C-8.3 - Act respecting international financial centres

Section 8 Disposition versions

2010-04-20

8. For the purposes of paragraph 1 of section 7,

(1)  trading in outstanding securities as an intermediary in the negotiation shall be carried out only for or on behalf of

(a)  a person or partnership not resident in Canada, or

(b)  a person or partnership resident in Canada, if the trading relates to securities that would be qualified securities if the definition of that expression, in section 4, were read without reference to the words “the acquisition of” in paragraph 2;

(2)  trading in outstanding securities as a principal shall be carried out only if the trading relates to

(a)  a security that would be a qualified security if the definition of that expression, in section 4, were read without reference to the words “the acquisition of” in paragraph 2, or

(b)  a Canadian debt security, where

i.  the transaction is made in order to build up an inventory in the expectation of orders from persons or partnerships not resident in Canada or in connection with a hedge on a short sale to a person or partnership not resident in Canada, and

ii.  the corporation or partnership held, on 31 March 1998, a valid qualification certificate issued by the Minister of Finance in respect of its business and its trading in securities as a principal, for any of the taxation years or fiscal periods, as the case may be, that ended in the year 1998 or 1999, accounted for more than 90% of all its activities carried out in that taxation year or fiscal period in the course of the operations of that business; and

(3)  the securities distribution shall be carried out only for or on behalf of

(a)  a foreign entity; or

(b)  the Government of Canada or the government of a province or a Canadian corporation, and directed at persons or partnerships not resident in Canada.

1999, c. 86, s. 8; 2002, c. 9, s. 2; 2007, c. 12, s. 6; 2010, c. 5, s. 3.

2007-11-07

8. For the purposes of paragraph 1 of section 7,

(1)  trading in outstanding securities as an intermediary in the negotiation shall be carried out only for or on behalf of

(a)  a person not resident in Canada, or

(b)  a person resident in Canada, if the trading relates to securities that would be qualified securities if the definition of that expression, in section 4, were read without reference to the words “the acquisition of” in paragraph 2;

(2)  trading in outstanding securities as a principal shall be carried out only if the trading relates to

(a)  a security that would be a qualified security if the definition of that expression, in section 4, were read without reference to the words “the acquisition of” in paragraph 2, or

(b)  a Canadian debt security, where

i.  the transaction is made in order to build up an inventory in the expectation of orders from persons not resident in Canada or in connection with a hedge on a short sale to a person not resident in Canada, and

ii.  the corporation or partnership held, on 31 March 1998, a valid qualification certificate issued by the Minister of Finance in respect of its business and its trading in securities as a principal, for any of the taxation years or fiscal periods, as the case may be, that ended in the year 1998 or 1999, accounted for more than 90% of all its activities carried out in that taxation year or fiscal period in the course of the operations of that business; and

(3)  the securities distribution shall be carried out only for or on behalf of

(a)  a foreign entity; or

(b)  the Government of Canada or the government of a province or a Canadian corporation, and directed at persons not resident in Canada.

1999, c. 86, s. 8; 2002, c. 9, s. 2; 2007, c. 12, s. 6.

2002-06-08

8. For the purposes of paragraph 1 of section 7,

(1)  trading in outstanding securities as an intermediary in the negotiation shall be carried out only for or on behalf of

(a)  a person not resident in Canada, or

(b)  a person resident in Canada, if the trading relates to securities that would be qualified securities if the definition of that expression, in section 4, were read without reference to the words “the acquisition of” in paragraphs 1 and 2;

(2)  trading in outstanding securities as a principal shall be carried out only if the trading relates to

(a)  a security that would be a qualified security if the definition of that expression, in section 4, were read without reference to the words “the acquisition of” in paragraphs 1 and 2, or

(b)  a Canadian debt security, where

i.  the transaction is made in order to build up an inventory in the expectation of orders from persons not resident in Canada or in connection with a hedge on a short sale to a person not resident in Canada, and

ii.  the corporation or partnership held, on 31 March 1998, a valid qualification certificate issued by the Minister of Finance in respect of its business and its trading in securities as a principal, for any of the taxation years or fiscal periods, as the case may be, that ended in the year 1998 or 1999, accounted for more than 90 % of all its activities carried out in that taxation year or fiscal period in the course of the operations of that business; and

(3)  the securities distribution shall be carried out only for or on behalf of

(a)  a foreign entity; or

(b)  the Government of Canada or the government of a province or a Canadian corporation, and directed at persons not resident in Canada.

1999, c. 86, s. 8; 2002, c. 9, s. 2.

1999-12-20

8. For the purposes of paragraph 1 of section 7,

(1)  trading in outstanding securities as an intermediary in the negotiation shall be carried out only for or on behalf of

(a)  a person not resident in Canada, or

(b)  a person resident in Canada, if the trading relates to securities that would be qualified securities if the definition of that expression, in section 4, were read without reference to the words “the acquisition of” in paragraphs 1 and 2;

(2)  trading in outstanding securities as a principal shall be carried out only if the trading relates to securities that would be qualified securities if the definition of that expression, in section 4, were read without reference to the words “the acquisition of” in paragraphs 1 and 2; and

(3)  the securities distribution shall be carried out only for or on behalf of

(a)  a foreign entity; or

(b)  the Government of Canada or the government of a province or a Canadian corporation, and directed at persons not resident in Canada.

1999, c. 86, s. 8.