are in furtherance of the activities of the representative office referred to in paragraphs (1)(a) and (b).

  • (3) Subsection (2) does not apply to employees of a foreign bank in respect of which an order under subsection 524(1) of the Act has been made.

  • SOR/99-271, s. 3
  • SOR/2008-165, s. 1(F)

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