Osler’s Financial Services Regulatory Practice is pre-eminent in Canada. Our experience enables us to offer practical business advice to clients who are operating in one of the most highly-regulated and highly-scrutinized sectors in the world. We serve a variety of financial institutions ranging from the largest banks in the country to smaller trust companies, foreign entrants into the Canadian marketplace, and companies that provide third-party services to financial institutions.
We advise on the establishment or acquisition of financial service entities, provide regulatory advice to domestic and foreign financial institutions and financial services providers on all aspects of their business including compliance with federal and provincial regulatory requirements related to their products and services.
Our reputation is built on the strength of our relationships with all of the major players in the Canadian financial services sector – domestic banks, foreign financial institutions, regulators and the Canadian Bankers Association (CBA), the bank industry association in Canada. Osler regularly advises the CBA on major regulatory issues or policy initiatives that confront its banks members. In addition to our longstanding relationships with Canadian regulators and policy makers, we also have excellent working relationships with the general counsels of the major banks.
Our regulatory experts work hand in hand with our lending and corporate finance specialists, allowing us to see clearly how policy changes will affect our clients’ business practices on the ground, and to offer informed, practical advice.
We offer a multidisciplinary approach to deal with the wide range of business and regulatory issues across the financial services industry including:
- Strategic mergers and acquisitions transactions
- Commercial transactions and the legal, regulatory and structuring matters for all types of day to day arrangements including joint ventures, strategic alliances and investments
- The issuance of regulatory capital, covered bonds and securities
- Cross border inbound transactions to Canada such as investments of foreign institutions in Canadian entities and lending
- Counselling new entrants to the Canadian financial services marketplace (whether foreign or domestic)
- Outsourcing by or to financial institutions and compliance with Canadian outsourcing legal requirements and other technology related issues
- Co-brand credit and debit cards commercial arrangements
Regulatory Compliance and Governance
- Compliance with Canadian financial institution legislation including regulations, guidance, advisories, rulings, voluntary codes and practices that apply to all the financial services industry in Canada in relation to their products and services.
- Corporate governance advice tailored to financial institutions including legislative compliance systems and ongoing monitoring, board policies and risk management.
- Counsel related to anti-money laundering and anti-bribery and anti-foreign corruption.
- Competition and anti-trust advice to the financial services industry including advice related to credit cards, payment systems and related financial services products.
- Payment systems and mobile payments advice.
- Consumer facing issues including cost of borrowing disclosure, privacy, anti-spam compliance, credit reporting, the use of electronic documents in consumer finance products such as loans, payday loans, credit card, debit card, gift cards, stores value card, prepaid cards, electronic wallet products and mobile payments.