Interpretation

1  In this regulation "Act" means the Financial Institutions Act.

 Trust business only trust companies

2  Sections 136 (3) to (5), 137 and 138 (1) (c) of the Act do not apply to a trust company that is authorized to carry on trust business but not deposit business.

 West Canada Depository Trust Company

3  Until December 1, 1993, section 68 (2) of the Act and the regulations pursuant to that section do not apply to West Canada Depository Trust Company on condition that

(a) it does not provide or offer to provide services to any person other than

(i)  an investment dealer registered under the Securities Act or under similar legislation of another province,

(ii)  a trust company or credit union regulated under this Act or under similar legislation of the Parliament of Canada or of another province, or

(iii)  a central clearing organization or central securities depository,

(b) it discloses to its customers that it is exempt from the capital requirements of the Act and the regulations under the Act, and

(c) it discloses in its financial statements that it is exempt from the capital requirements of the Act and the regulations under the Act.

[en. B.C. Reg. 33/93; 226/93.]

 Aetna Trust Company

4  (1)  The Capital Requirements Regulation, B.C. Reg. 315/90, does not apply to Aetna Trust Company.

(2)  The amount that under section 68 of the Act constitutes an adequate capital base for Aetna Trust Company is the amount that, under the Trust and Loan Companies Act (Canada), would constitute an adequate capital base for that trust company if it were a federally regulated trust company.

[en. B.C. Reg. 33/93.]