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 (59 Posts)
Insurance Regulators are exploring regulatory changes to Segregated Funds compensation arrangement on Insurers, Intermediaries and Consumers.
Proposed National Flood Insurance Models for Canada: A Summary of the Recent Report from the Task Force on Flood Insurance and Relocation
A summary of the Government of Canada's recent report regarding the development of a national flood insurance program.
OSFI issued final Guideline B-13 – Technology and Cyber Risk Management, key takeaways summarized.
New AML Requirements for Luxury Goods Likely: The Cullen Commission on Money Laundering Recommendations Respecting Luxury Goods and the Automotive Sector
Cullen Commission of Inquiry into Money Laundering in British Columbia’s AML recommendations for the luxury goods sector (including automotive) are discussed.
Bill C-26, An Act respecting cyber security, would do two things: amend the Telecommunications Act and enact the Critical Cyber Systems Protection Act.
CDOR to cease being published after June 28, 2024; Term CORRA to be potentially created; market participants need to prepare for end of CDOR now.
This bulletin summarizes OSFI's new draft guideline on climate risk management, paying particular attention to the disclosure requirements it imposes.
As we have received a number of questions from clients regarding our open banking bulletins, we are putting together an interdisciplinary panel of experts to take a deep dive into the implications of an open banking system in Canada, exciting developments & expectations for further progression.
New protections for whistle-blowers under the Ontario's Financial Services Regulatory Authority Act in effect as of April 29, 2022.
Alberta's Energy Regulator taking steps to better understand cryptocurrency mining operations occurring alongside AER-regulated operations.
OSFI has released final revisions to Guideline D-5 and IFRS 9, which will take effect on January 1, 2023 to coincide with the implementation of IFRS 17.
The United Kingdom’s New Economic Crime Bill Portends a Sea Change in Anti-Money Laundering Legislation in the West
United Kingdom introduces Economic Crime Bill to expand anti-money laundering capabilities of law enforcement. This Bill portends change to AML laws in Canada.
The Financial Services Regulatory Authority of Ontario submitted its new Unfair or Deceptive Acts or Practices (UDAP) Rule for final approval.
Analysis of the Third Draft of Proposed National Instrument 93-101 Derivatives: Business Conduct.
As of December 31, 2021, most LIBOR tenors ceased; some USD LIBOR tenors to continue until June 30, 2023; some GBP and JPY tenors published on synthetic basis.
FSRA Releases Final Innovation Framework and Opens Testing Environment for Auto Insurance Innovations
SRA recently announced their Final Innovation Framework and Test and Learn Environment Guidance, a positive step forward for financial services innovators.
Certification denied in DRAM class action.
Major Canadian Banks Join Net-Zero Banking Alliance (NZBA) — Unpacking the Initiative and Net-Zero Commitments
On the eve of the 2021 United Nations Climate Change Conference, six of Canada’s largest banks announced they had signed on to the Net-Zero Banking Alliance.
James Musgrove and Sarah Stirling-Moffet talk Competition law reform in Canada after the Commissioner’s CBA speech - more money, more power!
Changes on the Menu – 2nd Course: Canadian Food Inspection Agency Updates Implementation Plan for Food Labelling Rules
This Bulletin covers the Canadian Food Inspection Agency's Implementation Plan for Updates to Food Labelling Rules.
SOFR is the preferred USD alternative RFR to LIBOR. We discuss what SOFR is, the types of SOFR, conventions for SOFR, and using SOFR in loan agreements.
Canadian regulators affirm their position on 'crypto trading platforms' through CSA Staff Notice 21-329 and subsequent enforcement action.
OSFI Issues Final Guideline E-4 Impacting Foreign Entity Branches to be Implemented by January, 2022
OSFI releases final Guideline E-4 for Foreign Entity Branches replacing existing Guideline E-4A and E-4B.
Border Carbon Adjustments are being explored by various countries including Canada in its 2021 Budget to support climate change initiatives.
An International Overview of Existing Climate-Related Insurance Initiatives: Finding the Right Path for Canada
Part of our ESG initiative, this article summarizes existing climate-related insurance initiatives and suggests programs that may be most successful in Canada.
Canada's proposed retail payments systems regulatory regime requires payments service providers to be registered. Who exactly is a payments service provider?
