Exchange-traded funds (ETFs), structured products and other publicly offered investment vehicles are rapidly growing in popularity in Canada, while also attracting increasing regulatory scrutiny. Whether you operate, manage or sell ETFs, listed closed-end investment funds, principal protected notes, split share corporations, capital trusts or other structured products, it is essential to understand the laws that affect you. BLG’s Investment Management Group can provide you with the legal services and in-depth experienced advice you require related to ETFs, structured products and closed-end funds.

BLG’s Investment Management Group has worked for over 50 years with the Canadian investment funds industry and has been an integral part of the growth in ETFs, structured products, closed-end funds and other investment vehicles.  Our lawyers can provide you with the information and advice you need to fully understand the legal and regulatory aspects of your business. The breadth and depth of BLG’s Investment Management Group ensures that our investment fund industry clients get multi-dimensional legal services provided in a disciplined cost-effective manner.

Our Investment Management Group has proven expertise in ETFs, structured products, closed-end funds and other investment vehicles and can provide you with a full range of legal services, including:

  • Structuring ETFs, structured products and closed-end funds and their offerings
  • Structuring specialized varieties of investment vehicles
  • Drafting and reviewing offering – both initial and renewal - and continuous disclosure documents, such as prospectuses and MRFPs
  • Co-ordinating the listing of securities of these investment products on stock exchanges
  • Obtaining necessary relief from regulatory restrictions where required to allow you to operate your investment fund business as desired
  • Negotiating and drafting trust agreements and incorporation documents, investment management and sub-advisory agreements, custodial agreements, dealer and underwriting  agreements and other material contracts
  • Negotiating and drafting ISDA and cleared derivative documentation
  • Advising on diverse legal, regulatory and compliance matters relating to investment fund operations, administration, management, sales practices and marketing, fund valuation and proxy voting
  • Advising on investment fund governance, including structuring and providing on-going advice to independent review committees and boards of directors.

We assist our ETF, structured product, closed-end fund and other investment fund industry clients – both Canadian and international -  with advice on initial structuring of funds, offerings of funds,  stock exchange listings, establishment of compliance and operational systems through to ongoing operations and continued product offerings. We also provide advice on structuring investment funds and offerings of investment funds pursuant to private placements.

In providing our services, we work closely with our lawyers in other specialized areas, including tax, derivatives, banking, securities litigation, insurance and securities registrant regulation and compliance to provide full service to our clients.

We have excellent working relationships with the Canadian securities regulators and other government officials, including the Toronto Stock Exchange. We regularly and proactively provide regulatory updates and thought leadership to our clients and continuing legal education to the investment management and registrant community.

BLG is pleased to be an affiliate member of the Canadian ETF Association (CETFA), as well as The Investment Funds Institute of Canada (IFIC), the Portfolio Management Association of Canada (PMAC), the Alternative Investment Management Association of Canada (AIMA Canada) and the Investment Industry Association of Canada (IIAC).

 Members of our Investment Management Group are directors of industry associations including the National Society of Compliance Professionals and the Exempt Market Dealers Association of Canada.  We regularly participate in industry committees, including those organized by IFIC, PMAC and the IIAC.


    Representative Work

    • Assisted with the creation of ETFs, closed-end funds and other investment fund products in Canada and the listing of those investment products on the TSX.
    • Assisted with the structuring of mutual funds and ETFs that invest in US-listed ETFs.
    • Assisted with the creation of closed-end funds that convert to open-end funds and the subsequent conversion process.
    • Advised with respect to the marketing and advertising of ETFs and other investment fund products.
    • Advised on the status of securities of ETFs as “index participation units”.

    Rankings & Recognitions

    The Investment Management Group or its members are recognized in:

    • The 2019 edition of Chambers Canada – Canada's Leading Lawyers for Business, Ranked in Band 1 for Investment Funds in every year since 2016.
    • The 2019 edition of the Canadian Legal Lexpert® Directory.
    • The 2019 edition of the Best Lawyers in Canada®.
    • The 2019 edition of the Lexpert®/American Lawyer Guide to the Leading 500 Lawyers in Canada.