Bank Act | |
---|---|
An Act respecting banks and banking | |
Citation | Bank Act |
Enacted by | Parliament of Canada |
Date assented to | December 13, 1991 |
The Bank Act (1991, c. 46) is an Act of the Government of Canada respecting banks and banking.
The Act groups banks in three schedules. Schedule I banks are banks allowed to accept deposits that are not a subsidiary of a foreign bank, Schedule II banks are banks allowed to accept deposits that are a subsidiary of a foreign bank with branches in Canada, and Schedule III banks are foreign banks with certain restrictions that can do banking business in Canada.
The Bank Act was originally passed in 1871. The terms of the Act provide that it is renewed decennially to ensure that legislators will periodically update the Act in order to keep pace with developments in the financial system. [1]
The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada. [2]