33_2022 — Credit Union Transaction Regulation

s. 1 — Definition

In this regulation, Act means the Financial Institutions Act.

s. 2 — Transactions requiring superintendent's consent

For the purposes of section 139.1 (1) of the Act, the following types of transactions are prescribed:

s. 2(a)

a transaction in which a credit union assumes the functions of a central credit union for all credit unions in another jurisdiction;

s. 2(b)

a transaction, or the last transaction in a series of transactions over the previous 12 months, in which Central 1 Credit Union assumes the functions of a central credit union for one or more credit unions in another jurisdiction whose assets are equivalent to 50% or more of Central 1 Credit Union's assets, as reported in its most recent consolidated financial statements;

s. 2(c)

an acquisition by a credit union of a subsidiary whose fair market value is equivalent to 10% or more of the credit union's assets, as reported in its most recent consolidated financial statements.

s. 3 — Prescribed criteria for superintendent's consent

For the purposes of section 139.1 (2) of the Act, the following criteria are prescribed:

s. 3(a)

whether the transaction poses an undue risk to the credit union that is seeking the superintendent's consent to enter into the transaction or to the credit union system;

s. 3(b)

the degree of risk of a claim against the fund.

s. 4 — Application form

For each transaction within a type of transaction prescribed by section 2, the superintendent may establish the form that a credit union must use to apply for the superintendent's consent to the transaction.