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Brief
The Total Assets for Supervisability and Public Holding Requirements (Banks and Bank Holding Companies) Regulations were created by Her Excellency the Governor General in Council on October 4, 2001. The regulations are pursuant to section 978 of the Bank Act and are made in accordance with section 183 of the Statistics Canada Act. These regulations define the total assets for banks and bank holding companies.
The definition of total assets is provided for in subsections 54.1(4), 386(3) and 895(3) of the Bank Act, at a particular time, means the total value of the assets that would be reported on its balance sheet, prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 308(4) or 840(4), as the case may be.
The regulations come into force on the day on which subsection 54.1(4) of the Bank Act comes into force, October 24, 2001.
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