Olympia Trust Seeks Federal Continuance

Summary#

Olympia Trust Company says it plans to apply to become a federal trust company. The company, now incorporated under the Loan and Trust Corporations Act (Alberta) and based in Calgary, Alberta, wants letters patent under the Trust and Loan Companies Act (Canada). Anyone who objects has until May 6, 2024 to send a written objection to the regulator.

What it does#

• The company will file an application asking the Minister of Finance to issue letters patent to continue it as a trust company under the Trust and Loan Companies Act (Canada).
• If granted, the company would hold the legal name “Olympia Trust Company” in English and “Société de fiducie Olympia” in French.
• The notice says the company is currently incorporated under the Loan and Trust Corporations Act (Alberta) and has its head office in Calgary, Alberta.
• The notice warns that publication does not guarantee the letters patent will be issued; approval depends on the federal review process and ministerial discretion.
• To object in writing, send comments by May 6, 2024 to the Office of the Superintendent of Financial Institutions at:
  • Mail: 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Customers and clients of Olympia Trust Company may notice changes in who supervises the firm.
• Employees, creditors, and business partners of Olympia Trust Company could be affected by any operational or regulatory changes that follow a continuance.
• The federal regulator, the Office of the Superintendent of Financial Institutions, and the Minister of Finance will be the decision-makers.
• It is unclear from the notice whether any other firms or the broader public will be directly affected.

Why it matters#

• Moving from provincial incorporation under the Loan and Trust Corporations Act (Alberta) to federal continuance under the Trust and Loan Companies Act (Canada) shifts which regulator and rules apply to the company.
• That shift can affect how the company is supervised, where complaints or regulatory questions are handled, and possibly some business operations — but the notice does not spell out specific changes.
• The public notice gives people a chance to object; the deadline is May 6, 2024. Publication does not mean the change will happen.