Olympia Trust and Scotia General seek continuance

Summary#

• Olympia Trust Company says it plans to apply to become a federally regulated trust company under the Trust and Loan Companies Act (Canada). There is an objection deadline of May 6, 2024.
• Scotia General Insurance Company says it plans to seek approval to continue as a federal corporation under the Canada Business Corporations Act on or after April 15, 2024. Both notices say publication alone does not mean the approvals will be granted.

What it does#

• Olympia Trust Company
  • Intends to apply to the Minister of Finance for letters patent to continue as a trust company under the Trust and Loan Companies Act (Canada).
  • People who object can write to the Office of the Superintendent of Financial Institutions (OSFI) by May 6, 2024 (mail or email). The notice stresses that an application still needs to be reviewed and approved.
• Scotia General Insurance Company
  • Plans to ask the Minister of Finance for permission to apply for a certificate of continuance so it can operate under the Canada Business Corporations Act as of April 15, 2024 or later.
  • The company’s board may withdraw that application before the Minister acts. The notice also says approval is not guaranteed.

Who's affected#

• Customers or clients of Olympia Trust Company (people using its trust or related services).
• Policyholders and other counterparties of Scotia General Insurance Company.
• Shareholders, creditors and employees of both companies.
• Regulators and anyone tracking corporate jurisdiction changes in the financial sector.
• If it’s unclear who will see direct changes from these steps, that uncertainty is reflected in the notices: approvals are subject to review and ministerial discretion.

Why it matters#

• If approved, each company would move from provincial to federal legal status or change the federal law that governs it. That can change which rules apply and which federal regulator has oversight.
• For customers and policyholders, a continuance can affect where complaints or regulatory questions are directed and which law governs corporate conduct. The notices give a short window to object (for Olympia Trust Company) and set the planned timing for the insurance company’s step.
• Both items are administrative steps that may be routine, but they may still matter to people directly dealing with these firms or watching regulation in Canada’s financial sector.