Definition of 'regulated foreign entity' in Trust and Loan Companies Act now cross-references the Bank Act

Plain-language summary · AI-assisted · not legal advice

The Act has been updated so that the definition of 'regulated foreign entity' no longer contains its own standalone criteria. Instead, it simply adopts whatever definition that term carries in the Bank Act, keeping the two statutes aligned. This is a housekeeping change that affects how federally regulated trust and loan companies determine whether a foreign entity qualifies as a 'regulated foreign entity' for purposes that rely on that term. Companies and compliance teams that use this definition in their foreign entity assessments should consult the Bank Act definition directly rather than relying on criteria previously set out in this Act. No other definitions or substantive provisions appear to have changed.

Who this affects: federally regulated trust companies · federally regulated loan companies · compliance and legal teams at trust and loan companies · entities seeking to qualify as regulated foreign entities