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V-1.1 - Securities Act

Section 154
Disposition versions

Full text
154. (Repealed).
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402; 1988, c. 64, s. 562, s. 587; 1990, c. 77, s. 27; 1999, c. 40, s. 327; 2000, c. 29, s. 677; 2002, c. 45, s. 627; 2006, c. 50, s. 45.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46), the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3) or a trust company licensed under the Act respecting trust companies and savings companies (chapter S‐29.01), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act, the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a financial services cooperative within the meaning of the Act respecting financial services cooperatives, or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S‐25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act or a trust company licensed in accordance with the Act respecting trust companies and savings companies, to the extent that it transacts bonds on its premises in response to unsolicited orders, by buying or selling and carrying out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402; 1988, c. 64, s. 562, s. 587; 1990, c. 77, s. 27; 1999, c. 40, s. 327; 2000, c. 29, s. 677; 2002, c. 45, s. 627.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank constituted under the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C-67.3) or a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank constituted under the Bank Act or the Quebec Savings Banks Act, the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a financial services cooperative within the meaning of the Act respecting financial services cooperatives, or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank constituted under the Act respecting banks and banking or a trust company licensed in accordance with the Act respecting trust companies and savings companies, to the extent that it transacts bonds on its premises in response to unsolicited orders, by buying or selling and carrying out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402; 1988, c. 64, s. 562, s. 587; 1990, c. 77, s. 27; 1999, c. 40, s. 327; 2000, c. 29, s. 677.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank constituted under the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a savings and credit union, a federation or a confederation within the meaning of the Savings and Credit Unions Act (chapter C-4.1) or a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank constituted under the Bank Act or the Quebec Savings Banks Act, the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a savings and credit union, a federation or a confederation governed by the Savings and Credit Unions Act (chapter C-4.1), or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank constituted under the Act respecting banks and banking or a trust company licensed in accordance with the Act respecting trust companies and savings companies, to the extent that it transacts bonds on its premises in response to unsolicited orders, by buying or selling and carrying out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402; 1988, c. 64, s. 562, s. 587; 1990, c. 77, s. 27; 1999, c. 40, s. 327.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank incorporated under the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a savings and credit union, a federation or a confederation within the meaning of the Savings and Credit Unions Act (chapter C-4.1) or a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank incorporated under the Bank Act or the Quebec Savings Banks Act, the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a savings and credit union, a federation or a confederation governed by the Savings and Credit Unions Act (chapter C-4.1), or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank incorporated under the Act respecting banks and banking or a trust company licensed in accordance with the Act respecting trust companies and savings companies, to the extent that it transacts bonds on its premises in response to unsolicited orders, by buying or selling and carrying out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402; 1988, c. 64, s. 562, s. 587; 1990, c. 77, s. 27.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank incorporated under the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a savings and credit union, a federation or a confederation within the meaning of the Savings and Credit Unions Act (chapter C-4.1) or a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank incorporated under the Bank Act or the Quebec Savings Banks Act, the Caisse centrale Desjardins du Québec established under the Act respecting the Mouvement des caisses Desjardins (1989, chapter 113), a savings and credit union, a federation or a confederation governed by the Savings and Credit Unions Act (chapter C-4.1), or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank incorporated under the Bank Act or a trust company licensed in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that it effects transactions in its premises
(a)  in securities of an unincorporated mutual fund or mutual fund that it administers, provided the transactions are not effected by a remunerated salesman;
(b)  in bonds pursuant to unsolicited orders, to the extent that the bank or trust company is itself the purchaser or seller and that it carries out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402; 1988, c. 64, s. 562, s. 587.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank incorporated under the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union, a federation or a confederation within the meaning of the Savings and Credit Unions Act (chapter C-4.1) or a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank incorporated under the Bank Act or the Quebec Savings Banks Act, the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union, a federation or a confederation governed by the Savings and Credit Unions Act (chapter C-4.1), or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank incorporated under the Bank Act or a trust company licensed in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that it effects transactions in its premises
(a)  in securities of an unincorporated mutual fund or mutual fund that it administers, provided the transactions are not effected by a remunerated salesman;
(b)  in bonds pursuant to unsolicited orders, to the extent that the bank or trust company is itself the purchaser or seller and that it carries out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402; 1988, c. 64, s. 562, s. 587.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank incorporated under the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union or a federation within the meaning of the Savings and Credit Unions Act (chapter C-4) or a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank incorporated under the Bank Act or the Quebec Savings Banks Act, the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank incorporated under the Bank Act or a trust company licensed in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that it effects transactions in its premises
(a)  in securities of an unincorporated mutual fund or mutual fund that it administers, provided the transactions are not effected by a remunerated salesman;
(b)  in bonds pursuant to unsolicited orders, to the extent that the bank or trust company is itself the purchaser or seller and that it carries out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union or a federation within the meaning of the Savings and Credit Unions Act (chapter C-4) or a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or a trust company licensed in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), to the extent that it effects transactions in its premises
(a)  in securities of an unincorporated mutual fund or mutual fund that it administers, provided the transactions are not effected by a remunerated salesman;
(b)  in bonds pursuant to unsolicited orders, to the extent that the bank or trust company is itself the purchaser or seller and that it carries out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43; 1987, c. 95, s. 402.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union or a federation within the meaning of the Savings and Credit Unions Act (chapter C-4) or a trust company registered under the Trust Companies Act (chapter C-41), to the extent that its activities as a dealer are merely to execute on an exchange or on the over-the-counter market, through a registered dealer, orders received without solicitation or advertisement;
(2)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or a trust company registered in accordance with the Trust Companies Act (chapter C-41), to the extent that it effects transactions in its premises
(a)  in securities of an unincorporated mutual fund or mutual fund that it administers, provided the transactions are not effected by a remunerated salesman;
(b)  in bonds pursuant to unsolicited orders, to the extent that the bank or trust company is itself the purchaser or seller and that it carries out the order for its own account with a registered dealer.
1982, c. 48, s. 154; 1984, c. 41, s. 43.
154. Each of the following is exempt from registration as a dealer or as a representative of a dealer:
(1)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union or a federation within the meaning of the Savings and Credit Unions Act (chapter C-4) or a trust company registered under the Trust Companies Act (chapter C-41), to the extent that its part in securities transactions is merely to forward unsolicited orders to a dealer;
(2)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Caisse centrale Desjardins du Québec established under the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80), a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), or a société d’entraide économique or a federation of sociétés d’entraide économique governed by the Act respecting the sociétés d’entraide économique (chapter S-25.1), to the extent that it distributes or sells securities designated in paragraphs 1 and 2 of section 41 of this Act;
(3)  a bank incorporated under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or a trust company registered in accordance with the Trust Companies Act (chapter C-41), to the extent that it effects transactions in its premises
(a)  in securities of an unincorporated mutual fund or mutual fund that it administers, provided the transactions are not effected by a remunerated salesman;
(b)  in bonds pursuant to unsolicited orders, to the extent that the bank or trust company is itself the purchaser or seller and that it carries out the order for its own account with a registered dealer.
1982, c. 48, s. 154.
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