Financial Services Regulatory

Overview

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:

Transactional

  • 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.

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Related Expertise

Kashif Zaman

Partner, Financial Services
Toronto

Victoria Graham

Partner, Corporate
Toronto
  • JP Morgan Chase & Co.

    JP Morgan Chase & Co. in its acquisition of WePay Inc.

  • The Bank of Nova Scotia

    The Bank of Nova Scotia in its launch of a new form of Additional Tier 1 Capital

  • Constellation Brands, Inc.

    Constellation Brands, Inc. in the sale of its Canadian wine business to Ontario Teachers’ Pension Plan for approximately $1.03 billion

  • The Toronto-Dominion Bank

    The Toronto-Dominion Bank in the sale of its indirect home improvement financing assets to Financeit and Concentra

  • Bank of Montreal

    BMO Financial Group in connection with its acquisition of General Electric Capital Corporation’s Transportation Finance Business

  • Manulife

    Manulife Financial Corporation in its $4-billion acquisition of the Canadian-based operations of Standard Life plc, the country’s fifth-largest insurer. In addition to providing M&A transactional advice, Osler advised on insurance regulatory matters relating to the acquisition, including the transfer of the Canadian business of the Canadian branch of Standard Life Assurance Limited and the related incorporation of a new Canadian federal life insurance company.

  • J.P. Morgan

    J.P. Morgan on all regulatory and commercial aspects of sale of the Sears Canada-branded private label and MasterCard credit card portfolios to Scotiabank, including advising on matters relating to Bank Act, consumer protection, and cost of borrowing disclosure.

  • TELUS

    TELUS on all regulatory and commercial aspects of its co-branded credit card agreement with CIBC (as issuer).

  • TD

    TD Bank on the sale of investment loans to B2B Bank, a subsidiary of Laurentian Bank of Canada including on all regulatory and commercial aspects of the sale transaction, including on matters relating to the Bank Act, and consumer protection.

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Chambers

  • Chambers Canada: Canada’s Leading Lawyers for Business, 2017-2019: Banking & Finance: Financial Services Regulation.
    • "... a top-tier firm that consistently delivers excellent work."
    • "They have a very good insight into the workings of the Canadian credit card industry."

Lexpert

  • The Canadian Legal Lexpert Directory, 2017-2018: (Toronto, Ontario) Osler ranked in the area of Banking & Financial Institutions practice as Most Frequently Recommended.
  • The Canadian Legal Lexpert Directory, 2017-2018: (Montreal, Quebec) Osler ranked in the area of Banking & Financial Institutions practice as Consistently Recommended.
  • The Canadian Legal Lexpert Directory, 2017-2018: (Calgary, Alberta) Osler ranked in the area of Banking & Financial Institutions practice as Repeatedly Recommended.

IFLR 1000

  • IFLR1000: The Guide to the World’s Leading Financial Law Firms, 2018: Osler ranked in Tier 1 in the area of Financial Services Regulatory.

Best Lawyers

  • The Best Lawyers in Canada, 2018-2019: Osler lawyers recognized in the area of Banking and Finance Law.