BIS Exemption, Corporate Continuances, NTCL Pension

Summary#

This Canada Gazette issue publishes several short notices about financial and corporate filings. It says the Bank for International Settlements will apply to be treated differently under the Bank Act, Olympia Trust Company and Scotia General Insurance Company plan to change their federal/provincial status, and TELUS Health (as plan administrator) announces a final claims deadline for a terminated pension plan. The Gazette item was published March 23, 2024.

What it does#

• Bank for International Settlements will apply to the Minister of Finance for an order exempting it from being a “foreign bank” under the Bank Act.
• Olympia Trust Company intends to apply for letters patent to continue as a federal trust company under the Trust and Loan Companies Act (Canada). People who object can write to the Office of the Superintendent of Financial Institutions by May 6, 2024. The notice says publication does not guarantee the continuance will be granted.
• Scotia General Insurance Company intends to ask the Minister of Finance, on or after April 15, 2024, for approval to apply for continuance as a federal corporation under the Canada Business Corporations Act. The company may withdraw the application before it is acted on.
• TELUS Health, as administrator of the Pension Plan for Employees of the Northern Transportation Company Limited (the “NTCL Plan”), confirms the plan was terminated as of March 31, 2020 and that plan assets will be distributed. People who believe they have pension rights under the NTCL Plan must present claims to the administrator by April 12, 2024 to the address given in the notice. Contact named: Rose Valentino (phone and email listed in the notice).

Who's affected#

• Mostly the organizations named: Bank for International Settlements, Olympia Trust Company, Scotia General Insurance Company, and the plan administrator TELUS Health.
• For the pension notice: former employees and members of the NTCL Plan, including former employees of Northern Transportation Company Limited and NorTerra Inc. — they need to check whether they have a claim and meet the April 12, 2024 deadline.
• For the continuance and exemption notices: customers, creditors, shareholders, and regulators of the named companies might be affected, although the notices are mainly about planned administrative or legal steps rather than immediate changes.

Why it matters#

• The BIS exemption request affects how an international financial institution would be treated under Canadian banking law. That can influence regulatory rules that apply to it in Canada.
• Continuance as a federal trust company or federal corporation (Olympia and Scotia) can change which federal or provincial rules apply to those firms and may affect their governance, reporting, or where they are regulated. The notices are a first step — approvals are not guaranteed.
• The NTCL pension notice is the most time-sensitive for ordinary people: if you were a member of that plan and were not contacted, you must present a claim by April 12, 2024 to be considered for pension payments from the plan’s assets.