Civil Remedies (Banks and Bank Holding Companies) Regulations

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2006-299/FullText.html

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Civil Remedies (Banks and Bank Holding Companies) Regulations

SOR/2006-299BANK ACT
Registration 2006-11-28
Civil Remedies (Banks and Bank Holding Companies) Regulations
P.C. 2006-1424 2006-11-28Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 271(1)Footnote a, (3)Footnote a and (6)Footnote a and 978(1)Footnote b of the Bank ActFootnote c, hereby makes the annexed Civil Remedies (Banks and Bank Holding Companies) Regulations.

Return to footnote aS.C. 2005, c. 54, s. 57
Return to footnote bS.C. 2005, c. 54, s. 135
Return to footnote cS.C. 1991, c. 46
Interpretation

1 In these Regulations, Act means the Bank Act.

Civil Remedies

2 For the purpose of paragraph 271(1)(d) of the Act, the prescribed percentage of voting rights attached to all of the bank’s or bank holding company’s outstanding shares is 10%.

2.1 For the purpose of subsection 271(1.1) of the Act, the prescribed percentage of the membership shares of the federal credit union is 10%.
SOR/2012-269, s. 16.

3 For the purpose of subsection 271(3) of the Act, take-over bid means a take-over bid under any legislation that is set out in column 2 of the schedule.

4 For the purpose of paragraph 271(6)(c) of the Act, the prescribed circumstances are that the insider

(a) entered into the purchase or sale of the security as an agent pursuant to a specific unsolicited order to purchase or sell;
(b) made the purchase or sale of the security pursuant to participation in an automatic dividend reinvestment plan, share purchase plan or other similar automatic plan that the insider entered into before the acquisition of the confidential information;
(c) made the purchase or sale of the security to fulfil a legally binding obligation that the insider entered into before the acquisition of the confidential information; or
(d) purchased or sold the security as agent or trustee in the circumstances described in paragraph (b) or (c).

Coming into Force

5 These Regulations come into force on the day on which they are registered.

SCHEDULE(Section 3)

TAKE-OVER BID

Column 1
Column 2

Item
Jurisdiction
Legislation

1
Ontario
the definition take-over bid in subsection 89(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended from time to time

2
Quebec
the definition take-over bid in section 110 of the Securities Act, R.S.Q., c. V-1.1, as amended from time to time

3
Nova Scotia
the definition take-over bid in paragraph 95(1)(l) of the Securities Act, R.S.N.S. 1989, c. 418, as amended from time to time

4
New Brunswick
the definition take-over bid in subsection 106(1) of the Securities Act, S.N.B. 2004, c. S-5.5, as amended from time to time

5
Manitoba
the definition take-over bid in subsection 80(1) of The Securities Act, C.C.S.M., c. S50, as amended from time to time

6
British Columbia
the definition take over bid in subsection 92(1) of the Securities Act, R.S.B.C. 1996, c. 418, as amended from time to time

7
Saskatchewan
the definition take-over bid in paragraph 98(1)(j) of The Securities Act, 1988, S.S. 1988-89, c. S-42.2, as amended from time to time

8
Alberta
the definition take-over bid in paragraph 158(1)(r) of the Securities Act, R.S.A. 2000, c. S-4, as amended from time to time

9
Newfoundland and Labrador
the definition take-over bid in paragraph 90(1)(l) of the Securities Act, R.S.N.L. 1990, c. S-13, as amended from time to time

10
Yukon
the definition take-over bid in section 196 of the Business Corporations Act, R.S.Y. 2002, c. 20, as amended from time to time

11
Northwest Territories
the definition take-over bid in section 196 of the Business Corporations Act, S.N.W.T. 1996, c. 19, as amended from time to time

12
Nunavut
the definition take-over bid in section 196 of the Business Corporations Act (Nunavut), S.N.W.T. 1996, c. 19, as amended from time to time