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 2 Disposition versions

2019-06-13

2. For the purposes of section 1:

(1)  the unsecured portion of a partially secured debt is considered an unsecured debt;

(2)  the instrument representing the prescribed debt does not cease to belong to one or the other class referred to in the first paragraph if the prescribed debt is due but unpaid on the date on which the resolution board orders the implementation of resolution operations under section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) or if it becomes due after that date;

(3)  in subparagraph 2, “non-viability contingent capital security” means any subordinated debt obligation that:

(a)  expressly mentions that it is a non-viability contingent capital security;

and

(b)  contains a feature providing for its conversion into shares of the share capital of the issuer in accordance with its terms upon a public announcement by the Autorité des marchés financiers regarding the issuer’s viability; and

(4)  interest on a prescribed debt, including any type of coupon, even if the latter is detached from the instrument representing the principal, forms an integral part of the prescribed debt.

M.O. 2019-03, s. 2.

2019-03-31

2. For the purposes of section 1:

(1)  the unsecured portion of a partially secured debt is considered an unsecured debt;

(2)  the instrument representing the prescribed debt does not cease to belong to one or the other class referred to in the first paragraph if the prescribed debt is due but unpaid on the date on which the resolution board orders the implementation of resolution operations under section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter A-26) or if it becomes due after that date;

(3)  in subparagraph 2, “non-viability contingent capital security” means any subordinated debt obligation that:

(a)  expressly mentions that it is a non-viability contingent capital security;

and

(b)  contains a feature providing for its conversion into shares of the share capital of the issuer in accordance with its terms upon a public announcement by the Autorité des marchés financiers regarding the issuer’s viability; and

(4)  interest on a prescribed debt, including any type of coupon, even if the latter is detached from the instrument representing the principal, forms an integral part of the prescribed debt.

M.O. 2019-03, s. 2.

Not in force

In force: 2019-03-31

2. For the purposes of section 1:

(1)  the unsecured portion of a partially secured debt is considered an unsecured debt;

(2)  the instrument representing the prescribed debt does not cease to belong to one or the other class referred to in the first paragraph if the prescribed debt is due but unpaid on the date on which the resolution board orders the implementation of resolution operations under section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter A-26) or if it becomes due after that date;

(3)  in subparagraph 2, “non-viability contingent capital security” means any subordinated debt obligation that:

(a)  expressly mentions that it is a non-viability contingent capital security;

and

(b)  contains a feature providing for its conversion into shares of the share capital of the issuer in accordance with its terms upon a public announcement by the Autorité des marchés financiers regarding the issuer’s viability; and

(4)  interest on a prescribed debt, including any type of coupon, even if the latter is detached from the instrument representing the principal, forms an integral part of the prescribed debt.

M.O. 2019-03, s. 2.