Rulings
We provide rulings to help financial institutions understand legislation, regulation or guidelines.
These rulings describe how we’ve interpreted or applied provisions to previous transactions. They act as a guide for similar transactions.
Two types of rulings
There are two types of rulings.
Capital rulings
Describe how we’ve applied or interpreted provisions of our guidance relating to:
- regulatory capital
- leverage
- liquidity
- total loss absorbing capacity
Legislative rulings
Describe how we’ve applied or interpreted laws, regulations, or guidelines for financial institutions.
Rulings provide insight
These rulings give insight to help financial institutions understand decisions and transactions.
Every transaction is different. As a result, rulings for new transactions may differ from previous ones. Our rulings aren’t necessarily binding and we may add to, amend or repeal them at any time.
Financial institutions should reach out to us for rulings before they issue any instruments.
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| No. | Category | Title | Bank Act (BA) | Trust and Loan Companies Act (TLCA) | Insurance Companies Act (ICA) | Cooperative Credit Associations Act (CCAA) |
|---|---|---|---|---|---|---|
| 2020-01 | Definition of capital | Limited Recourse Capital Notes | ||||
| 2017 – 01 | Interpretation and application | Acting Jointly or in Concert | 9, 486(3)(b), 507(3) | 9, 474(3)(b) | 9, 518(4)(b) | 11, 410(2) |
| 2016 – 01 | Business and powers | Promotion of a “Comprehensive Credit Insurance” Policy by a Bank | 416 and 549 | 416 | 489 and 607 | 381 |
| 2015 – 01 | Corporate governance | Demutualization – Property and casualty companies – Eligible policyholders | N/A | N/A | 236.1, 237 | N/A |
| 2011 – 02 | Foreign banks | Business in Canada – Credit card activities | 510(1) | N/A | N/A | N/A |
| 2011 – 01 | Foreign banks | “Near” Foreign Banks – Securities dealer undertakings | Part XII | N/A | N/A | N/A |
| 2008 – 05 | Regulatory and legislative | Alternate Name - Use of a trade name | 40, 42, 255, 530, 693, 696, 832 | 41, 44, 260 | 42, 44, 278, 730, 733, 880 | 35, 38, 250 |
| 2008 – 04 | Foreign banks | Investments – Financial services entity | 507(1) | |||
| 2008 – 01 | Foreign banks | Business in Canada – Referral arrangement | 510(1) | |||
| 2008 - 03 | Interpretation and application | Control in Fact – Major shareholder and service provider | 3(1)(d) | 3(1)(d) | 3(1)(d) | 3(1)(e) |
| 2008 - 02 | Business and powers | Classes of Insurance – Reverse mortgage loan insurance | Schedule - Classes of Insurance | |||
| 2007 – 03 | Foreign insurance company | Insurance in Canada of Risks – Financial Guarantee Insurance and Residual Value Insurance | N/A | N/A | 573(1) and (2) | N/A |
| 2007 – 02 | Investments | Control in Fact – Trustee or manager | 3(1)(d) | 3(1)(d) | 3(1)(d) | 3(1)(e) |
| 2007 – 01 | Foreign banks | Business in Canada – Access to the Canadian capital market | 510(1)(a) and (b) and 510(2) and (3) | N/A | N/A | N/A |
| 2005-01 | Capital structure | Conversion of subordinated debt | 65, 69, 78, 80 | 68, 71, 81, 83 | 69, 72, 82, 84 | 74, 76, 85, 87 |
| 2005 – 03 – R1 | Foreign insurance company | Insurance in Canada of Risks – Group Policy | N/A | N/A | 573(1), 573(2) | N/A |
| 2005 - 02 | Business and powers | Classes of Insurance – Aquaculture insurance | N/A | N/A | Schedule - Classes of Insurance | N/A |
| 2004-08 | Sanctions | Unauthorized use of the word “bank” | 983(2), 983(4) to (6.1) and (10) to (12) | N/A | N/A | N/A |
| 2004-07 | Foreign banks | Foreign Bank Representative Offices – Asset management services | 522(a), Section 6 of the Foreign Bank Representative Offices Regulations | N/A | N/A | N/A |
| 2004-06 | Foreign banks | Business in Canada – Realization of security interests | 510(1), 510(2) | N/A | N/A | N/A |
| 2004-05 | Business and powers | Physically Settled Commodity Trading | 409(1), 409(2), 410(2), 538(1), 538(2), 539(2) | 409(1), 410(2) | 440(1), 441(3) | 375(1), 376(3) |
| 2004 – 01 | Business and powers | Experience Refund Programs | N/A | N/A | 573(2) | N/A |
| 2004 - 04 | Foreign banks | Business in Canada – Financing program | 510(1); 510(2) | N/A | N/A | N/A |
| 2004 - 03 | Foreign banks | Business in Canada – Mortgage loan administration services | 510(1); 510(3) | N/A | N/A | N/A |
| 2003-06 | Foreign banks | Foreign remittance activities through representative offices | 522(a) | N/A | N/A | N/A |
| 2003-04 | Business and powers | Classes of Insurance – Property valuation indemnity insurance | N/A | N/A | Schedule - Classes of Insurance | N/A |
| 2003-02 | Corporate governance | Voluntary Liquidation - Outstanding deposit liabilities | 364, 366 | 369, 371 | 402, 404 | 348, 350 |
| 2003 – 05 | Foreign banks | Small denomination notes | 545(1), 545(3) | N/A | N/A | N/A |
| 2003 - 01 | Business and powers | Acting as a service provider | 15, 409 | 14, 409 | 15, 440 | 16, 375 |
| 2002 - 01 | Business and powers | Acting as trustee for a trust | 412, 544 | 412 | 466 | 378 |
| 2001-03 | Self-dealing | Deeming a party to be a related party | 486 | 474 | 518 | 410 |
| 2001-02 | Capital structure | Holding of shares in the federally regulated financial institution or its controlling body corporate | 70 | 73 | 74 | 78 |
| 2001-01 | Capital structure | Conversion of shares | 65, 69, 77 | 68, 71, 80 | 69, 72, 81 | 74, 76, 84 |