Summary

The Financial Services Regulatory Group of Borden Ladner Gervais LLP (BLG) is one of the largest in Canada, with depth of knowledge located in each of our Toronto, Montréal, Calgary, Vancouver and Ottawa offices. Working closely with clients, we provide advice in the areas of banking, life and property and casualty insurance, and a host of other financial services products and services.

We act for many different types of institutions and other entities that provide financial services, including domestic and foreign banks, foreign bank subsidiaries, foreign bank branches, trust companies, loan companies, commercial and consumer finance entities, credit unions, investment dealers, other securities dealers, investment advisors, insurance companies, brokers and agents of insurance, mortgages and deposits, mutual fund companies, payday lenders, collection agencies and credit reporting services.

Members of our group are active in financial service industry organizations, and speak and write frequently on relevant issues. In addition, members of BLG are board members of financial institutions and self-regulatory organizations in financial services, and are regularly consulted by regulators.

Of course, we are able to tap the expertise of other specialized groups at BLG, such as our Capital Markets and Investment Management, Commercial Litigation and Tax practice groups. With these different backgrounds, we are able to provide clients with specialized, practical advice on regulatory issues.

Publications

Representative Work

Advisory Services

The Financial Services Regulatory Group advises clients regarding a wide range of legal issues under the Bank Act, Trust and Loan Companies Act, Canada Deposit Insurance Corporation Act, Insurance Companies Act, Cooperative Credit Associations Act, Office of the Superintendent of Financial Institutions Act, Canadian Payments Act, Financial Consumer Agency of Canada Act, Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Personal Information Protection and Electronic Documents Act . In addition, we advise on other federal and various provincial securities, insurance, trust and loan corporation, mortgage lenders and brokers, and consumer protection legislation.

BLG lawyers advise with respect to issues such as:

  • Establishing and obtaining licences for new Canadian and foreign financial institutions and other financial services businesses, both federally and provincially
  • Structuring and executing transactions to conform to the regulatory environment, including restructuring, mergers and acquisitions of financial services entities, holding companies and businesses
  • Structuring and implementing new product and service offerings including deposits, loans, credit cards, insurance and investments
  • Anti-money laundering and terrorist financing requirements
  • Business conduct restrictions
  • Credit card processing from the perspective of varied service providers
  • Capital requirements
  • Conflicts of interest
  • Corporate governance (including directors' and officers' obligations, investment and lending policies)
  • Electronic commerce
  • Financial consumer disclosure
  • Foreign banks, branches and subsidiaries
  • Investment powers
  • Joint ventures
  • Outsourcing
  • Data protection and privacy issues
  • Transaction-driven regulatory approvals
  • Related party transactions and permitted exceptions
  • Risk management
  • Structural regulation and ownership restrictions involving regulated and unregulated financial services entities

Interfacing with Regulators

  • Our lawyers interact frequently with government financial regulators, including the Office of the Superintendent of Financial Institutions (OSFI), Canada Deposit Insurance Corporation (CDIC), Canadian Payments Association (CPA), Financial Consumer Agency of Canada (FCAC), the Privacy Commissioner of Canada (and applicable provincial privacy commissioners) and Financial Transactions Reports and Analysis Centre (FINTRAC) at the federal level, and provincial financial services regulators including insurance, trust and loan and securities regulatory bodies.
  • BLG lawyers also have significant experience dealing with self-regulatory organizations (SROs) and similar bodies, such as the Investment Industry Regulatory Organization of Canada (IIROC), the Mutual Fund Dealers Association (MFDA), the Canadian Investor Protection Fund (CIPF), the Canadian Bankers Association (CBA) and the Canadian Life and Health Insurance Association (CLHIA).
  • Members of our group advise multi-jurisdictional bodies such as the Joint Forum of Financial Market Regulators and the Canadian Securities Administrators.

Regulatory Policy and Lobbying

  • BLG routinely monitors changes in regulatory policy and reports on such changes to clients.
  • Our lawyers act on behalf of financial services clients and industry groups in making representations to governments and regulators regarding proposed changes to statutes, regulations and guidelines.

Regulatory Compliance

  • We establish and monitor enterprise-wide legislative compliance programs and other compliance-related matters.
  • We prepare and review policies to ensure continuing compliance with regulatory requirements and advise regarding ongoing compliance with regulatory requirements.