Financial Services Regulatory
The financial services industry is a complicated regulatory landscape. Financial services regulatory compliance requirements are continually imposed and rigorously enforced. Public demand for greater transparency and corporate accountability continues. Financial regulatory compliance obligations have never been so great, and the risks of non-compliance have never been so severe.
Consistently ensuring regulatory compliance can be overwhelming, costly and time-consuming for financial institutions. Responding to an inquiry or investigation by regulators is even more daunting. Engaging skilled legal counsel and developing effective compliance programs prevent such things from occurring, enabling you to remain focused on running your business.
McMillan’s Financial Services Group is made up of lawyers who understand the complexity and challenges of navigating the regulatory complexities of the financial services sector. When financial services clients engage us, we work with them to ensure their regular business operations comply with financial services law. First, we help them understand their regulatory obligations. Then, we work with them to strategically develop risk management and compliance systems that minimize the potential for regulatory breaches. If a client faces an investigation by a regulatory body, we prepare a comprehensive response.
McMillan professionals help its financial services clients remain in compliance by:
- Advising domestic and foreign financial services businesses in connection with structuring, establishing and managing all types of financial services products
- Representing them in connection with regulatory approvals, licences, permits and rulings
- Conducting compliance reviews
- Developing compliance policies and procedures
- Advising boards of directors
- Responding to regulator inquiries and, if necessary, representing them before regulatory bodies or the courts
Deals and Cases
Insights (10 Posts)View More
On November 21, 2023, the Government of Canada released its 2023 Fall Economic Statement. The Economic Statement announced the federal government's intention.
Discusses the impact of new SEC cybersecurity requirements on Canadian foreign private issuers and suggests recommendations for companies to consider.
Department of Finance Launches Consultation on Security and Integrity, Access to Banking, and Protections for Digital Financial Products
On October 5, 2023, the Department of Finance launched a public consultation on the statutes governing federally regulated financial institutions.
This bulletin summarizes the new details announced by OSFI on October 4, 2023, regarding its new supervisory framework for FRFIs and pension plans.
On September 6, 2023, OSFI issued a letter to industry outlining its steps to supervise emerging non-financial risks.
Remember, Remember, the 1st of November; Navigating the November 1st Deadline in the CDOR Transition and Term CORRA’s Launch
Navigating the November 1, 2023 Deadline in the CDOR Transition and Term CORRA’s Launch.
SEC Approves NYSE and NASDAQ Clawback Listing Standards – Assessing the Implications for Canadian Foreign Private Issuers
On June 9, 2023, the U.S. Securities and Exchange Commission approved the clawback listing standards of the New York Stock Exchange.
OSFI Calls for Stakeholder Feedback on Regulatory Capital and Liquidity Treatment of Crypto-asset Exposures
OSFI receiving feedback from banks and insurers about the Guidelines on Regulatory Capital and Liquidity Treatment of Crypto-asset Exposures.
All remaining tenors of USD LIBOR ceased being published on June 30, 2023; synthetic USD LIBOR and the LIBOR Act are available for legacy contracts.
Government of Canada Seeks Input on Updating Canada’s Anti-Money Laundering and Terrorist Financing Regime
The Government of Canada has launched public consultations on updating Canada's anti-money laundering and terrorist financing regime.
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