Banking & Finance
BANKING & FINANCE
In recent years, national regulators have imposed new regulations on the banking sector to secure their financial health and protect the interests of investors and customers. But these new frameworks make the business of banking more complex, causing institutions to re-assess their business models and pivot to address new challenges and opportunities. McMillan LLP understands the dynamics of this continually evolving landscape and we advise Canadian and foreign banks, trust companies, and other financial services organizations on how to navigate regulations and bring new products and services to market.
McMillan’s banking and finance lawyers have deep industry knowledge and experience; we are committed to staying abreast of any and all changes to financial institution legislation. We understand the challenges and opportunities that these changes can bring and help our banking clients adapt to market dynamics. We advise clients on the necessary regulatory approvals or exemption orders in connection with their Canadian activities, and we have helped a number of foreign banks establish subsidiaries or branches in Canada.
McMillan professionals support our clients by advising on financial services legislation and regulatory regimes; assisting in dealings with regulatory authorities, including the Office of the Superintendent of Financial Institutions and provincial securities commissions; counselling clients on a full range of financing transactions; advising, planning and implementing merger and acquisition transactions; and advising on a wide range of capital markets transactions.
McMillan helps institutions respond swiftly to market shifts and regulatory changes in insurance, corporate and banking law, while meeting increasingly sophisticated customer needs and rivalling competitive manoeuvres.
McMillan finance, securities and insurance lawyers advise banks, insurance companies, investment dealers and other financial services companies anticipate regulation changes and position themselves for success. In this competitive industry, we tap in to our experience advising on insurance, banking, lending, personal property security, securities, tax and insolvency law to help clients thrive and minimize risk.
McMillan works closely with in-house legal counsel government bodies and regulators. We help clients minimize the risk of banking litigation. When unavoidable, our litigators are highly accomplished at effectively representing and protecting our clients’ interests to preserve reputation and shareholder value.
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Insights (10 Posts)View More
OSFI’s First Industry Day: Key Highlights and Takeaways
On September 5, 2024, the Office of the Superintendent of Financial Institutions hosted its inaugural virtual Industry Day.
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Sep 10, 2024
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OSFI’s First Quarterly Release: A Concise Summary of Regulatory Updates
Summary of regulatory updates from OSFI's first quarterly release.
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Aug 27, 2024
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Attention Federal Employers: Administrative Monetary Penalties Under the Federal Pay Equity Act Now in Force
Recent amendments to the Pay Equity Regulations establish an administrative monetary penalty scheme applicable to violations of the Pay Equity Act.
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Aug 13, 2024
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RIP CDOR 1986-2024: A Recap of CDOR’s Final Days
On June 28, 2024, CDOR was published for the last time, marking the end of CDOR. The market has adopted CORRA as the Canadian dollar risk-free rate benchmark.
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Aug 13, 2024
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The Future of Banking Becomes Law: Implications of the Consumer-Driven Banking Act on Fintechs, Financial Institutions and Consumers
Implications and remaining questions of Canada's newly enacted open banking legislative framework (including the Consumer-Driven Banking Act)
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Jun 27, 2024
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Sanctions Enforcement Rising: Border Seizures and Forfeitures, Administrative Penalties and a New Reporting Obligation for Sanctions Evasion Offences
Changes to Canada’s sanctions regime under Bill C-59 will add reporting requirements for importers/exporters, create AMPs, and grant new CBSA seizure powers.
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Jun 13, 2024
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Goodbye CDOR, Hello CORRA: CDOR’s Final Month and CORRA Loan Trends
CDOR will cease being published after June 28, 2024; CORRA is now used in credit agreements with certain trends developing in its use.
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Jun 11, 2024
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Far from being FARA – Canada’s Proposed Foreign Influence Transparency Registry Law Leaves the Details for Another Day
Canada's proposed foreign agent registry doesn't mirror the problematic aspects of FARA, but many details are left to future regulations and guidance.
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Jun 5, 2024
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Understanding the Consumer-Driven Banking Framework: Key Insights from the Budget Implementation Act, 2024, No.1
On April 30, the federal government introduced the Budget Implementation Act, 2024, No. 1, which provides the legislative framework for open banking in Canada.
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May 13, 2024
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Legal Risk Assessments – An Essential Risk Management Tool
The best way to address the legal issues that arise in any business is to focus on their identification and resolution before they become legal problems.
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May 9, 2024
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