165/96

O.C. 691/96

June 28, 1996

August 1, 1996

Foreign Money Claims Act

Foreign Money Claims Regulation

Definitions

In this regulation:

Act means the Foreign Money Claims

Act ;

currency jurisdiction means, in respect of a foreign money judgment,

the country in the currency of which the judgment was awarded;

determination date means, in respect of any calculation of interest

that is to be added to or that has accrued on a foreign money judgment, the date on which

that calculation is made;

foreign money judgment means a judgment to which

section 1 of the Act

applies;

foreign prime rate means the interest rate in effect from time to time

in a country other than Canada that, for that country, is most closely analogous to the

rate of interest referred to in

section 7 (1) of the Court Order Interest

Act ;

periodical means a publication published weekly or more frequently that

is available, or can be made available, in British Columbia;

Table means Table 60p of the International Financial Statistics

published from time to time by the International Monetary Fund.

Foreign prime rate to be applied

If, on one or more days in a calendar month, interest is to be added to or to

accrue on a foreign money judgment under

Part 1 or 2 of the Court Order Interest

Act , the interest rate at which that interest is calculated must

be the foreign prime rate applicable to that calendar month.

For the purpose of subsection (1), the following is evidence of the foreign

prime rate applicable to a calendar month:

the rate that is, before the determination date, published in the Table as being

the rate applicable to the currency jurisdiction for the calendar month;

if paragraph (

a) does not apply, the rate that is, before the determination

date, published in the Table as being the rate applicable to the currency jurisdiction

for the calendar quarter in which the calendar month falls;

if paragraphs (

a) and (

b) do not apply, the rate that is, before the

determination date, published in the Table as being the rate applicable to the currency

jurisdiction for the calendar year in which the calendar month falls;

if paragraphs (

a) to (

c) do not apply, the rate that is, before the

determination date, published in a periodical as being the rate applicable to the

currency jurisdiction for the calendar month and, if the parties propose different rates

that comply with this paragraph, the proposed rate that has been most recently

published;

if paragraphs (

a) to (

d) do not apply, the most current monthly rate

published in the Table that is applicable to the currency jurisdiction.

Enforcement process

A person having a claim to payment of money owing under a foreign money judgment

who wishes to enforce that claim in a manner contemplated by the Court Order Enforcement

Act must convert the amount owing under the foreign money judgment

into Canadian currency in the manner provided under

section 1 (1) of the Foreign

Money Claims Act and the conversion date for that purpose must be

the business day preceding the day on which a record is filed in a court to initiate that

manner of enforcement.

Subsection (1) does not apply to the registration of a judgment at a land title

office under

section 88 of the Court Order Enforcement Act .

[Provisions of the Foreign Money Claims

Act , R.S.B.C. 1996, c. 155, relevant to the enactment of this

regulation:

section 3]