Investopedia explains 'Schedule I Bank'
Under Bill C-8, implemented on October 24, 2001, the Schedule I and II bank structures were replaced with a new size-based ownership regime which is based upon the institution's equity.
Although the Schedule I and II bank structures have been replaced, they are still widely used to describe the two structures of bank in Canada.
- Institutions with over $5 billion in equity are required to have no person owning more than 20% of the voting shares or 30% of the non-voting shares.
- Institutions with equity of $1 billion to $5 billion have fewer restrictions on ownership, as they are only subject to having a public float of 35% of voting shares.
- Institutions with less than $1 billion in equity have no ownership restriction.