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  • Statement of Regulatory Capital and Related Risk

SOLUS TRUST COMPANY
COMPAGNIE TRUST SOLUS

(The “Company”) 

Statement of Regulatory Capital and Related Risk

Financial instruments

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For the purposes of this disclosure, the Company separates market risk into three categories: fair value risk, interest rate risk and currency risk.

  1. Fair value risk:
    The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their fair value due to their short-term nature.

  2. Interest rate risk:
    Interest rate risk is the risk the value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. As at December 31, 2022 the Company had no significant exposure to interest rate risk.

  3. Currency risk:
    Currency risk arises from the possibility that changes in the price of foreign currencies will result in losses.
    As at December 31, 2022, the Company’s financial assets and financial liabilities are primarily denominated in Canadian dollars. As a result, the Company is not significantly exposed to currency risk.

Credit Risk

Credit risk is the risk associated with the inability of a third party to fulfill its payment obligations. The Company is exposed to credit risk relating to its cash and accounts receivable. The Company’s maximum credit risk exposure correspond to the carrying value of these financial assets.
All cash balances are held with financial institutions with credit ratings of A or above as rated by Standard & Poor’s.

Liquidity Risk

Liquidity risk is the risk that the Company will be unable to meet a demand for cash to fund its obligations as they come due. The Company’s management oversees the Company’s liquidity to ensure it has access to enough readily available funds to cover its financial obligations as they come due and sustain its normal operations and future growth.
The contractual maturities of the Company’s financial liabilities are all due within one year.

Regulatory Capital

The Company is subject to the regulatory capital requirements imposed by the OSFI and has capital management policies, procedures and controls to ensure compliance with these capital requirements are maintained. The Company maintains a very low liquidity risk tolerance by keeping regulatory capital invested primarily in Government of Canada issues.
The Company’s Tier 1 regulatory capital and capital ratios are published on the OSFI website and can be viewed here. The Company does not have Tier 2 or Tier 3 capital. 

As at, and for the year ended December 31, 2022, the Company was in compliance with the capital requirements which include the following:

Capital Adequacy Requirements
Under the Capital Adequacy Requirements (“CAR”) as issued by the OSFI, the Company is required to maintain certain capital ratios using an approach with risk-weighted assets and defined formulas for determining those ratios. For the 2022 period, the Company was required to maintain minimum Common equity tier 1 (“CET1”) ratio of 7.0%, a Tier 1 capital ratio of 8.5% and a Total capital ratio of 10.5%. The Company’s capital ratios have been calculated as follows for the period ended December 31, 2022:

 

  2022  2021
  000s  000s
 Common Equity Tier 1 capital:    

 Share capital

 $13,466 $12,466

 Deficit

(2,583) (1,581)

 Intangible asset

(111) (111)

 Deferred tax asset

(1,289) (922)
  9,483 9,852
     
 Risk-weighted assets:    

 Credit risk

2,450 2,253

 Market risk

-  - 

 Operational risk

1,025  900
  3,475 3,153 
     
 Capital ratios:    

 Common Equity Tier 1 capital

272.9% 312.5%

 Tier 1 capital

272.9% 312.5%

 Total capital

272.9% 312.5%

 Leverage

92.8% 95.9%
     

Frequency of disclosure

As a smaller less complex institution with a stable risk profile, Raymond James Trust (Canada) (and formerly Oak Trust Company) reports these qualitative and quantitative disclosures annually, as at its fiscal year.

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Raymond James Ltd. is regulated by the Canadian Investment Regulatory Organization ("CIRO") and is a Member of the Canadian Investor Protection Fund. 3Macs, MacDougall, MacDougall & MacTier and Raymond James Correspondent Services are divisions of Raymond James Ltd. Raymond James Ltd. is an integrated financial services firm. Its subsidiaries, Raymond James Investment Counsel Ltd., Raymond James Financial Planning Ltd. and Raymond James (USA) Ltd. are not regulated by CIRO and are not Members of the Canadian Investor Protection Fund. Raymond James Ltd.’s trust services are offered by Solus Trust Company ("STC”). STC is an affiliate of Raymond James Ltd. and provides trust services across Canada. STC is not a Member of the Canadian Investor Protection Fund. Please consult each subsidiary’s webpages for applicable corporate, regulatory or membership information.

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