Bill C-38 includes significant amendments to the provisions of the Bank Act (Canada) dealing with foreign banks. There are two important objectives reflected in the changes - to clarify the policy of the Government of Canada with respect to the entry of foreign financial institutions and to provide comparable flexibility and powers to foreign commercial banks which have established Canadian financial entities (e.g., banking subsidiaries) as are being provided to Canadian domestic banks in Bill C-38.
This article was published in the May/June 2000 issue of Directions.

type Revisions to Foreign Bank Rules