Implementation information for Licensed Insolvency Trustees regarding Directive No. 33, Trustee Designation and Advertising
The following is intended to assist trustees in taking the necessary steps to implement the requirements relating to the new professional designation.
- Superintendent’s cover letter to Directive No. 33, Trustee Designation and Advertising
- Directive No. 33, Trustee Designation and Advertising
- Supplementary information
- Consent agreement
- New form of licence
In case of any discrepancy between this document and the content of Directive No. 33, Directive No. 33, Trustee Designation and Advertising, shall prevail.
Please take the time to review all documents. Questions relating to the directive should be sent to OSB Regulatory Affairs.
Preparing for implementation—Prior to April 1, 2016
All trustees should carefully read the directive prior to adopting the designation “Licensed Insolvency Trustee” in order to ensure they meet all compliance requirements.
It is recommended that all trustees read the background information on the purpose and objectives of the directive contained in the Superintendent's cover letter to Directive No. 33, Trustee Designation and Advertising. Trustees should also read the Supplementary information regarding results of the public consultation.
After reviewing the directive and related documentation, individual trustees and the trustee in charge on behalf of corporate trustees should each sign, scan and return a consent agreement to OSB Regulatory Affairs, in PDF format, before April 1, 2016.
Once the signed consent agreement has been sent to the OSB, trustees may start adopting the use of the designation “Licensed Insolvency Trustee,” but should keep in mind that such use should otherwise be consistent with the provisions of the existing Directive No. 29R2, Advertising by Trustees, until April 1, 2016.
Upon receipt of the consent agreement, the OSB will issue updated licence certificates. Trustees are encouraged to display the new licence in their offices.
Adopting the new designation—effective April 1, 2016
As of April 1, 2016, trustees are to adjust and make the necessary changes to their communications and representations material, as well as their consumer advertising structures and promotional products, to ensure that they fully comply with Directive No. 33, Trustee Designation and Advertising.
Examples of the communication, advertising and promotional products to be reviewed include, but are not limited to, the following:
Communications and representations (paragraphs 4, 5 and 6 of Directive No. 33)
- business cards (See Appendix for examples)
- signature blocks
- fax cover pages
- presentation materials
Consumer advertising (paragraphs 9 and 11 of Directive No. 33)
- electronic and printed advertisements, including yellow pages
- radio and television advertisements
- pop-up messages
- other promotional materials
When renewing contracts or developing content, trustees should consider all elements of the directive, including the professional standards.
Between April 1, 2016 and April 1, 2017
A transition period is provided to implement an efficient discontinuance of the use of the term “Trustee in Bankruptcy.” Trustees should ensure all existing materials and supplies using the term “Trustee in Bankruptcy” are depleted or disposed of prior to April 1, 2017.
As of April 1, 2017, the use of the term “Trustee in Bankruptcy” will no longer be permitted.
All questions relating to the directive should be sent to OSB Regulatory Affairs.
We will endeavor to respond to all questions within 5 business days.
Any case of misrepresentation or non-compliance with the directive should be referred to OSB’s Service Centre at the following phone number: 1-877-376-9902.
There are multiple ways to depict the professional designation on business cards. The following are two examples of compliant business cards.
- Date modified: