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Brief
The Prescribed Deposits (Authorized Foreign Banks) Regulations were made by Her Excellency the Governor General in Council, pursuant to subsections 545(3) and (6) of the Bank Act. The regulations are intended to implement certain provisions related to deposits taken by authorized foreign banks from specific entities.
The regulations define a "prescribed deposit" as a deposit of less than $150,000 that is taken by an authorized foreign bank from specific entities such as Her Majesty in right of Canada or a province, the government of a foreign country, international agencies, financial institutions, pension funds, mutual funds, and certain other entities. The regulations also specify that the first deposit transaction between an authorized foreign bank and these entities must meet certain conditions.
The regulations come into force on the day they are registered. They apply to deposits taken by authorized foreign banks from specific entities, and are intended to regulate these deposits under the Bank Act.
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