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 3 Disposition versions

2019-06-13

3. For the purposes of this Chapter:

“eligible acquirer” means an acquirer referred to in section 40.46 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), other than an eligible legal person, for which the Autorité des marchés financiers certifies in writing that:

(1)  it maintains all material authorizations and registrations that are required for the continued operation of its business and, if applicable, that it is in good standing in respect of those authorizations and registrations;

(2)  it has, on its balance sheet, assets that exceed its liabilities;

(3)  it is able to discharge its obligations in respect of the protected financial contracts transferred to it as they become due; and

(4)  its creditworthiness, taking into account any credit support or guarantee in respect of its obligations under the protected financial contracts transferred to it, is at least as good as the creditworthiness of the legal person belonging to the cooperative group that is a party to the contracts was immediately before the resolution board orders the implementation of resolution operations, taking into account any credit support or guarantee in respect of the legal person’s obligations under those contracts;

“eligible legal person” means a legal person constituted or resulting from an amalgamation/continuance or other conversion carried out for the purposes of the resolution, other than an asset management company within the meaning of the second paragraph of section 40.37 of the Deposit Institutions and Deposit Protection Act;

“measure in respect of the financial guarantee” includes, in particular:

(1)  the sale or the surrender of the financial guarantee; and

(2)  the netting, setting off or compensation of the financial guarantee or the application of the proceeds or value of the financial guarantee.

M.O. 2019-02, s. 3.

2019-03-31

3. For the purposes of this Chapter:

“eligible acquirer” means an acquirer referred to in section 40.46 of the Deposit Institutions and Deposit Protection Act (chapter A-26), other than an eligible legal person, for which the Autorité des marchés financiers certifies in writing that:

(1)  it maintains all material authorizations and registrations that are required for the continued operation of its business and, if applicable, that it is in good standing in respect of those authorizations and registrations;

(2)  it has, on its balance sheet, assets that exceed its liabilities;

(3)  it is able to discharge its obligations in respect of the protected financial contracts transferred to it as they become due; and

(4)  its creditworthiness, taking into account any credit support or guarantee in respect of its obligations under the protected financial contracts transferred to it, is at least as good as the creditworthiness of the legal person belonging to the cooperative group that is a party to the contracts was immediately before the resolution board orders the implementation of resolution operations, taking into account any credit support or guarantee in respect of the legal person’s obligations under those contracts;

“eligible legal person” means a legal person constituted or resulting from an amalgamation/continuance or other conversion carried out for the purposes of the resolution, other than an asset management company within the meaning of the second paragraph of section 40.37 of the Deposit Institutions and Deposit Protection Act;

“measure in respect of the financial guarantee” includes, in particular:

(1)  the sale or the surrender of the financial guarantee; and

(2)  the netting, setting off or compensation of the financial guarantee or the application of the proceeds or value of the financial guarantee.

M.O. 2019-02, s. 3.

Not in force

In force: 2019-03-31

3. For the purposes of this Chapter:

“eligible acquirer” means an acquirer referred to in section 40.46 of the Deposit Institutions and Deposit Protection Act (chapter A-26), other than an eligible legal person, for which the Autorité des marchés financiers certifies in writing that:

(1)  it maintains all material authorizations and registrations that are required for the continued operation of its business and, if applicable, that it is in good standing in respect of those authorizations and registrations;

(2)  it has, on its balance sheet, assets that exceed its liabilities;

(3)  it is able to discharge its obligations in respect of the protected financial contracts transferred to it as they become due; and

(4)  its creditworthiness, taking into account any credit support or guarantee in respect of its obligations under the protected financial contracts transferred to it, is at least as good as the creditworthiness of the legal person belonging to the cooperative group that is a party to the contracts was immediately before the resolution board orders the implementation of resolution operations, taking into account any credit support or guarantee in respect of the legal person’s obligations under those contracts;

“eligible legal person” means a legal person constituted or resulting from an amalgamation/continuance or other conversion carried out for the purposes of the resolution, other than an asset management company within the meaning of the second paragraph of section 40.37 of the Deposit Institutions and Deposit Protection Act;

“measure in respect of the financial guarantee” includes, in particular:

(1)  the sale or the surrender of the financial guarantee; and

(2)  the netting, setting off or compensation of the financial guarantee or the application of the proceeds or value of the financial guarantee.

M.O. 2019-02, s. 3.