Financial Institutions Act -- EXTRAPROVINCIAL CORPORATIONS DISCLOSURE OF INFORMATION REGULATION

B.C. Reg. 105/92
O.C. 505/92

Deposited April 2, 1992

This archived regulation consolidation is current to August 5, 2005 and includes changes enacted and in force by that date. For the most current information, click here.

Financial Institutions Act

EXTRAPROVINCIAL CORPORATIONS DISCLOSURE OF
INFORMATION REGULATION

Interpretation

1 In this regulation:

"Act" means the Financial Institutions Act;

"comparable legislation" means the legislation of another province or of Canada under which

(a) an extraprovincial insurance corporation is licensed, registered or in any way authorized to carry on activities that are substantially the same as insurance business, or

(b) an extraprovincial trust corporation is licensed, registered or in any way authorized to carry on activities that are substantially the same as trust business or deposit business or both,

as the case may be.

Condition respecting disclosure to superintendent

2 It is a condition of every business authorization issued to an extraprovincial corporation that the extraprovincial corporation permit persons charged with the administration or enforcement, or the administration and enforcement of comparable legislation

(a) to provide to the commission, the superintendent or any person acting under the direction of either of them,

(i) information, or

(ii) records

relating to the extraprovincial corporation, and

(b) to discuss with the superintendent any particulars of the extraprovincial corporation.

[Provisions of the Financial Institutions Act, R.S.B.C. 1996, c. 141, relevant to the enactment of this regulation: sections 62 and 289 (3) (g)]