Q4 | Torys Quarterly • Autumn 2026
Canada’s financial sector in focus

Torys explores how innovation, regulatory change, and new policy are redefining Canada’s financial services sector.

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Featuring our insights on:

Q&A with the Superintendent of OSFI

Canada’s financial services sector at a turning point
With stability at its core, Canada’s financial system nonetheless needs to evolve, says OSFI Superintendent Peter Routledge, signaling one of the most significant shifts in its regulatory philosophy in recent years.
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Industry

Canada is modernizing its approach to AI, transparency, and online safety, with important implications for financial service providers. At the same time, financial services M&A remains resilient, while growing debt and equity markets, strong maple bond demand, and rising IPO activity underscore continued momentum in Canada’s capital markets.

Legal landscape of artificial intelligence in Canada
Financial service providers employing AI models face opportunities and risks in an evolving regulatory environment.
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  • Canada’s financial services M&A and capital markets in 2026
    Canadian financial services deal activity remains resilient in 2026, supported also by year-over-year growth in the debt and equity markets, record demand for maple bonds, and rising IPO activity.
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Financial service providers should expect greater scrutiny of AI-enabled practices going forward.
Legal landscape of artificial intelligence in Canada

Regulatory

Regulatory change continues across insurance and payments, with activity advancing on multiple fronts in 2026. These shifts are reshaping the landscape for financial institutions, fintechs, payment service providers, and consumers alike.

Fintech and payments
Across the payments landscape, significant regulatory developments are occurring at an accelerating rate.
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  • Recent developments in insurance regulation
    Regulation of insurers, distributors, managing general agents, and other industry participants across Canadian jurisdictions has seen significant activity.
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Progress is being made on multiple fronts, with important implications for financial institutions, fintechs, payment service providers, and consumers alike.

Fintech and payments

Risk

Heightened anti-money laundering (AML) expectations and emerging AI-washing risks are creating new compliance considerations. Sector participants should continually assess AML risks and compliance gaps, and ensure that AI-related communications are accurate and balanced.

Canada’s anti-money laundering landscape
Regulated entities are facing a more demanding anti-money laundering compliance environment than at any point in Canadian history.
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  • AI washing litigation
    In the first half of 2026, there have been more AI-related securities class action filings in the United States than in all of 2025, including in “AI washing”. The US experience may be a preview of what is to come in Canada.
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Regulated entities face a more demanding AML compliance environment than at any point in Canadian history.
Canada’s anti-money laundering landscape

Past Editions

Quarterly
Q2 | Spring 2026: Making Canada an energy superpower
 
Apr 8, 2026
Quarterly
Q1 | Winter 2026: The year ahead in business
 
Feb 5, 2026
Quarterly
Q4 | Autumn 2025: The pulse on Canada’s financial services
 
Sep 29, 2025

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