Under the Loan and Trust Corporations Act, as amended (the Act), a loan corporation or a trust corporation must be registered. The application form for loan and trust corporation registration is used by every loan corporation or a trust company in Ontario seeking to be registered under the Act.
The CEO of the Financial Services Regulatory Authority of Ontario (CEO of FSRA) uses the information in this application form to determine whether an applicant corporation should be registered, whether the registration of a corporation ought to be changed and/or whether the terms, conditions and restrictions of registration of a corporation should be amended as the case may be, according to section 31 of the Act. This application’s purpose is to collect the information necessary to make these determinations.
As an applicant, you will be required to submit documents that provide specific information about your loan and trust corporation. To ensure a timely and efficient review of your application, please ensure you provide complete and correct information, as well as the required supporting documents.
In order for your loan and trust corporation to do business in Ontario, you first need to meet these minimum criteria:
- Your corporation must be incorporated under the federal Trust and Loan Companies Act, as amended.
- Your corporation must be authorized to operate as a trust or loan corporation by the Office of the Superintendent of Financial Institutions (OSFI) of the federal government.
- Your corporation must have a mailing address in Ontario that can receive registered mail (not a post office box).
Please be aware that provincial or territorial incorporation alone does not qualify your corporation for registration as a loan and trust corporation in Ontario.
Before you start your application, you will need the following:
- The name of your corporation's president and the contact information for this individual, including an email address.
- A short summary of the proposed plan of operations both for the corporation as a whole and for the operations of the corporation in Ontario.
- Copies of all your incorporation instruments, including amending instruments of the corporation certified for authenticity by your corporation's corporate secretary.
- A copy of your Order to Commence and Carry on Business from OSFI, certified as to authenticity by your corporate secretary.
- A list of the directors and officers of the corporation.
- The required application fee.
- A copy of the resolution of the board of directors authorizing this application certified by your corporate secretary.
Your application must be completed and submitted to FSRA. FSRA will send you an email acknowledging receipt of the application, and will notify you if any additional documents and clarifications are required to process the application.
If you have any questions about the application process, you can contact FSRA through:
Senior Manager, Licensing Approvals
Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Toll free: 1-800-668-0128
Email: [email protected]
In order to obtain a loan and trust corporation registration, an initial non-refundable registration fee of $2,500 must be paid at the time of application. For more information on fees, refer to the Fee Rule [PDF] document on FSRA's website.
An incomplete or unclear application form may result in delays in processing your application. Before completing your application form, please remember the following:
- Your application form must be legible. Please complete by using the fillable pdf form capabilities, and then print and sign your application.
- When supporting documents or other information are required, please attach copies and not originals.
- You can submit your completed application form, supporting documents and payment of your application fee through FSRA's Online Services Portal.
FSRA is required to maintain a public registry of registered loan and trust corporations.
FSRA collaborates with other organizations, including other regulators, fraud prevention organizations and law enforcement agencies, as part of its role in protecting the public interest. Please be advised that your loan and trust corporation registration information (e.g., legal business name, legal business address, name of your chief agent) may be shared with organizations that may collect and use this information, only as reasonably necessary, to carry out activities for the purposes of detecting, suppressing and preventing fraud, and for other law enforcement activities.
The application has four parts:
- Part A - Attestation, consent and notification
- Part B - Contact information
- Part C - Business information
- Part D - Application checklist
A corporate signing director/officer of your corporation must sign this application. This individual must declare that the statements, declarations and answers provided, including attachments, are all true and complete.
Any false, deceptive or misleading statement or omission in an application or supporting material may result in refusal or revocation of the registration, prosecution and/or other sanctions.
Any false, deceptive or misleading information provided to FSRA's CEO or a person designated by the CEO with respect to matters of the Loan and Trust Corporations Act, as amended, or its regulations is an offence under the Act.
The individual signing the application is providing consent on behalf of the applying corporation for the collection and validation of the information in this application and to share and disclose any of the information to other licensing/registry authorities, regulatory bodies or law enforcement agencies for any purpose related to law enforcement.
This section collects the following key pieces of information about the applicant corporation:
- Legal name of corporation—State the full legal name of your corporation as specified in its incorporating or amended instruments under the federal Trust and Loan Companies Act, as amended.
- Head office—Provide the mailing address, telephone number, fax number and website address (if applicable) for your corporation.
- Principal place of business in Ontario—Provide the address, telephone number and fax number for your corporation's principal place of business in Ontario. Specifically, this is the address in Ontario where your corporation will carry out its activities and/or maintain its records. A business address cannot be a post office box number and must be able to receive registered mail.
- President—State the name, address, telephone number, fax number and email address of the individual who serves as the president of your corporation.
- Complaints officer—State the name, address, telephone number, fax number and email address of the individual designated as the complaints officer for your corporation.
- Billing contact—Provide the name, address, telephone number, fax number and email address of a billing contact for your corporation. FSRA issues an annual assessment to every registered loan and trust corporation in Ontario indicating the corporation's fees payable to FSRA for regulating the sector.
The purpose of this section is to confirm that your corporation is incorporated in Canada and is aware of its responsibilities to the public and to FSRA:
- Jurisdiction of incorporation: Confirm that your business is incorporated under the federal Trust and Loan Companies Act, as amended, and provide the date of incorporation and the date of authorization to commence and carry on business. Indicate if there are any restrictions and/or conditions on the order to commence and carry on business.
- Complaints handling process: Confirm the corporation has an established complaints-handling process for resolving complaints from the public.
- Requirement to maintain registration information with FSRA: Confirm that your corporation is aware of the requirement to maintain key pieces of information related to its registration with FSRA. The key pieces of information are identified in this section of the application form.
You can use this checklist to ensure your application package is complete.