Banking and Financial Services Banking and Financial Services

Turning the Page? SNC Pleads Guilty to Fraud Relating to Libya Work; Former Executive Sentenced for Fraud, Corruption

On December 18, 2019 a division of SNC-Lavalin Group Inc. pleaded guilty to fraud  in relation to the company’s activities in Libya, to...

Ontario government releases fall economic statement: Modernizing financial services

On November 6, 2019, the Ontario government released its fall economic statement, 2019 Ontario Economic Outlook and Fiscal Review: A Plan to Build...

OBSI reports rise in investment industry complaints

The Ombudsman for Banking Services and Investments (OBSI) reported a surge in the number of investment-related complaints in the second quarter of...

OSC Burden Reduction Initiative – Focusing on ‘Principles’ for more responsive and effective regulation

The Ontario Securities Commission’s Burden Reduction Initiative emphasizes the centrality of a risk and principle-based focus to effective...

Five legal trends driving FinTech success

FinTechs require a sophisticated and thorough approach to the unique legal issues that are inherent when carrying out business in the financial...

Court highlights value of first-settling defendant co-operation in “ice breaker” settlements

In a recent decision from the Ontario Superior Court of Justice, Di Filippo and Caron v. Bank of Nova Scotia et al, 2019 ONSC 3282 (Di Filippo),...

NASAA targets ‘cross-selling’ sales tactic in investment and banking sectors

The North American Securities Administrators Association (NASAA) is an association of securities administrators from Canada, the United States of...

U.S. regulators coordinate enforcement of violations involving the FCPA

While many in Canada lament the ‘fragmented’ financial regulatory environment that is a hallmark of  its constitutional division of...

OSFI outlines technology and cyber security incident reporting expectations

The Office of the Superintendent of Financial Institutions Canada (OSFI) recently issued the Technology and Cyber Security Incident Reporting...

Wells Fargo officials reach $240 million settlement over unauthorized accounts

On February 28, 2019, a $240 million (U.S. dollar) settlement reached between Wells Fargo executives and directors and the bank’s U.S....