============================================================================= ANNEX VII
Canada reserves the right to derogate from Article 1405(1) for the securities sector. With respect to this Article, Canada reserves the right to adopt and maintain new measures affecting cross-border trade in securities services that are more restrictive than such measures existing on the entry into force of this Agreement.
============================================================================= ANNEX VII
For the purposes of restrictions that limit foreign ownership of Canadian-controlled financial institutions and for the purposes of limitations on total domestic assets of foreign bank subsidiaries in Canada, Canada commits to give to Mexico the same treatment that Canada gives under the Bank Act, the Insurance Companies Act (Canada), the Trust and Loan Companies Act (Canada), and the Investment Companies Act, to United States residents and to institutions controlled by United States residents.
Canada commits to exempt foreign bank subsidiaries in Canada controlled by Mexican residents from the requirement to obtain approval of the Minister of Finance prior to opening branches within Canada in the same manner as it exempts foreign bank subsidiaries in Canada controlled by United States residents.
============================================================================= ANNEX VII
For the purposes of Article 1413(2), Canada designates the Department of Finance of Canada as its governmental agency responsible for financial services.
============================================================================= ANNEX VII
For the purposes of restrictions that limit foreign ownership of Canadian-controlled financial institutions and for the purposes of restrictions on total domestic assets of foreign bank subsidiaries in Canada, an enterprise of another Party, to be considered an enterprise of such other Party must meet the terms and conditions of being controlled by one or more residents of the other Party. For these purposes:
(a) an enterprise controlled by one or more residents of another Party means controlled, directly or indirectly by such residents;
(b) an enterprise that is a body corporate is controlled by one or more persons if