Financial Products and Services

Overview

The evolving and increasingly complex legislative and regulatory environment governing financial products and services and their distribution, as well as the high stakes for clients, require specialized expertise from the professionals working in this field.

Our team of lawyers in the Financial Products and Services Group can advise you on all the legal issues relating to the financial products and services industry – particularly the registration of firms and other entities, regulatory compliance of financial products and services, the development of new and innovative products, and the compliance and governance of registrants – while also providing assistance with inspections by the regulatory authorities, compliance reviews, investigations and regulatory procedures.

We regularly plead before the civil courts and regulatory agencies and advise and assist our clients in litigation and search and seizure matters. In addition, we offer training to the various participants and practitioners in the financial sector, particularly on the duties and obligations of representatives.

Our professionals serve a wide range of clients in the financial sector, including insurance companies (damage insurance, life insurance and reinsurance), agents, insurance brokerage firms and investment advisors.

Lavery’s seasoned lawyers can offer you a broad range of integrated services to help you successfully complete your transactions and market novel financial products and services. We also offer preventative advice and can defend you in any dispute, with a deep understanding of various types of files, whether it be a disciplinary matter, a regulatory compliance issue or a professional liability matter. The experience we have acquired in dealing with regulators, our multidisciplinary approach, and our collaborative work with members of the firm in other practice areas – such as securities, mergers and acquisitions, banking services and tax – enable us to quickly mobilize a team of specialized lawyers to help you achieve your objectives and find the optimal solution to your situation.

Services

  • Incorporate, organize, and register all types of financial services providers, including banks, insurance companies, trust and loan companies, agents, brokers, and other financial services groups, whether regulated or not
  • Create new financial products for consortiums of insurers, mutual insurance companies, and captive insurance and reinsurance companies
  • Merger, acquisition, reorganization, and sale of financial institutions or other entities working in the financial products and services distribution field
  • Assistance in matters of regulatory compliance and oversight
  • Drafting, translation, interpretation, and compliance analysis of insurance, agency, and brokerage contracts and reinsurance agreements
  • Setting up of financial services networks
  • Strategic alliances and outsourcing agreements
  • Electronic commerce, Internet, and advanced technology, including joint ventures between technology providers and financial services providers
  • Protection of personal information and issues relating to tied-selling
  • Branches and representative offices of foreign institutions
  • Representation before regulatory agencies, obtaining of authorizations, certifications, and permits, and filing of registrations
  • Acting for financial services firms in the event of legislative changes and important initiatives resulting from government policies
  • Securities law and the laws governing capital market infrastructures
  • Litigation involving regulated entities such as financial institutions, securities dealers, insurance firms, and their representatives
  • Class actions
  • Opinions concerning insurance coverage
  • Services relating to regulations and services to corporations

Our major clients

  • American Income Life Insurance Company
  • Assurant Solutions
  • Bank of Montreal
  • National Bank of Canada and its subsidiaries (National Bank General Insurance, National Bank Life Insurance Company, National Bank Insurance Firm, National Bank Financial, National Bank Trust)
  • CNA Canada
  • Chambre de la sécurité financière
  • First Canadian Title Company Limited
  • Manulife Financial
  • Sun Life Financial
  • Fondaction CSN
  • Fondation Universitas du Canada
  • Professional Liability Insurance Fund of the Barreau du Québec
  • Professional Liability Insurance Fund of the Chambre des notaires du Québec
  • Global Aerospace, Inc.
  • Industrial Alliance Insurance and Financial Services Inc. and its subsidiaries (Industrial Alliance Securities Inc., Excellence Life Insurance Company)
  • Intact Assurance
  • Liberty International Underwriters Canada
  • Royal & Sun Alliance Insurance Company of Canada
  • XL Insurance Company Ltd.

Our major achievements

  • Purchases and divestitures  of national and foreign trust, leasing, and information technology entities and their retail branches, as well as transfers of mortgage and credit card loan portfolios by a Canadian bank
  • Acquisitions by insurance companies of Québec registered insurance firms to expand their distribution network
  • Advising a portfolio manager on how to structure and implement the contractual framework required to carry on sub-management activities of equity portfolios
  • Spin-off of shareholder management services by a trust company
  • Structuring the offering of banking products and services within a financial conglomerate primarily specialized in life and health insurance and mutual funds distribution
  • Acquisition of a trust company by a federation of financial services cooperatives and conversion of this company into a financial services cooperative
  • Establishing a joint venture between a P&C insurance company and a Canadian bank for direct selling of insurance products
  • Structuring the life and health insurance business of a Canadian bank
  • Re-engineering the product suite of a professional liability insurance fund
  • Compliance audits for insurance companies and Québec registered insurance firms
  • Development of additional warranty programs for automobiles and other movable property
  • Providing representation as agent general in Québec to numerous insurance and reinsurance companies
  • Acting for securities firms, mutual fund dealers, portfolio managers, investment fund managers, and their representatives in disciplinary matters
  • Acting for entities charged with contravening UMIR, market manipulation, insider trading, etc.
  • Training programs for securities dealers’ regulated personnel and representatives
  • Partial demutualization and conversion of a mutual life insurance company into a mutual management corporation controlling a capital stock life insurance company
  • Advising regulators, self-regulatory organizations, and various industry participants and stakeholders regarding legal and policy issues associated with the online distribution of insurance products

Professionals