There is a new era of modern-day banking. In this bulletin our lawyer discusses Central Bank Digital Currencies and what concerns may arise.
With one of the leading practices in the country, we have a history of helping our clients in the financial services sector in Canada break new ground, including helping them create numerous federally regulated financial institutions.
Our Financial Services team advises on all aspects of financial institution activity—establishment, licensing, corporate governance, and foreign and domestic ownership—as well as on the products that are delivered. Our team also provides fintech and cybersecurity advice, an aspect of growing importance as the sector increasingly digitizes. We provide advice to all types of major financial institutions, including banks, life insurance companies, property and casualty insurance companies; trust and loan companies; credit unions and other cooperative institutions; and securities dealers. Torys is primary regulatory counsel to three of Canada’s six largest banks and the three largest insurance companies. Torys is often retained by industry associations, such as the Canadian Bankers Association and the Canadian Life and Health Insurance Association, to advise on special projects and various policy initiatives. We also counsel clients on amendments to the financial institutions regimes in Canada and in pursuing new possibilities under these regimes.
Our lawyers regularly assist clients in communicating with the Office of the Superintendent of Financial Institutions (OSFI), Canada’s primary banking regulator, and other regulatory officials. Our senior partner, Blair Keefe, is one of the few lawyers in Canada whose practices focus exclusively on regulatory matters affecting financial institutions. We are frequently consulted by the Department of Finance on regulatory developments and legislative initiatives, and Blair Keefe sits on an advisory panel to the OSFI, which is chaired by the assistant superintendent. From those roles and various interactions on behalf of clients, Torys has developed strong working relationships with officials at all levels at the Department of Finance and the OSFI.