Financial Services Regulatory

Overview

The financial services regulatory landscape continues to evolve at an accelerated pace: the complexity of compliance is escalating, as is the corresponding cost of compliance. For those operating in this highly-regulated and highly-scrutinized sector, the consequences of non-compliance are serious and could result in exposure to class actions as well as regulatory investigations, leading not only to possible penalties and compliance orders, but also to heightened reputational risk through public naming.

Federally- and provincially-regulated organizations and financial institutions operating in this space require specialized guidance. They must have access to the expert legal advice that will enable them to navigate through this complex environment, remain compliant and implement systems that will ensure they are properly equipped to adapt to regulatory change. This need extends to FinTech, lenders and entities that provide third-party services to those organizations – such as credit reporting agencies, data aggregators, debt collectors, loyalty program operators and technology companies.

The deep experience and proven expertise of our practitioners make Osler’s Financial Services Regulatory Group particularly well-equipped to provide that advice.

Drawing on their in-depth knowledge of the relevant legal regimes and leveraging our established 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) – Osler’s lawyers offer practical, risk-based advice on these regimes and how to implement them effectively, with due regard to each client’s specific business context.

Comprehensive, specialized advice

Osler’s pre-eminent Financial Services Regulatory Group advises on the establishment or acquisition of financial service entities and provides regulatory advice to domestic and foreign financial institutions and financial services providers on all aspects of their business, including compliance with the federal and provincial regulatory requirements related to their products and services.

Our multidisciplinary team includes regulatory experts as well as lending and corporate finance specialists, enabling us to provide clients with guidance on how policy changes will affect their business.   Osler’s Financial Services Regulatory Group lawyers are particularly well-positioned to advise on the wide range of business and regulatory issues across the financial services industry, including:

Transactional matters

  • Strategic mergers & acquisitions
  • Commercial transactions and the legal, regulatory and structuring issues 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 domestic and foreign entrants to the Canadian financial services marketplace
  • Outsourcing by or to financial institutions and compliance with Canadian outsourcing legal requirements and other technology-related issues
  • Co-branded 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 the Canadian financial services industry’s 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, 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 cards, debit cards, gift cards, store value cards, prepaid cards, electronic wallet products and mobile payments

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Related Expertise
  • WealthBar

    WealthBar with respect to CI Financial’s acquisition of a majority stake in WealthBar

  • 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: 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: (Toronto, Ontario) Osler ranked in the area of Banking & Financial Institutions practice as Most Frequently Recommended
  • The Canadian Legal Lexpert Directory: (Montreal, Quebec) Osler ranked in the area of Banking & Financial Institutions practice as Consistently Recommended
  • The Canadian Legal Lexpert Directory: (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: Osler ranked in Tier 1 in the area of Financial Services Regulatory

Best Lawyers

  • Best Lawyers in Canada: Osler lawyers recognized in the area of Banking and Finance Law