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Can you summarize S.C. 1991, c. 46?
Consolidated Acts > Bank Act
Short Summary
The Bank Act is a Canadian legislation that governs banks and banking in the country. It aims to establish a strong and efficient banking sector by providing clear and comprehensive national standards for banking products and services. The Act applies to banks listed in Schedule I or II. It also applies to widely held bank holding companies, eligible Canadian financial institutions, eligible foreign institutions, and widely held insurance holding companies. The Act does not specify any exemptions or penalties for non-compliance.
Whom does it apply to?
This document applies to banks listed in Schedule I or II of the Bank Act. It also applies to widely held bank holding companies, eligible Canadian financial institutions, eligible foreign institutions, and widely held insurance holding companies.
What does it govern?
This document governs banks and banking in Canada, providing a legislative framework for a strong and efficient banking sector. It establishes clear, comprehensive, exclusive, national standards applicable to banking products and services offered by banks.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties for non-compliance are not specified in this document.
Jurisdiction
Canada