Q4 | Torys Quarterly • Fall 2025
The pulse on Canada’s financial services

Torys explores the market shifts, innovations and regulatory change transforming Canada’s financial services.

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Dealmaking and investing

Amid a choppy market for transactional activity, strategic deals are being driven by new incentives and creative emerging investment models.

Co-investment programs, airport land lease reforms, expanded tax incentives and new approvals mechanisms for major projects are all making it easier and more attractive for large institutions to invest in Canada.
— Incentivizing institutional investment in Canada

Innovation

Technology remains a critical point of competitive distinction for financial services organizations as the sector continues to make significant advances across products, financial instruments and broader operational efficiencies.

Fintechs will soon be facing a wide range of regulatory frameworks depending on their activities with at times similar—but often slightly different—requirements.
— An expanding regulatory perimeter for fintechs: a case study  

Risk management

Digital transformation is giving rise to new risks and considerations, including an increase in regulatory scrutiny as these regimes respond to evolving technologies and practices.

As technology and AI capabilities continue to rapidly change and evolve, we anticipate that regulators will continue to evaluate its impact on customers.
— Consumer protection in Canada: where we are and where we’re going

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