Legislative Reforms
The enactment of Bill C-8 in 2001 and Bill C-67 in 1999 created sweeping reforms of Canada’s financial institutions legislation, leading to unprecedented business opportunities for both domestic and foreign financial institutions. Permissible activities and investments of federal financial institutions have been significantly broadened in the context of domestic, cross-border, in-pillar and cross-pillar combinations, joint ventures and strategic alliances. Foreign banks are now allowed to branch bank in Canada, and their role in the Canadian marketplace has been clarified and expanded.
In connection with these changes, industry associations have retained Torys’ Financial Institutions Practice to provide advice on the implementation of the legislative and regulatory frameworks, and the policy initiatives underlying them. We are therefore in a unique position to represent domestic and foreign financial institutions in pursuing opportunities under these frameworks.
Regulatory
Torys is recognized as having the leading financial institution regulatory practice in Canada. Our practitioners, including Blair Keefe, who heads our Financial Institutions Practice, have been recognized internationally by Chambers & Partners, Lexpert/American Lawyer Media and others. Blair is one of the few lawyers in Canada whose practice focuses exclusively on regulatory matters affecting financial institutions.
In providing regulatory advice to Canada’s leading banks, insurance companies and other financial institutions, we advise on issues relating to corporate governance, business powers, foreign and domestic ownership, investments and litigation. We assist in the implementation of the business initiatives of our clients, and help them to communicate with OSFI and other regulators. We also represent foreign financial institutions seeking to carry on business in Canada or to invest in Canadian entities. Notably, we have been retained by OSFI to assist on certain special projects; the Canadian Bankers Association on the development of the Bank Holding Company Conversion Regulations; and the insurance industry on the Insurance Holding Company Capital rules and on Bill C 57, which amends the Bank Act and the Insurance Companies Act.
Our Financial Institutions Practice likewise provides advice to the firm’s merchant banking, project finance, secured transactions, institutional lending, and investment funds and management practice groups. The group’s lawyers are editors of Carswell’s Consolidated Bank Act and Regulations (Canada) and regularly publish in the area.