Olympia Trust seeks federal continuance
Canada Gazette, Part I, Volume 158, Number 11: MISCELLANEOUS NOTICES
Olympia Trust Company plans to apply to continue as a federal trust company under the Trust and Loan Companies Act (Canada). Members of the public may submit written objections to the Office of the Superintendent of Financial Institutions by 2024-05-06; final approval is at the discretion of the Minister of Finance.
Summary
Summary#
The Canada Gazette published a notice on March 16, 2024 that Olympia Trust Company (French: Société de fiducie Olympia), currently incorporated under Alberta law, intends to apply to continue as a federal trust company under the Trust and Loan Companies Act (Canada). The public may object in writing to the Office of the Superintendent of Financial Institutions by May 6, 2024; final approval is up to the Minister of Finance.
What it does#
- Announces that Olympia Trust Company plans to file an application asking the Minister of Finance to issue letters patent to continue the company as a trust company under the Trust and Loan Companies Act (Canada).
- Invites written objections from anyone who opposes the proposed continuance. Objections must reach the Office of the Superintendent of Financial Institutions by May 6, 2024 (by mail to 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca).
- Notes that publication of the notice does not mean the continuance will be granted; the decision depends on the application review and the Minister of Finance’s discretion.
Who's affected#
- Customers, clients and counterparties of Olympia Trust Company are the most likely to notice any change.
- The company’s owners, managers and employees could be affected by a change in legal status or regulator.
- Other financial firms and regulators may be indirectly affected if the company’s supervision moves from provincial to federal authorities.
- If it’s unclear who else will be affected, it’s because the notice only announces the application and not any specific operational changes.
Why it matters#
- Moving from a provincial to a federal framework can change which rules and regulators apply. If the continuance is approved, supervision would involve the Office of the Superintendent of Financial Institutions and final approval by the Minister of Finance.
- That could affect where complaints are made, which laws govern the company, and how it operates across Canada. The notice itself does not say any services or protections will change — it only starts the approval process.
- Anyone who wants to object has until May 6, 2024 to send a written objection to the contact details in the notice.
Key topics
Source: Canada Gazette