Canadian Securities Course (CSC) Practice Exam

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What type of banks are large domestic banks with ownership restrictions on shares?

  1. Schedule II banks

  2. Schedule I banks

  3. Schedule III banks

  4. Trust company

The correct answer is: Schedule I banks

Large domestic banks with ownership restrictions on shares are known as Schedule I banks. Schedule II banks are small domestic banks that may be owned by foreign banks. Schedule III banks are federally regulated foreign bank branches and subsidiaries. Trust companies are financial institutions that manage trusts and estates, but may not necessarily be subject to the same ownership restrictions as Schedule I banks. Therefore, the best answer is Schedule I banks.

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