Credit Suisse Toronto Branch Asset Release
Canada Gazette, Part I, Volume 158, Number 6: MISCELLANEOUS NOTICES
Credit Suisse AG, Toronto Branch intends to apply to the Superintendent of Financial Institutions for an order under section 599 of the Bank Act to release assets it maintains in Canada, with the application to be made on or after 2024-03-06. Depositors or creditors who oppose the release may file written objections with OSFI (by mail or email) by 2024-03-06.
- Published
- February 10, 2024
- Department
- Unavailable
- Section
- CREDIT SUISSE AG, TORONTO BRANCH
- Comment deadline
- March 6, 2024
- Effective date
- Unavailable
- Publication part
- Part I
Summary
Summary#
Credit Suisse AG, Toronto Branch says it will apply to the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under the Bank Act. The branch plans to make that application on or after March 6, 2024, and anyone who objects has until March 6, 2024 to file an opposition.
What it does#
- The branch intends to ask for an order under section 599 of the Bank Act to allow the release of assets that it maintains in Canada.
- Depositors or creditors who oppose that release can file an objection with the Office of the Superintendent of Financial Institutions (Canada) by mail (255 Albert Street, Ottawa, Ontario K1A 0H2) or by email (approvals-approbations@osfi-bsif.gc.ca) on or before March 6, 2024.
Who's affected#
- Depositors and creditors of Credit Suisse AG, Toronto Branch in Canada are the main people affected.
- It is not clear from the notice whether other groups (for example, employees or counterparties) would be affected.
Why it matters#
- If the regulator allows the release of assets, that could change how funds and claims tied to the Toronto branch are handled.
- Anyone who thinks they would be harmed by the release needs to act quickly — objections must arrive by March 6, 2024.
Key topics
Source: Canada Gazette