Our Financial Services Regulatory Group
The Group consists of more than 25 lawyers located in each of the firm's offices – Montreal, Ottawa, Toronto, Calgary and Vancouver. We work closely with other specialized groups at our firm, such as our Capital Markets and Investment Management, Commercial Litigation, Labour and Employment and Tax practice groups. With these different backgrounds, we are able to provide specialized, practical advice on regulatory issues. Members of our group are active in professional organizations in the field, and speak and write frequently on relevant issues.
We act for many different types of institutions and other entities that provide financial services, including domestic and foreign banks, foreign bank subsidiaries, foreign bank branches, trust companies, loan companies, credit unions, investment dealers, other securities dealers, investment advisors, insurance companies, brokers and agents, and mutual fund companies.
Our Services
The Group advises clients with respect to compliance with the Bank Act, Trust and Loan Companies Act, Canada Deposit Insurance Corporation Act, Insurance Companies Act, Cooperative Credit Associations Act, Office of the Superintendent of Financial Institutions Act, Canadian Payments Association Act, Financial Consumer Agency of Canada Act, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and various provincial securities, insurance, trust and loan corporation and consumer protection legislation.
Legal Framework
We advise with respect to issues such as:
- anti-money laundering requirements;
- business conduct restrictions;
- capital requirements;
- compliance related matters;
- conflicts of interest;
- corporate governance (including directors’ and officers’ obligations, investment and lending policies);
- corporate restructuring;
- electronic commerce;
- financial consumer disclosure;
- foreign banks, branches and subsidiaries;
- incorporation and organization;
- >investment powers;
- joint ventures;
- outsourcing;
- privacy issues;
- regulatory approvals;
- related party transactions;
- risk management; and
- structural regulation and ownership restrictions.
Dealing with Regulators
- We interact frequently with government financial regulators, including the Office of the Superintendent of Financial Institutions (OSFI), Canada Deposit Insurance Corporation (CDIC), Canadian Payments Association (CPA), Financial Consumer Agency of Canada (FCAC) and Financial Transactions Reports and Analysis Centre (FINTRAC) at the federal level, and provincial financial services regulators including insurance, trust and loan and securities regulatory bodies.
- We also have significant experience dealing with self-regulatory organizations (SROs) and similar bodies, such as the Investment Dealers Association (IDA), the Mutual Fund Dealers Association (MFDA), the Canadian Investor Protection Fund (CIPF), the Canadian Bankers Association (CBA) and the Canadian Life and Health Insurance Association (CLHIA).
- We are familiar with the operation of multi-jurisdictional bodies such as the Joint Forum of Financial Market Regulators and the Canadian Securities Administrators.
Regulatory Policy and Lobbying
- We routinely monitor changes in regulatory policy and report on such changes to clients.
- We act on behalf of financial services clients and industry groups in making representations to governments regarding proposed changes to statutes, regulations and guidelines.
Structuring and Planning
- We advise financial services clients on how to structure and execute transactions in the regulatory environment, including restructuring, mergers and acquisitions of financial services entities, holding companies and businesses.
- We provide advice on the establishment of new businesses and branches, both federally and provincially.
Compliance
- We prepare and review policies to ensure continuing compliance with regulatory requirements and advise regarding ongoing compliance with regulatory requirements.
