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
Primary Contacts
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News
Insights (10 Posts)View More
OSFI Unveils New Supervisory Framework (Effective April 2024)
OSFI announced the release of its new Supervisory Framework for FRFIs and private pension plans, touted to be the most significant change in 25 years.
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Feb 14, 2024
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FinTech: 2023 Legal Year in Review
The FinTech industry in Canada was impacted by significant regulatory developments in 2023. Explore the key updates in our year-in-review summary.
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Feb 7, 2024
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Meeting FSRA’s Ongoing Licensing Suitability Requirements: What Life Insurance Agents, MGAs and Insurers Need to Know
FSRA published proposed guidance outlining how it interprets licensing suitability requirements under the Ontario Insurance Act and its regulations.
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Jan 31, 2024
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Could it be True? Canada to Introduce Open Banking Legislation
On November 21, 2023, the Government of Canada released its 2023 Fall Economic Statement. The Economic Statement announced the federal government's intention.
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Nov 29, 2023
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New SEC Cybersecurity Rules – Implications for Canadian Issuers
Discusses the impact of new SEC cybersecurity requirements on Canadian foreign private issuers and suggests recommendations for companies to consider.
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Oct 25, 2023
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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.
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Oct 16, 2023
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OSFI Provides Additional Details about its New Supervisory Framework Effective April 2024
This bulletin summarizes the new details announced by OSFI on October 4, 2023, regarding its new supervisory framework for FRFIs and pension plans.
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Oct 10, 2023
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Expansion of OSFI’s Powers to Supervise Non-Financial Risks: Compliance Challenges for FRFIs
On September 6, 2023, OSFI issued a letter to industry outlining its steps to supervise emerging non-financial risks.
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Sep 12, 2023
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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.
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Aug 15, 2023
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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.
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Aug 2, 2023
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