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Volume 65, No. 4
33/2022
The British Columbia Gazette, Part II
March 1, 2022

B.C. Reg. 33/2022, deposited February 17, 2022, under the FINANCIAL INSTITUTIONS AMENDMENT ACT, 2019 [section 133], the FINANCE STATUTES AMENDMENT ACT, 2021 [section 179] and the FINANCIAL INSTITUTIONS ACT [section 289]. Order in Council 80/2022, approved and ordered February 17, 2022.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that

(a) section 25 of the Financial Institutions Amendment Act, 2019, S.B.C. 2019, c. 39, is brought into force,

(b) section 23 (b) of the Finance Statutes Amendment Act, 2021, S.B.C. 2021, c. 2, is brought into force, and

(c) the attached Credit Union Transactions Regulation is made.

— S. ROBINSON, Minister of Finance; M. MARK, Presiding Member of the Executive Council.

CREDIT UNION TRANSACTIONS 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.


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