DEFINITIONS

Financial institution 1. (1) This section applies for the purposes of clause (f) of the definition of “financial institution” in section 1 of the Act. O. Reg. 127/08, s. 1 (1). (2) Each of the following entities is prescribed as a financial institution: 1. A central incorporated under the Credit Unions and Caisses Populaires Act, 2020 or comparable legislation of another jurisdiction of Canada. 2. A co-operative credit society for which an order has been made under subsection 473 (1) of the Co-operative Credit Associations Act (Canada). 3. An entity that is, i. incorporated or organized under the laws of a jurisdiction outside Canada, ii. regulated by a jurisdiction outside Canada or by both a jurisdiction outside Canada and a jurisdiction in Canada, and iii. primarily engaged outside Canada in a business that, if it were carried on in Canada, would be the business of banking, the business of a cooperative credit society, the trust or insurance business or the business of dealing in securities. O. Reg. 127/08, s. 1 (2); O. Reg. 119/22, s. 1. (3) An entity that is a “foreign institution” for the purposes of the Insurance Companies Act (Canada) is a financial institution for the purposes of the Act other than Part XVII. O. Reg. 127/08, s. 1 (3). 2. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 127/08, s. 2.