Foreign Bank Regulatory Compliance
The Banking and Finance Group has been involved in the establishment and operation of a number of foreign bank branches in Canada. We also regularly advise U.S. financial institutions on compliance and governance issues relating to their operation and activities in Canada.
Goodmans banking practitioners also regularly assist foreign entities not currently registered to conduct business in Canada under the Bank Act (Canada) on compliance matters relating to lending in Canada. Our team also works closely with the firm’s top-rated Corporate Finance and Securities Group in representing foreign financial institutions and funds seeking authorization or exemptions under Canadian securities regulation in order to offer investment products and advice within Canada.
Recent representations include:
- A large U.S. bank, on aspects of the ongoing operations of its subsidiary Schedule III Bank under the Bank Act (Canada)
- Several large foreign financial institutions not registered under the Bank Act (Canada) on the offering and promotion of services and financial products in Canada, the development of policy frameworks, codes of conduct, operating guidelines and licensing matters
- A foreign financial institution in its establishment of a Schedule II Bank under the Bank Act (Canada)