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385, 391 (2009) (commenting investors who must register under CIBCA may not qualify as a "company" or "bank" under the BHCA).
Regulation Y, which implements CIBCA, states that an individual is presumed to control a bank or its holding company if he or she owns 10 percent or more of the entity's outstanding stock and the entity is publicly traded or there is no larger individual shareholder.
Especially in small or closely held banks and bank holding companies, family groups often unknowingly trigger CIBCA filings.
If you have questions about how to file or whether to file a CIBCA notice, you should contact local Reserve Bank staff.
In Fitch's opinion Credit Agricole would support CIBCA, if needed, given the full ownership, the brand association, CIBCA's close integration with its parent, its small size and the track record of assistance to date.
The second piece of legislation that seeks to regulate the control of financial institutions by non-regulated entities is the CIBCA. (58) Investors that do not meet the standards of a "company" or "bank" under the BHCA may nevertheless be subject to the CIBCA.
The CIBCA establishes a set of factors that must be reviewed before an investor can gain approval from a federal agency to acquire a controlling position in a bank.
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