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
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