Canada
Whether you are securing regulatory approvals or advising on the development of new financial services products, it is critical that you have trusted advice on-hand as you navigate today's regulatory environment.
Our financial services regulation lawyers offer strategic and practical assistance in the development and implementation of key corporate and product design plans with a regulatory component. Our team works across a range of practice areas to help you tackle complex, multi-faceted issues, including technology, securities, competition and antitrust, restructuring and insolvency and tax. We also advise on cross-Canada legislation (and provincial differences) and can provide you with regularly updated regulatory compliance management matrices tailored to your individual customer service models.
We are highly experienced in assisting domestic and foreign banks and insurance companies on a variety of regulatory matters. We regularly pursue applications with OSFI for approvals and orders, provide technical opinions with respect to the Bank Act and the Insurance Companies' Act, assist entities with alleged compliance deficiencies and advise on the implementation of new federal consumer regulations. We also support organizations with the development of new financial tools and products, including providing regulatory advice on peer-to-peer lending, mobile wallets and blockchain technology.
Client work
We advise a wide range of financial services industry participants, including domestic and foreign banks, trust companies, insurance companies, insurance intermediaries, payments companies, securities dealers and advisers, pension funds, government departments, regulators, and industry associations. Our past work includes:
Complex transactions
We were Canadian counsel to State Farm in Desjardins Group’s acquisition of State Farm Canada’s businesses in property and casualty life insurance as well as its Canadian mutual fund loan and living benefits companies. We also advised on Canadian bank, insurance company and pension plan regulatory requirements applicable to a bank and a reinsurance company in a multi-billion dollar off-shore longevity swap/reinsurance transaction for a large Canadian pension plan.
Advising and supporting FinTech
We routinely provide in-depth regulatory advice to FinTechs seeking to launch innovative financial products and services in Canada. We help these businesses navigate the challenges of regimes in securities, banking, AML, payments, privacy and others. We advised and represented a foreign MSB in its launch of a funds transmission, foreign exchange and financial services platform in Canada and negotiated its agreements with a payment network and payment card issuer.
Regulatory compliance
We review and draft compliance policies and procedures for FIs and non-FIs including internal control manuals, AML and sanctions compliance programs and legislative compliance management tools. We advised an online Canadian bank and credit union in developing a legislative compliance management matrix, which included a review of client on-boarding procedures and we are chief agent for foreign insurers in Canada and act as representative for foreign MSBs for their registration with FINTRAC.
Recognition
The team adapts as the case progresses, is proactive, efficient, timely and well-versed in recent case law.Chambers Canada
We are consistently recognised in the industry for our work in the financial services sector. Chambers and Partners Canada recognises Gowling WLG as a leading law firm in 27 categories, including Banking & Finance and Insurance, the team also ranks in Band 2 in its FinTech Legal rankings. In 2020, we achieved 357 rankings across 57 areas of law in Best Lawyers in Canada, including Banking & Finance, Corporate and Securities.
Contact our team in Canada
Michael Garellek
Partner, Co-Leader, Financial Services Regulatory Group (Canada)