Olympia Trust Company seeks federal continuance

Summary#

Notice that Olympia Trust Company, now incorporated under the Loan and Trust Corporations Act (Alberta), intends to apply to be continued as a federal trust company under the Trust and Loan Companies Act (Canada). People can object in writing to the Office of the Superintendent of Financial Institutions by May 6, 2024. The notice does not mean approval is guaranteed.

What it does#

• Olympia Trust Company will apply to the Minister of Finance for letters patent to continue as a trust company under the Trust and Loan Companies Act (Canada).
• The company’s legal names would remain “Olympia Trust Company” (English) and “Société de fiducie Olympia” (French).
• Objections must be sent by May 6, 2024 to the Office of the Superintendent of Financial Institutions:
  • Mail: 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca
• The notice says publication is not proof that the continuation will be approved. Approval depends on the application review and the Minister’s decision.

Who's affected#

• Customers, account holders, creditors, employees and business partners of Olympia Trust Company are the most likely to notice any change.
• The federal regulator, the Office of the Superintendent of Financial Institutions, will handle objections and would oversee the company if the continuance is approved.
• It is unclear from the notice whether any specific services, contracts, or customer accounts would change immediately.

Why it matters#

• Moving from provincial incorporation to federal continuance means the company would be regulated under a different federal law (Trust and Loan Companies Act (Canada)).
• That can affect which regulator oversees the company and which set of federal versus provincial rules apply.
• For customers and partners, that could mean changes in oversight, reporting or regulatory protections — though this notice does not describe any specific operational changes.