Vol. 144, No. 8 — April 14, 2010

Registration

SOR/2010-70 March 25, 2010

BANK ACT

Regulations Amending the Bank Holding Company Proposal Regulations

P.C. 2010-390 March 25, 2010

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 678 (see footnote a) of the Bank Act (see footnote b), hereby makes the annexed Regulations Amending the Bank Holding Company Proposal Regulations.

REGULATIONS AMENDING THE BANK HOLDING COMPANY PROPOSAL REGULATIONS

AMENDMENT

1. The Bank Holding Company Proposal Regulations (see footnote 1) are amended by replacing “subsection 973(1)” with “section 973” in the following provisions:

(a) paragraphs 2(a) to (c); and

(b) subsection 11(2).

COMING INTO FORCE

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

REGULATORY IMPACT
ANALYSIS STATEMENT

(This statement is not part of the Regulations.)

Issue and objectives

Bill C-37, An Act to amend the law governing financial institutions and to provide for related and consequential matters received Royal Assent on March 29, 2007. It introduced provisions to enhance the interests of consumers, increase legislative and regulatory efficiency, and adapt the legislative framework to new developments.

Description and rationale

The amendment to the Bank Holding Company Proposal Regulations updates a cross-reference to a section that was renumbered as a result of changes made in Bill C-37, namely by replacing the terms “subsection 973(1)” with “section 973”. This amendment is administrative in nature and will ensure that the Regulations refer to the appropriate section of the legislation.

There will not be any costs for financial institutions associated with this amendment.

Consultation

Given the technical nature of the amendment, no consultations with industry stakeholders were necessary.

Contact

Jane Pearse
Director
Financial Institutions Division
Department of Finance
L’Esplanade Laurier, 15th Floor, East Tower
140 O’Connor Street
Ottawa, Ontario
K1A 0G5
Telephone: 613-992-1631
Fax: 613-943-1334
Email: jane.pearse@fin.gc.ca

Footnote a
S.C. 2007, c. 6, s. 106

Footnote b
S.C. 1991, c. 46

Footnote 1
SOR/2004-199

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