Charging Ahead: Alberta and Saskatchewan Joining Forces with Ontario and New Brunswick on Small Modular Reactors
Update on developments in nuclear energy and small modular nuclear reactors in Canada, including the memorandum of understanding that was recently signed.
This bulletin provides an overview of the regulations surrounding psychedelics in Canada and psychedelics companies in the Canadian capital markets.
A review of the Canadian International Trade Tribunal (CITT) procurement review mandate for 2020/2021.
The regulation of Ontario’s auto insurance market may undergo several key changes to enhance consumer protection and foster greater competition and innovation.
Canada’s Federal Greenhouse Gas Offset Credit System Creates Green Incentives for Regulated Facilities
Publication of Greenhouse Gas Offset Credit System Regulations under section 195 of the Greenhouse Gas Pollution Pricing Act.
OSFI Announces Proposed Amendments to the Vested Asset Regime for Foreign Insurance Companies Operating in Canada on a Branch Basis
The authors discuss OSFI's announcement of three proposed amendments to the vested asset regime for foreign insurance companies operating as a branch in Canada
FCAC’s Submission on Open Banking: Finding the Right Balance to Achieve Consumer Protection and Broad Financial Sector Participation
The authors discuss the Financial Consumer Agency of Canada's submission to the Advisory Committee on Open Banking.
FCA announces dates for the official cessation and loss of representativeness of LIBOR. Implications for Lenders.
The Canadian government has placed the Proud boys on the list of terrorist entities. This announcement has certain key implications for Canadian companies.
2020 Fintech Year in Review: Canadian Regulatory Developments
Canadian Banks, BDC and OSFI work together for a seamless launch of the new Highly Affected Sectors Credit Availability Program (HASCAP)
OSFI provides guidance for the capital treatment of loans and BDC guarantees under the new Highly Affected Sectors Credit Availability Program (HASCAP)
Expropriation of Contaminated Land and its Fair Market Valuation
Discussion of government of Alberta's Bill 29: Local Authorities Election Amendment Act, which came into force September 1, 2020
Government of Alberta announces changes to the regulatory regime that governs oil and gas liabilities.
Alberta Government Passes Bill 12, Liabilities Management Statutes Amendment Act, 2020 – What You Need to Know
What you need to know about the Alberta Government's Bill 12 in relation to Liabilities Management Statutes Amendment Act, 2020.
Pivoting Production to Address COVID-19 Shortages – What Manufacturers and Distributors Need to Know
Summary of Health Canada pathways for accelerated approvals, business and liability considerations for manufacturers
COVID-19: New Emergency Rules for Operating Businesses in BC: How to Comply with BC’s “Essential Business” and Public Health Orders
This bulletin discusses how to keep your business open by complying with BC government emergency orders and public health orders during the COVID-19 pandemic.
The COVID-19 pandemic is not yet contained and while governments struggle to respond, businesses are bracing for the inevitable economic downturn.
A Bill amending the Charter of the French Language would create new linguistic obligations for employers if it were enacted.
On January 1, 2020, The Insurance Act (“New Act”) and The Insurance Regulations (“New Regulations”) came into force in Saskatchewan, marking the first major overhaul to Saskatchewan’s insurance legislation in decades
Bid rigging and fraud in order to obtain public contracts will result in mandatory prison sentences when the contract is of high value.
On September 18, 2018 the Office of the Superintendent of Financial Institutions issued the final version of its Corporate Governance Guideline
Adoption of financial sector reform goes ahead in Québec, but government backtracks on certain proposed changes in the insurance sector
As a result of the adoption of the Financial Sector Reform Act, several key pieces of legislation are amended or replaced entirely.
The Canada chapter in Getting the Deal Through - Banking Regulation 2018 provides an overview of the regulations governing the banking industry in Canada
CSA Releases Oversight Review Report of the MFDA
Canada has a centrally regulated banking system with a focus on macroprudential regulation and stability of the financial system ...
Change is in the Airwaves: CRTC Expands the Wireless Code of Conduct
CASL Private Right of Action Delayed; Enforcement by CRTC Continues
Labels, Endorsements, and Scientific Proof: A New Approach to Self-Care Products in Canada
OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements
OSFIs Final Guideline on ORM is Less Prescriptive and Levels the Playing Field
OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting
OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting
Conduct Controlled: CSA Proposes Derivatives Business Conduct Rules
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