Archived - Part 3 – Various Measures: Division 3
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Financial Institutions (Investments)
Division 3 makes purely technical amendments to the Bank Act, the Trust and Loan Companies Act, the Insurance Companies Act and the Cooperative Credit Associations Act.
In 2012, the requirement for Ministerial approval of large acquisitions of foreign financial institutions made by federally regulated financial institutions with equity of two billion dollars or more was introduced.
This measure simply ensures that this requirement applies when the acquisition occurs through a regulated holding company.