Notice to Licensed Insolvency Trustees—Update on Directive No. 33, Trustee Designation and Advertising: Are You Compliant?
January 4, 2017
This notice provides an update regarding current requirements and upcoming deadlines under Directive No. 33, Trustee Designation and Advertising, which took effect on April 1, 2016.
All consumer advertising should now include the LIT designation. Any existing advertising that makes use of the previous Trustee in Bankruptcy (TIB) designation must be phased out by March 31, 2017.
LITs are encouraged to report any concerns regarding non-compliant advertising or misrepresentation through the OSB’s Service Centre at 1-877-376-9902. Given the extensive advance communications regarding directive requirements, the OSB’s policy requires the immediate withdrawal or revision of any non-compliant advertising. Questions about requirements can be directed to OSB Regulatory Affairs.
Communications and Representations
The transition period allowing the phase out of pre-existing uses of the TIB designation ends on March 31, 2017. Trustees are reminded that all communication and representation materials covered by the directive must incorporate the new LIT designation by April 1, 2017. This includes, but is not limited to, office signage, business cards and letterhead.
Compliance Validation Checklist
Next week, sole practitioners and trustees in charge of a firm will be sent a checklist to complete, confirming the dates on which various consumer advertising, and communication and representation materials, including office signage, will be changed to reflect the new designation. This self-reporting exercise will not only help highlight to trustees what remains to be done prior to the compliance deadline, but may also negate the need for the OSB to schedule immediate in-person meetings to validate directive-specific compliance. Trustees will be required to return the completed checklist to an identified OSB representative by February 15, 2017.
- Date modified: