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Securities Regulatory

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Participants in the securities industry have recently experienced significantly heightened regulatory expectations regarding how they conduct their businesses, which for most has also resulted in increased compliance obligations.

Given the ongoing scrutiny the industry faces from the investing public, industry advocates and governmental and regulatory authorities, it is anticipated the pace of change will continue to be brisk.

Osler can help you navigate this challenging environment by applying our broad legal expertise in securities industry regulatory matters, together with our nuanced understanding of our clients’ varying business models and the evolving expectations of regulatory authorities.

Our firm advises Canadian, U.S. and other international dealers, advisers, investment fund managers and other market participants regarding all aspects of their Canadian regulatory obligations, from initial start-up and registration through to the growth and ongoing evolution of their businesses. Our lawyers have significant experience and expertise advising market participants on the regulation of securities, futures, derivatives and marketplace regulation, including trading compliance and Canadian Self-Regulatory Organization (SRO) rules. Osler supports clients in:

  • Determining whether they are subject to registration requirements or may rely on available exemptions.
  • Obtaining registration status and fulfilling their ongoing obligations as registrants, including navigating all aspects of National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations, and the related SRO rules.
  • Applying for any exemptive relief they may require to conduct their businesses.
  • Preparing and updating compliance systems and policies and procedures manuals.
  • Navigating investigations and audits and enforcement proceedings by securities regulatory authorities.
  • Understanding the impact of any legislative or rule changes proposed by securities regulatory authorities.
  • Working with other Osler subject matter experts on related regulatory matters, including anti-money laundering, privacy and anti-spam regulation, and
  • Issues specific to operating in Québec, including advising on Québec legal and regulatory issues, such as those arising under the Derivatives Act (Québec), as well as translating offering documents.

Our Securities Industry Regulation practice is supported by an integrated team of subject matter experts across several practice areas, including Tax, Pensions, Mergers and Acquisitions, Private Equity and Corporate.

Key Contacts

Terence W. Doherty

Partner, Corporate, New York

Lorraine Lynds

Partner, Corporate, Toronto


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