Olympia Trust to Seek Federal Continuance

Summary#

Olympia Trust Company (then incorporated under the Loan and Trust Corporations Act (Alberta)) says it will apply to the Minister of Finance to become a federal trust company under the Trust and Loan Companies Act (TLCA). People may object in writing to the Office of the Superintendent of Financial Institutions by May 6, 2024; the notice does not guarantee approval.

What it does#

• Olympia Trust Company intends to file for letters patent to be continued as a trust company under the Trust and Loan Companies Act (TLCA). Its legal names would be “Olympia Trust Company” (English) and “Société de fiducie Olympia” (French).
• The notice is dated March 16, 2024 and was published in the Canada Gazette on April 6, 2024.
• Anyone who objects can send a written objection 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 warns that publication is not proof that the continuance will be approved; any grant of letters patent depends on the review and the Minister’s decision.

Who's affected#

• People or businesses that deal with or hold accounts, trusts, or other arrangements through Olympia Trust Company are the most likely to notice changes.
• Other interested parties include financial counterparties, suppliers, and regulators.
• It is not clear from the notice whether there are other, broader impacts beyond those directly connected to the company.

Why it matters#

• If approved, the move would shift the company from provincial (Alberta) incorporation to federal regulation under the Trust and Loan Companies Act (TLCA). That changes which rules and which federal regulator oversee the company.
• For clients and counterparties, that could affect which regulatory body handles supervision and complaints.
• The objection deadline (May 6, 2024) is the public’s last chance to raise concerns before the application proceeds.