Financial Services Regulatory

Close-up the financial figures on newspaper

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

Primary Contacts

View All Contacts

Darcy Ammerman

Partner, Financial Services | Banking & Finance | Insurance

Ottawa

darcy.ammerman@mcmillan.ca Phone

613.691.6131

Pat Forgione

Partner, Financial Services

Toronto

pat.forgione@mcmillan.ca Phone

416.865.7798

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Jun 21, 2022

OSFI’s Draft Guideline on Climate Risk Management Imposes New Disclosure Obligations on FRFIs

This bulletin summarizes OSFI's new draft guideline on climate risk management, paying particular attention to the disclosure requirements it imposes.

Jun 1, 2022

Open Banking: What it is and what it means for you

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.

Details

Thursday, June 2, 2022

Ontario Whistle-blower Protections for Regulated Financial Services Sector Now in Effect

New protections for whistle-blowers under the Ontario's Financial Services Regulatory Authority Act in effect as of April 29, 2022.

May 4, 2022

Drilling Down on Crypto: AER Cryptocurrency Mining Bulletin and Information Request

Alberta's Energy Regulator taking steps to better understand cryptocurrency mining operations occurring alongside AER-regulated operations.

May 4, 2022

OSFI Releases Revised Guidelines to Reflect IFRS 17

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.

Apr 6, 2022

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.

Mar 1, 2022

FSRA Submits Unfair or Deceptive Acts or Practices (UDAP) Rule for Approval

The Financial Services Regulatory Authority of Ontario submitted its new Unfair or Deceptive Acts or Practices (UDAP) Rule for final approval.

Feb 9, 2022

Conduct Completed? CSA Publishes Third Draft of Derivatives Business Conduct Rule

Analysis of the Third Draft of Proposed National Instrument 93-101 Derivatives: Business Conduct.

Feb 9, 2022

The End of LIBOR: January 2022 Update

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.

Jan 31, 2022

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.

Jan 26, 2022

Certification Denied: An Important Win for Competition Class Action Defendants

Certification denied in DRAM class action.

Nov 10, 2021

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.

Oct 21, 2021

Antitrust Reform: Canada Too!

James Musgrove and Sarah Stirling-Moffet talk Competition law reform in Canada after the Commissioner’s CBA speech - more money, more power!

Oct 21, 2021

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.

Sep 29, 2021

SOFR Fundamentals: What We Know SO-FAR

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.

Jul 21, 2021

Canadian Regulatory Direction and Pressure for Cryptocurrency Platforms

Canadian regulators affirm their position on 'crypto trading platforms' through CSA Staff Notice 21-329 and subsequent enforcement action.

Jul 7, 2021

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.

Jul 6, 2021

Greening Canadian Borders – Canada Considers Border Carbon Adjustments for Carbon-Intensive Imports

Border Carbon Adjustments are being explored by various countries including Canada in its 2021 Budget to support climate change initiatives.

Jul 6, 2021

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.

Jun 30, 2021

Who is Caught by Canada’s New Retail Payment Systems Regulation?

Canada's proposed retail payments systems regulatory regime requires payments service providers to be registered. Who exactly is a payments service provider?

May 31, 2021

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.

May 26, 2021

The Canadian Capital Market is Psyched: An Update on the Growing Wave in the Psychedelics Industry

This bulletin provides an overview of the regulations surrounding psychedelics in Canada and psychedelics companies in the Canadian capital markets.

May 12, 2021

Federal Procurement Complaints: CITT Passes Milestone in 2020/2021

A review of the Canadian International Trade Tribunal (CITT) procurement review mandate for 2020/2021.

Apr 19, 2021

Upcoming Changes to Ontario’s Auto Insurance Regime

The regulation of Ontario’s auto insurance market may undergo several key changes to enhance consumer protection and foster greater competition and innovation.

Apr 12, 2021

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.

Apr 7, 2021

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

Apr 6, 2021

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.

Mar 30, 2021

LIBOR Newsflash: FCA Announces Dates for Official Cessation and Loss of Representativeness of LIBOR

FCA announces dates for the official cessation and loss of representativeness of LIBOR. Implications for Lenders.

Mar 10, 2021

Canada Updates Official Terrorist Entities List – What It Means for Your Business

The Canadian government has placed the Proud boys on the list of terrorist entities. This announcement has certain key implications for Canadian companies.

Feb 23, 2021

2020 Fintech Year in Review: Canadian Regulatory Developments

Feb 10, 2021

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)

Feb 2, 2021

Expropriation of Contaminated Land and its Fair Market Valuation

Oct 5, 2020

New Rules for Alberta’s Local Elections

Discussion of government of Alberta's Bill 29: Local Authorities Election Amendment Act, which came into force September 1, 2020

Sep 10, 2020

Alberta’s New Liability Management Framework: A Teaser of What’s Coming

Government of Alberta announces changes to the regulatory regime that governs oil and gas liabilities.

Aug 4, 2020

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.

Apr 21, 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

Apr 7, 2020

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.

Mar 27, 2020

Does Your Business Interruption Insurance Cover You for COVID-19?

The COVID-19 pandemic is not yet contained and while governments struggle to respond, businesses are bracing for the inevitable economic downturn.

Mar 23, 2020

New Linguistic Obligations for Employers Doing Business in Québec?

A Bill amending the Charter of the French Language would create new linguistic obligations for employers if it were enacted.

Mar 9, 2020

Saskatchewan’s New Year’s Resolution? A New Insurance Act to Ring in the New Year

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

Feb 27, 2020