Olympia Trust Seeks Federal 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). The notice was published in the Canada Gazette on March 30, 2024, and people can object in writing until May 6, 2024.

What it does#

• Announces that Olympia Trust Company (currently incorporated under the Loan and Trust Corporations Act (Alberta), with its head office in Calgary) intends to apply for letters patent to continue as a trust company under the Trust and Loan Companies Act (Canada).
• Gives the company’s legal names for the federal registry: English — Olympia Trust Company; French — Société de fiducie Olympia.
• Invites objections: anyone who objects can send a written objection by May 6, 2024 to the Office of the Superintendent of Financial Institutions by mail (255 Albert Street, Ottawa, Ontario K1A 0H2) or by email (approvals-approbations@osfi-bsif.gc.ca).
• Clarifies that publication of the notice does not mean the change will be approved. The final decision rests with the Minister of Finance after a regulatory review.

Who's affected#

• Customers and clients of Olympia Trust Company (account holders, beneficiaries, trustees) may notice changes in which federal regulator oversees the company.
• The company’s employees and management.
• Competitors and other financial firms that interact with the company.
• Regulators and government officials involved in the review and approval.
• If unclear: the notice does not spell out any immediate operational changes, so the practical effects depend on whether the federal continuance is approved.

Why it matters#

• Changing from provincial to federal regulation can affect which rules apply and which government office handles supervision and complaints.
• Stakeholders (clients, creditors, employees) may want to watch the outcome or file an objection before May 6, 2024.
• If the continuance is not approved, nothing changes; if it is approved, oversight will shift to the federal level under the Trust and Loan Companies Act (Canada).