Definity continuance; Solus–Raymond James amalgamation

Summary#

• This notice carries two related items. Definity Financial Corporation says it will seek federal approval to change its corporate status and operate under the Canada Business Corporations Act on or after February 6, 2023.
• Solus Trust Company Limited and Raymond James Trust (Canada) filed applications (on November 16, 2022) asking federal authorities to let Solus continue as a federally incorporated trust company and then amalgamate with Raymond James; objections to that plan were invited until March 7, 2023.

What it does#

• Definity Financial Corporation

  • Intends to ask the Minister of Finance for permission to apply for a certificate of continuance under the Canada Business Corporations Act starting February 6, 2023.
  • The notice makes clear that the publication does not mean approval will be granted.

• Solus Trust Company Limited and Raymond James Trust (Canada)

  • Asked the Superintendent of Financial Institutions to allow Solus, currently incorporated under British Columbia law, to become a federally incorporated trust company under the Trust and Loan Companies Act (continuance). This application was filed on November 16, 2022.
  • Said the continued Solus would be named Solus Trust Company Limited (English) and offer non-deposit estate and trust services in British Columbia.
  • Jointly applied for letters patent to amalgamate the newly continued Solus with Raymond James Trust (Canada) so the combined company would initially be named Raymond James Trust (Canada) and later change to Solus Trust Company. The head office would be in Toronto, Ontario, and the business would continue as a non-deposit trust company serving clients across Canada.
  • Invited objections to the continuance/amalgamation. Written objections were to be sent to the Office of the Superintendent of Financial Institutions by March 7, 2023 (mail or email).

Who's affected#

• Clients of Solus Trust Company Limited and Raymond James Trust (Canada) who use or plan to use estate and trust services.
• The owners and managers of Solus and Raymond James Trust, including the named executives who filed the notice.
• Regulators and stakeholders who monitor ownership and structure of federally regulated trust and financial institutions.
• Other parties with standing who wished to object — the notice gave a specific deadline (March 7, 2023) and contact info for objections.

Why it matters#

• Changing where a company is incorporated (provincial to federal) and combining two trust companies can change who regulates them and where decisions are based.
• For clients, an amalgamation can mean different account management, branding, or broader service areas (here, moving from a B.C.-focused trust to a federally based provider serving clients across Canada).
• The notice also offered a short, official opportunity for objections, so affected people or groups had a limited window (until March 7, 2023) to raise concerns with federal regulators.