Interpretation of regulation

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

Interpretation applicable to the Act

2   (1) In section 145 (c) of the Act, "the aggregate amount outstanding under all loans" means the aggregate amount outstanding under all loans that have not been approved under section 146 or consented to under section 147 of the Act.

(2) In section 145 (d) of the Act "nominal amount" means an amount that does not exceed $2 000.

[am. B.C. Reg. 597/2004, Sch. s. 12.]

Application

2.1   This regulation and sections 140 to 150, 153 and 154 of the Act do not apply to an extraprovincial insurance corporation whose primary jurisdiction, as defined in section 157 of the Act, is not Canada or a province designated under section 158 (5) of the Act.

[en. B.C. Reg. 597/2004, Sch. s. 13.]

Prescribed amount of loans

3   For the purposes of section 145 (c) of the Act, the prescribed amount is

(a) $200 000 for loans secured by a residential mortgage, as defined in section 14 (1) of the Capital Requirements Regulation, and

(b) $50 000 for all other loans.

[am. B.C. Reg. 597/2004, Sch. s. 14.]

Repealed

4-6   Repealed. [B.C. Reg. 597/2004, Sch. s. 15.]

Report to the board

7   In addition to any other duties given to it under the Act or the regulations the conduct review committee of a financial institution shall report to the board of directors of the financial institution at each meeting of the board of directors at least the following particulars of all related party transactions that have been approved by the conduct review committee in the period immediately proceeding that meeting: the name of the related parties involved in each transaction; the nature of each transaction; and the value of each transaction.

Repealed

8   Repealed. [B.C. Reg. 12/94.]