May 17, 2021
The Office of the Superintendent of Bankruptcy (OSB) has amended and published Directive No. 5R7, Estate Funds and Banking.
Directive No. 5R6, Estate Funds and Banking has been updated to support electronic funds transfers:
- the definition of “electronic payment” has been expanded,
- the requirements surrounding the transmittal of remittance and payment information have been updated, and
- investment certificates no longer need to be held at the same branch of the financial institution where the related trust account is held, as long as they are held at the same financial institution where the related trust account is held.
For details, please see the amended directive on the OSB’s Website.