B.C. Reg. 575/2004, deposited December 13, 2004, pursuant to the FINANCIAL INSTITUTIONS ACT [Section 289]. Order in Council 1237/2004, approved and ordered December 11, 2004.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective December 31, 2004, the attached Prescribed Types of Businesses Regulation is made.

— G. M. COLLINS, Minister of Finance; S. BOND, Presiding Member of the Executive Council.

PRESCRIBED TYPES OF BUSINESSES REGULATION

Interpretation

1 In this regulation:

"Act" means the Financial Institutions Act;

"factoring" means the business of buying or selling, outright and without recourse, accounts receivable;

"financial leasing" means leasing property by means of a direct financing lease as defined in the Handbook of The Canadian Institute of Chartered Accountants, as amended from time to time;

"permitted entity" means a savings institution, a corporation or entity that offers services that a financial institution may  engage in directly under this regulation, or a corporation or entity in which a financial institution may own more than 10% of the voting shares or a 10% interest as specified in section 6.2 of the Investment and Lending Regulation.

Permitted businesses

2 The following are businesses of a prescribed type for the purpose of section 65 (1) (c) of the Act:

(a) investment counseling;

(b) portfolio management;

(c) the issuing of credit cards and the operation of associated credit card systems;

(d) the promotion of merchandise and services to holders of credit cards issued by the financial institution;

(e) the acquisition, holding, maintenance, improvement, sale, lease or management of real property, or may act as an agent in the sale or purchase of real property;

(f) factoring;

(g) financial leasing;

(h) the provision of data processing or information services relating to financial institutions;

(i) the collection, manipulation and transmission of information that is primarily financial or economic in nature and is provided to permitted entities;

(j) business management and advisory services;

(k) the business of a financial agent;

(l) the sale of

(i) tickets, including lottery tickets, for special, temporary and infrequent non-commercial celebrations or projects that are of local, municipal, provincial or national interest, as a non-profit service,

(ii) urban transit tickets, and

(iii) tickets for a lottery sponsored by the federal government, a provincial government or a municipal government or by an agency of any of those governments;

(m) subject to the Act and the regulations, acting as agent for any person for the provision of any service provided by a permitted entity.

Copyright © 2004: Queen's Printer, Victoria, British Columbia, Canada