I-13.2.2, r. 2 - Regulation respecting the application of sections 40.15 to 40.17 of the Deposit Institutions and Deposit Protection Act to protected financial contracts and their transfer

Section 1 Disposition versions

2019-03-31

1. For the purposes of this Regulation, a “financial guarantee” means any of the following, when it is charged with a security interest securing payment of an amount or performance of an obligation in respect of a protected financial contract or when it is subject to a title transfer credit support agreement:

(1)  a monetary claim within the meaning of the second paragraph of article 2713.1 of the Civil Code, cash or a cash equivalent, including a negotiable instrument and a demand deposit;

(2)  a security, a securities account, a securities entitlement or a right to acquire securities;

(3)  a futures contract or a futures account; or

(4)  a right to payment or delivery against a clearing house within the meaning of section 2 of the Payment Clearing and Settlement Act (S.C. 1996, c. 6).

For the purposes of the first paragraph, a title transfer credit support agreement means an agreement under which title to property has been provided for the purpose of securing payment of an amount or performance of an obligation in respect of a protected financial contract.

M.O. 2019-02, s. 1.

Not in force

In force: 2019-03-31

1. For the purposes of this Regulation, a “financial guarantee” means any of the following, when it is charged with a security interest securing payment of an amount or performance of an obligation in respect of a protected financial contract or when it is subject to a title transfer credit support agreement:

(1)  a monetary claim within the meaning of the second paragraph of article 2713.1 of the Civil Code, cash or a cash equivalent, including a negotiable instrument and a demand deposit;

(2)  a security, a securities account, a securities entitlement or a right to acquire securities;

(3)  a futures contract or a futures account; or

(4)  a right to payment or delivery against a clearing house within the meaning of section 2 of the Payment Clearing and Settlement Act (S.C. 1996, c. 6).

For the purposes of the first paragraph, a title transfer credit support agreement means an agreement under which title to property has been provided for the purpose of securing payment of an amount or performance of an obligation in respect of a protected financial contract.

M.O. 2019-02, s. 1.