Asset Release: Croatian Fraternal Union & UBS

Summary#

This notice says that Croatian Fraternal Union of America and UBS AG Canada Branch plan to ask the federal regulator for permission to release assets they keep in Canada. People or businesses owed money by them were invited to oppose those requests by November 28, 2020 (Croatian Fraternal Union) and December 3, 2020 (UBS).

What it does#

• Croatian Fraternal Union of America says it will apply under section 651 of the Insurance Companies Act (Canada) to the Office of the Superintendent of Financial Institutions (Canada) on or after November 28, 2020 for an order allowing the release of assets held in Canada. Policyholders or creditors were told they can file an opposition by mail or email on or before November 28, 2020.
• UBS AG Canada Branch says it will apply under subsection 599(2) of the Bank Act (Canada) to the Office of the Superintendent of Financial Institutions (Canada) on or after December 3, 2020 for the release of its Canadian assets. Depositors or creditors were told they can file an opposition by mail or email on or before December 3, 2020.
• Oppositions were to be sent to the Office of the Superintendent of Financial Institutions (Canada) (address in Ottawa) or by email to approvalsandprecedents@osfi-bsif.gc.ca.

Who's affected#

• Customers, policyholders or depositors of Croatian Fraternal Union of America and UBS AG Canada Branch who are owed money.
• Creditors of those two organizations who may want to object to the removal of assets from Canada.
• It is not clear from the notice whether anyone else will be affected.

Why it matters#

• If the regulator allows the release, the assets these foreign organizations hold in Canada could be removed or transferred. That could change where Canadian claims or deposits are paid from.
• The notice gave people with a financial interest a clear short window to object. This is a routine legal step required before a regulator can approve the release.