Ask Reggi Your Question Now
Can you summarize SOR /2001-391?
Consolidated Regulations > Information Processing Activities (Banks and Authorized Foreign Banks) Regulations
Short Summary
The Information Processing Activities (Banks and Authorized Foreign Banks) Regulations apply to banks and authorized foreign banks. These regulations provide exemptions for specified circumstances, including certain information processing activities related to account postings, payments, and deposits carried on by the bank before December 1, 1980. Additionally, exemptions are provided for various information processing activities carried on in respect of financial institutions, employers, farmers, subsidiaries of the bank or authorized foreign bank, and entities in which the bank or authorized foreign bank holds more than 10% of the voting shares. No penalties are mentioned in these regulations.
Whom does it apply to?
Banks and authorized foreign banks
What does it govern?
Information Processing Activities (Banks and Authorized Foreign Banks) Regulations
What are exemptions?
The regulations provide exemptions for specified circumstances, such as certain information processing activities related to generating, recording, or reporting on postings to accounts, payments from and deposits to accounts carried on by the bank before December 1, 1980, and various information processing activities carried on in respect of financial institutions, employers, farmers, subsidiaries of the bank or authorized foreign bank, and entities in which the bank or authorized foreign bank holds more than 10% of the voting shares.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada