Regulatory Alerts1997-05-02
Category of Assets of a Bank That May Be Held in the Name of a Person Other Than the Bank Concerned
The Registrar of Banks, exercising authority under the Banks Act of 1990, formally designates specific securities as assets permissible for third-party custody under a bank's name. These eligible assets encompass securities deposited with a central securities depository or approved depository institution, provided they are registered in the name of the depository or its approved wholly owned subsidiary. The notice clarifies statutory definitions and establishes the required approval pathways from the Registrar of Financial Markets and the Registrar of Banks to ensure regulatory compliance for safe custody arrangements.
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