Lori Stein

Lori Stein

Partner, Corporate

Key Contact: Digital Assets and Blockchain

Contact Information

lstein@osler.com

tel: 416.862.4253

Office

Toronto

Bar Admission

Ontario, 2002

Education

  • University of Toronto, J.D.
  • McGill University, B.A.

Language(s)

English

Lori is a Partner in the Corporate Department, where she advises fintech businesses, portfolio managers, dealers, investment fund managers and institutional investors on Canadian securities regulatory matters. Lori assists clients to obtain regulatory approval for innovative business models and investment products though applications for registration and exemptive relief under securities and derivatives regulation. Lori also advises on regulatory audits and investigations and day-to-day fund management and compliance issues.

Lori’s digital asset clients including trading and lending platforms, investment managers, software developers and institutional investors. Servicing these clients typically involves analysis of the applicability of Canadian securities laws and AML/ATF regulation to their products and services, advocacy with the Canadian Securities Administrators and the development of global compliance strategies.

In her traditional investment funds and asset management practice, Lori service Canadian firms and also work extensively with global dealers, advisers and fund managers on their Canadian initiatives.

    Digital Asset Clients

    Ether Capital: A publicly traded Ethereum ecosystem investor (NEO:ETHC), in its public offering of common shares and warrants in March 2020, raising C$28 million.

    Wealthsimple Digital Assets: Advised on the launch of the first digital asset trading platform in Canada to be registered as a restricted dealer under provincial securities and derivatives laws.

    3iQ Corp. and The Bitcoin Fund: Led securities regulatory team in successful hearing before the Ontario Securities Commission (OSC) and subsequent initial public offering of the first publicly-traded bitcoin investment fund in the world.

    3iQ Corp.: Led securities regulatory engagement for approval of The Ether Fund (the first publicly traded Ether investment fund in the world) and other privately offered, novel digital asset investment products.

    Ether Capital: A publicly traded Ethereum ecosystem investor (NEO:ETHC), in its public offering of common shares and warrants in March 2020, raising C$28 million.

    Canadian public-sector pension plan: Advised on first digital asset investment in a prominent Silicon Valley-based digital asset hedge fund.

    Blockchain developers: Advise regarding regulatory risks associated with projects, including Layer 1 and Layer 2 protocols, wallets, asset-backed stable coins, video games, non-fungible tokens (NFTs) and proposals to structure token issuances in compliance with securities and AML/ATF regulation.

    Canadian and foreign digital asset trading platforms (including exchanges and OTC desks). Have advised numerous platforms on the following matters:

            - Responses to inquiries and investigations of the CSA

            - Legal opinions and memoranda re: regulatory risk associated with their products and services

            - Regulatory engagement strategies (e.g. applications for registration and exemptive relief, global

             strategies)

            - Money services  business (MSB) registration and compliance under AML/ATF laws

            - Negotiations with crypto-asset custodians and other service providers

    Other Representative Clients

    Genesis Fertilizers in its urea production and distribution system

    Wealthsimple Inc., Canada’s largest robo-adviser, on Canadian securities regulatory compliance matters

    Leading global wealth manager on its retail-facing Canadian wealth management platform built on the acquisition of a Canadian fintech stock plan administrator

    Creative Destruction Lab, a non-profit organization based at the Rotman School of Management at the University of Toronto that delivers an objectives-based program for massively scalable, seed-stage, science and technology based companies

    Picton Mahoney Asset Management, a prominent Canadian hedge fund manager, on:

            - Picton Mahoney Fortified Alternative Funds, one of the first alternative mutual fund families in Canada

            - Acquisition of Vertex Arbitrage Funds

            - Ongoing securities regulatory compliance matters

    PE-Gate Inc. in its application for registration as an exempt market dealer in Ontario for the purpose of offering private equity investment opportunities through an electronic communications and recordkeeping portal

    Mandeville Private Client Inc. in the launch of WealthPort, an online advice platform

    Numerous U.S.-based private equity and hedge fund managers in connection with fund formation and fund distribution in Canada

     

     

  • Law Society of Ontario

Previous Speaking Engagements

  • Law Society of Upper Canada
    Speaker, Update on Securities Regulatory Initiatives, 2016-2018
  • Portfolio Managers Association of Canada (PMAC)
    Speaker, Regulatory & Compliance Forum, September 2018
    Speaker, Chief Compliance Officers Network, September 2015-2017
  • RBC Investor & Treasury Services Investor Forum
    Speaker, Fireside Chat on Securities Regulation, May 2018
  • An In-Depth Look at Plan Investments: Recent and Upcoming Changes to Legislation and Policy
    Speaker, June 16 & 25, 2015

 

Education

  • Canadian Securities Course (Canadian Securities Institute)
  • Partners, Directors and Officers Exam (Canadian Securities Institute)

 

Publications

  • Ontario Government’s Crawford Panel on a Single Canadian Securities Regulator (Associate)