Banks face an ever-increasing array of legal and regulatory requirements. Our Financial Institutions Group has extensive experience advising on these requirements.
We have extensive experience dealing with regulators at the federal level, including the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC), and at the provincial level (including the Financial Services Commission of Ontario (FSCO), the Autorité des marchés financiers (AMF) and BC's Financial Institutions Commission (FICOM).
We regularly engage with regulators to obtain regulatory approvals for clients and find ways to implement novel products and services. We also advise on precedent-setting rulings from regulators.
In order to bring best practice compliance solutions to Canadian financial institutions, we work in alliance with Ethidex to offer the ETHIDEX™ RiskManager Service. For our clients, this service reduces the time and cost associated with managing compliance, and provides a greater understanding of regulatory requirements and a process to establish effective controls.
We assist domestic and foreign banks understand the impact of Canadian legislative and regulatory developments and analyze the application of legal and regulatory requirements to transactions, products and business lines.
- Approvals and other regulatory issues in connection with transactions and reorganizations
- Establishment of Schedule I, II, III banks, being Canadian owned, foreign owned and foreign owned bank branches
- Corporate governance
- Risk management
- Capital adequacy requirements
- Business and powers
- Related party transactions
- Permitted investments
- Financial services networking arrangements
- Disclosure requirements and other consumer protection laws
- Distribution of financial services and products
- Restrictions on foreign banks carrying on business in Canada (including how foreign banks can structure their activities to ensure they are not carrying on business in Canada)
- Deposit insurance issues
- Implementation of Basel III in Canada