Annex II - Questions and Answers Regarding the Annual Banking Report (ABR) provided for by Directive 5R2 - Estates Funds and Banking

1. What does the Office of the Superintendent of Bankruptcy mean by the term "Trustee" in Part 1 of the Annual Banking Report (ABR) Form (Schedule 3 of directive 5R2), and which trustee license numbers should be included?

   Schedule 3 of Directive 5R2 requires trustees to include a trustee license number under which the estates have been filed. In the case of a corporate trustee, the name and corporate license number are to be included as well as the name and license number of all individual trustees designated in the estates contained in the ABR. In the case of an individual trustee operating as a sole practitioner, the name and trustee license number of that individual trustee are to be indicated.

2. Is an ABR Form (schedule 3 of directive 5R2) required to be submitted for each individual trustee working for a corporate trustee?

   This will depend on the corporate trustee's structure and the respective signing authorities.

   For example, in a corporate trustee practice where only one trustee has signing authority on all trust accounts, the corporate trustee would be required to complete one ABR and only that trustee's name and signature are required to be provided in the signing officer area of the form.

   In the event all trustees have signing authority over all trust accounts relating to the estates filed by the corporate trustee, then all trustees with signing officer authority would be listed. Only one ABR is required to be produced.

   Finally, if individual trustees within a corporate trustee practice have signing authority on specific trust accounts relating to estates for which they were appointed as designated trustees, an ABR is required to be filed by each individual trustee for those estates for which they have signing authority.

3. What does the OSB mean by "Description of the Software used" under Part 2?

   The description should include an explanation of the security features and functions, for example, auditing functions: the data cannot be manipulated without an audit trail, there must be a guarantee of accuracy of stored data, a capability to allocate interest, and a capability to retrieve information on estate balances and transactions on estate accounts.

4. Why does the OSB require trustees to submit bank institution and branch transit numbers in Parts 3 and 7 of the ABR?

   This information is being requested to facilitate data capture of the information provided related to bank and branch locations.

5. Why does the OSB require trustees to specify the "Estate Type"?

   The Estate Type is being requested to facilitate data capture of the information provided related to estate type.