B.C. Reg. 528/2004, deposited December 3, 2004, pursuant to the INTERNATIONAL FINANCIAL ACTIVITY ACT [Sections 2 and 65]. Order in Council 1197/2004, approved and ordered December 2, 2004.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective September 1, 2004, the International Financial Activity Regulation, B.C. Reg. 327/2004, is amended as set out in the attached Schedule.

— R. THORPE, Minister of Provincial Revenue; S. BOND, Presiding Member of the Executive Council.

Schedule

1 The International Financial Activity Regulation, B.C. Reg. 327/2004, is amended by adding the following section:

International financial activity

4 (1) For the purposes of section 2 (2) (a) to (d) of the Act, the following are prescribed businesses:

(a) an international financial business of any other registered corporation;

(b) an international banking centre business designated under section 33.1 (3) of the federal Act;

(c) an international financial centre as defined in An Act Respecting International Financial Centres (Quebec).

(2) For the purposes of section 2 (2) (g) (ii) of the Act, a prescribed purpose is the managing of a financial risk of a non-resident person, other than a risk with respect to the change in value of a commodity.

(3) For the purposes of section 2 (2) (h) of the Act, prescribed risks are any risks that fall within any class of insurance defined under the Insurance Act, except life, sickness or accident insurance.

(4) For the purposes of section 2 (2) (i) of the Act, prescribed financial advice is legal, accounting or tax advice provided by a corporation in the business of providing that advice.

(5) For the purposes of section 2 (2) (n) of the Act, prescribed financial research is legal, accounting or tax research provided by a corporation in the business of providing that research.

(6) For the purposes of section 2 (2) (q) of the Act, a prescribed film or television production is a production that is pornography.

(7) For the purposes of section 2 (2) (r) of the Act, the following are prescribed administrative support services:

(a) call centres;

(b) marketing;

(c) advertising.

(8) For the purposes of section 2 (2) (t) of the Act, the following are prescribed financial activities of a corporation that is a savings institution:

(a) acting

(i) as trustee of a trust that, at all relevant times, is non-resident,

(ii) as an executor or administrator of the estate of a non-resident person, all the beneficiaries of which are at all relevant times non-residents,

(iii) as guardian of the estate of a minor who is non-resident, or

(iv) as committee of the estate of a mentally incompetent person who is non-resident;

(b) providing services to a non-resident person in respect of the Immigration and Refugee Protection Act (Canada).

(9) For the purposes of section 2 (2) (t) of the Act, collecting trade accounts receivable from non-resident persons is a prescribed financial activity of a corporation.

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