Definitions

1   In this regulation:

"Act" means the Foreign Money Claims Act;

"currency jurisdiction" means, in respect of a foreign money judgment, the country in the currency of which the judgment was awarded;

"determination date" means, in respect of any calculation of interest that is to be added to or that has accrued on a foreign money judgment, the date on which that calculation is made;

"foreign money judgment" means a judgment to which section 1 of the Act applies;

"foreign prime rate" means the interest rate in effect from time to time in a country other than Canada that, for that country, is most closely analogous to the rate of interest referred to in section 7 (1) of the Court Order Interest Act;

"periodical" means a publication published weekly or more frequently that is available, or can be made available, in British Columbia;

"Table" means Table 60p of the International Financial Statistics published from time to time by the International Monetary Fund.

Foreign prime rate to be applied

2   (1) If, on one or more days in a calendar month, interest is to be added to or to accrue on a foreign money judgment under Part 1 or 2 of the Court Order Interest Act, the interest rate at which that interest is calculated must be the foreign prime rate applicable to that calendar month.

(2) For the purpose of subsection (1), the following is evidence of the foreign prime rate applicable to a calendar month:

(a) the rate that is, before the determination date, published in the Table as being the rate applicable to the currency jurisdiction for the calendar month;

(b) if paragraph (a) does not apply, the rate that is, before the determination date, published in the Table as being the rate applicable to the currency jurisdiction for the calendar quarter in which the calendar month falls;

(c) if paragraphs (a) and (b) do not apply, the rate that is, before the determination date, published in the Table as being the rate applicable to the currency jurisdiction for the calendar year in which the calendar month falls;

(d) if paragraphs (a) to (c) do not apply, the rate that is, before the determination date, published in a periodical as being the rate applicable to the currency jurisdiction for the calendar month and, if the parties propose different rates that comply with this paragraph, the proposed rate that has been most recently published;

(e) if paragraphs (a) to (d) do not apply, the most current monthly rate published in the Table that is applicable to the currency jurisdiction.

Enforcement process

3   (1) A person having a claim to payment of money owing under a foreign money judgment who wishes to enforce that claim in a manner contemplated by the Court Order Enforcement Act must convert the amount owing under the foreign money judgment into Canadian currency in the manner provided under section 1 (1) of the Foreign Money Claims Act and the conversion date for that purpose must be the business day preceding the day on which a record is filed in a court to initiate that manner of enforcement.

(2) Subsection (1) does not apply to the registration of a judgment at a land title office under section 88 of the Court Order Enforcement Act.