Olympia Trust Seeks Federal Continuance

Summary#

• On March 16, 2024, Olympia Trust Company gave public notice that it plans to apply to be continued as a federal trust company under the Trust and Loan Companies Act (Canada).
• The notice invites written objections up to May 6, 2024 and says the government may or may not grant the continuance after review.

What it does#

• Says Olympia Trust Company (now incorporated under the Loan and Trust Corporations Act (Alberta)) intends to ask the federal Minister of Finance for letters patent to continue the company as a trust company under the Trust and Loan Companies Act (Canada).
• Lists the company’s legal names in both official languages: “Olympia Trust Company” (English) and “Société de fiducie Olympia” (French).
• Invites objections in writing by May 6, 2024 to the Office of the Superintendent of Financial Institutions, by post or by email (address and email given in the notice).
• Makes clear that publication of the notice does not guarantee the continuance; approval depends on the application review and the Minister’s decision.

Who's affected#

• Customers, account holders, and creditors of Olympia Trust Company may be the most directly interested.
• Employees and business partners of the company could also be affected.
• The public regulator(s) — the provincial regulator in Alberta and the federal regulator named in the notice — will be involved.
• If it’s unclear who else would be affected, the notice itself does not list further groups.

Why it matters#

• If approved, the company would move from provincial to federal trust-company status, which can change which rules and regulators apply.
• That can matter for where complaints are directed, which regulatory standards apply, and how the company is supervised.
• The objection deadline (May 6, 2024) is the key date for anyone who wants to raise concerns about the proposed change.