I-13.2.2, r. 3 - Regulation respecting the classes of negotiable and transferable unsecured debts and the issuance of such debts and of shares

Section 1 Disposition versions

2019-06-13

1. A negotiable and transferable unsecured debt for the purposes of the second paragraph of section 40.50 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) is a debt represented by an instrument issued on or after 31 March 2019 by a deposit institution belonging to a cooperative group that, at the time of issue, belongs to either of the following classes:

(1)  debt obligations, other than subordinated debt obligations, that:

(a)  are perpetual, have a term to maturity of more than 400 days, have one or more explicit or embedded options that, if exercised by or on behalf of the issuer, would result in a maturity date that is more than 400 days from the date of issue of the debt obligation or have an explicit or embedded option that, if exercised by or on behalf of the holder, would by itself result in a maturity date that is more than 400 days from the maturity date that would apply if the option were not exercised; and

(b)  have been assigned a Committee on Uniform Security Identification Procedures (CUSIP) number, International Securities Identification Number (ISIN) or other similar designation that identifies a security in order to facilitate its trading and settlement;

or

(2)  subordinated debt obligations, other than a non-viability contingent capital security.

A debt referred to in the first paragraph is, for the purposes of this Regulation, a “prescribed debt”.

M.O. 2019-03, s. 1.

2019-03-31

1. A negotiable and transferable unsecured debt for the purposes of the second paragraph of section 40.50 of the Deposit Institutions and Deposit Protection Act (chapter A-26) is a debt represented by an instrument issued on or after 31 March 2019 by a deposit institution belonging to a cooperative group that, at the time of issue, belongs to either of the following classes:

(1)  debt obligations, other than subordinated debt obligations, that:

(a)  are perpetual, have a term to maturity of more than 400 days, have one or more explicit or embedded options that, if exercised by or on behalf of the issuer, would result in a maturity date that is more than 400 days from the date of issue of the debt obligation or have an explicit or embedded option that, if exercised by or on behalf of the holder, would by itself result in a maturity date that is more than 400 days from the maturity date that would apply if the option were not exercised; and

(b)  have been assigned a Committee on Uniform Security Identification Procedures (CUSIP) number, International Securities Identification Number (ISIN) or other similar designation that identifies a security in order to facilitate its trading and settlement;

or

(2)  subordinated debt obligations, other than a non-viability contingent capital security.

A debt referred to in the first paragraph is, for the purposes of this Regulation, a “prescribed debt”.

M.O. 2019-03, s. 1.

Not in force

In force: 2019-03-31

1. A negotiable and transferable unsecured debt for the purposes of the second paragraph of section 40.50 of the Deposit Institutions and Deposit Protection Act (chapter A-26) is a debt represented by an instrument issued on or after 31 March 2019 by a deposit institution belonging to a cooperative group that, at the time of issue, belongs to either of the following classes:

(1)  debt obligations, other than subordinated debt obligations, that:

(a)  are perpetual, have a term to maturity of more than 400 days, have one or more explicit or embedded options that, if exercised by or on behalf of the issuer, would result in a maturity date that is more than 400 days from the date of issue of the debt obligation or have an explicit or embedded option that, if exercised by or on behalf of the holder, would by itself result in a maturity date that is more than 400 days from the maturity date that would apply if the option were not exercised; and

(b)  have been assigned a Committee on Uniform Security Identification Procedures (CUSIP) number, International Securities Identification Number (ISIN) or other similar designation that identifies a security in order to facilitate its trading and settlement;

or

(2)  subordinated debt obligations, other than a non-viability contingent capital security.

A debt referred to in the first paragraph is, for the purposes of this Regulation, a “prescribed debt”.

M.O. 2019-03, s. 1.