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B.C. Reg. 33/2022
O.C. 80/2022
Deposited February 17, 2022
This consolidation is current to February 20, 2024.
Link to consolidated regulation (PDF)

Financial Institutions Act

Credit Union Transaction Regulation

Definition

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

Transactions requiring superintendent's consent

2   For the purposes of section 139.1 (1) of the Act, the following types of transactions are prescribed:

(a) a transaction in which a credit union assumes the functions of a central credit union for all credit unions in another jurisdiction;

(b) a transaction, or the last transaction in a series of transactions over the previous 12 months, in which Central 1 Credit Union assumes the functions of a central credit union for one or more credit unions in another jurisdiction whose assets are equivalent to 50% or more of Central 1 Credit Union's assets, as reported in its most recent consolidated financial statements;

(c) an acquisition by a credit union of a subsidiary whose fair market value is equivalent to 10% or more of the credit union's assets, as reported in its most recent consolidated financial statements.

Prescribed criteria for superintendent's consent

3   For the purposes of section 139.1 (2) of the Act, the following criteria are prescribed:

(a) whether the transaction poses an undue risk to the credit union that is seeking the superintendent's consent to enter into the transaction or to the credit union system;

(b) the degree of risk of a claim against the fund.

Application form

4   For each transaction within a type of transaction prescribed by section 2, the superintendent may establish the form that a credit union must use to apply for the superintendent's consent to the transaction.

[Provisions relevant to the enactment of this regulation: Financial Institutions Act, R.S.B.C. 1996, c. 141, s. 289.]