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Montreal Trust
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Website Updated September 29, 2008
> Pour consulter
le document en français
Regulatory Approval
As we have advised you through previous website updates, although all of the
other provincial pension regulators have approved the Surplus Sharing
Agreement, the Superintendent of Financial Services for Ontario (the
"Superintendent") has not. On March 10, 2008, the Superintendent issued a
Notice of Proposal refusing to consent to the application by Montreal Trust to
withdraw surplus from the Plan. Both Montreal Trust and the Committee have
sought a hearing before the Financial Services Tribunal of Ontario to challenge
the decision of the Superintendent. We are doing this to support the intent of
the Surplus Sharing Agreement which we signed in 2006. A pre-hearing meeting
was held on June 5, 2008. The hearing, which was originally scheduled for
September 2 and 5, 2008, had to be adjourned; it has been rescheduled to be
heard on October 17, 2008.
Distribution to Members Governed by a Jurisdiction Outside of Ontario
Because the Superintendent's decision only impacts those Sharing Group members
who are governed by Ontario's pension legislation, we want the distribution of
surplus to members governed by a jurisdiction outside of Ontario to proceed
anyway, and as soon as possible. In order for that to happen, it is necessary
for the parties to confirm with the pension regulators and with the Plan's
custodian that the distribution outside Ontario can proceed. It was also
necessary for the parties to return to Court to amend the original Court Order
which approved the Agreement. This motion to vary the Order was deemed
necessary as the original Order did not contemplate the current situation -
where one of the regulatory bodies has not approved the distribution of surplus
and the others have. At the same time, we were required to seek the Court's
approval of the fees incurred since the last Court order. The motion was heard
by Madam Justice Hoy of the Ontario Superior Court on June 23, 2008. We have
yet to receive a decision. As soon as we know the results of that motion, we
will provide an update via this page.
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