In this article – “Financial services regulation in 2021: Back to business” – we review some of the significant developments in the sector over the past year. As the industry continues its rapid evolution, 2021 saw various reforms and initiatives looking to regulate discrete parts of the financial ecosystem that had previously been lightly regulated, if at all, such as cryptocurrency, foreign money services businesses and open banking. We look at major amendments to Canada’s anti-money laundering regime that completed an overhaul beginning in 2019, as well as other legislative and regulatory updates affecting industry participants, and look to the future of the sector.

This article is authored by Victoria Graham, who is a partner on Osler’s Corporate team; Elizabeth Sale, a partner on the Banking and Financial Services team; Haley Adams, an associate on the Banking and Financial Services team; and Lawrence Ritchie, a partner on the firm’s Litigation team.

Legal Year in Review is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus – your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 450 lawyers to provide the answers you need, when you need them.

Our Legal Year in Review, published December 7, 2021, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.

For more information about Osler, please visit our website at Osler.com. For the full Legal Year in Review publication, please visit www.legalyearinreview.ca.