Elizabeth Sale

Elizabeth Sale

Partner, Financial Services

Key Contact: Financial Services Regulatory

Key Contact: Digital Assets and Blockchain

Contact Information

esale@osler.com

tel: 416.862.6816

Office

Toronto

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Areas of Expertise

Bar Admission

Ontario, 2004

Education

  • Osgoode Hall Law School, LL.B.
  • Wesleyan University, B.A.

Language(s)

English, French

Elizabeth is a partner in the Toronto office specializing in the regulation of financial institutions and other financial services providers, including banks, foreign banks, captive finance companies, payday lenders, insurance companies, trust companies, loan companies, participants in the payment card industry and fintechs. She has particular expertise in both federal and provincial consumer protection and cost of borrowing legislation, including the application of these laws in the online environment, and routinely assists clients with their retail product offerings.

Elizabeth frequently assists vehicle and equipment lessors and financiers in developing and modernizing their customer-facing agreements (consumer and commercial) and provides advice on motor vehicle dealer legislation. She also provides advice on debt collection, credit reporting, unclaimed property, anti-money laundering, anti-terrorism financing and sanctions laws.

Elizabeth was seconded to the retail banking group of a major Canadian bank in 2014.

    • Advised BBH Capital Partners in its $120 million investment in Synex Group insurance. 
    • Advised Bank of Montreal in its US$16.3 billion acquisition of Bank of the West.
    • Advised Canada Drives in its $100 million Series B funding round led by Honor Ventures.
    • Advised CURO in its acquisition of Flexiti Financial.
    • Advised Blackstone Credit in its partnership with Westland Insurance Group Ltd.
    • Advised Credit Karma, a free credit and financial management platform, in its expansion into Canada.
    • Acted as external counsel for CIBC, in its agreement with Borrowell Inc. for the provision of online loan origination services.
    • Provided regulatory advice to an automotive company in connection to its launch of a luxury vehicle division.
    • Advised an alternative financial company on the launch of its national mortgage loan product offering.
    • Advised a consumer lending platform with their launch of innovative loans and financing products.
    • Providing ongoing regulatory advice to numerous lenders and captive finance companies on all aspects of their lending business, including advice to foreign lenders on their expansion into Canada.
    • Providing advice on all aspects of retail banking products and services for numerous Schedule I and Schedule II banks, including in respect to unsecured lines and loans, mortgages, auto finance programs, deposit agreements, credit card programs and optional products and services, in all channels.
    • Assisting commercial finance, private equity and asset management companies with their regulatory due diligence in relation to leveraged acquisitions of/investments in consumer finance companies.

  • Chambers Canada: Canada's Leading Lawyers for Business: Recognized in Banking & Finance: Financial Services Regulation
  • Chambers FinTech – Canada: Canada’s Leading Lawyers in FinTech: Recognized in FinTech Legal
  • The Canadian Legal Lexpert Directory: Recognized in Financial Institutions Regulation - Ontario
  • IFLR1000: The Guide to the World’s Leading Financial Law Firms: Recognized in Financial Services Regulatory (Highly Regarded)
  • The Legal 500: Recognized as a Leading Individual in Banking and Finance
  • Who's Who Legal: Recognized in Canada - Banking

  • Canadian Finance and Leasing Association’s Women in Asset Financing Committee
  • Ontario Bar Association: Member of the Consumer Law Committee of the Business Law Section

  • National Banking Law Review: “2022 Federal Budget: legislative agenda reinforced with timely amendments to AML laws and other financial services regulatory developments”- June Edition, 2022 (co-author)
  • "Canada” chapter in International Banking Law & Regulation, Center for International Legal Studies, 2018.

Previous Speaking Engagements

  • Retail Payment Activities Act (RPAA) – TCAE, Speaker, April 22, 2023
  • CMSBA Canada Fall Conference, Speaker, FINTRAC Examination Preparation Workshop, November 23, 2022
  • Canadian Institute Conference, Speaker, November 16, 2022
  • Globe and Mail Open Banking Conference, Speaker, October 18, 2022.
  • Canadian Institute Sanctions Conference, Speaker, September 23, 2022
  • Infonex AML Conference, Speaker, September 21, 2022
  • Implementing Effective Compliance Management, The Canadian Institute's 22nd Annual Regulatory Compliance for Financial Institutions conference, Toronto, Ontario, November 22-23, 2016
  • FinTech Laws in Canada and the U.S.A.: A Comparative Perspective, Business Law Section Annual Meeting, American Bar Association, Boston, Massachusetts, September 8-10, 2016.