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Category Definitions
What is Banking & Financial Institutions?

Best Banking lawyers in Canada as ranked by Lexpert

 

Banking lawyers’ practice area encompasses representing domestic and international providers and consumers of debt financing including, on the lending side, domestic and foreign banks, bank holding companies, leasing companies, finance companies and other financial institutions and, on the borrowing side, corporate, government, institutional, individual and financial intermediary borrowers.

 

A banking lawyer’s work includes incorporation of banks; all manner of corporate and private lending, financing and refinancing; cross-border and international banking transactions; financial leasing; loan syndications and participations; preparation of all manner of real and personal property security documentation; trade finance; negotiable instruments; sovereign risk lending; gold loans; project loans; interbank transaction arrangements, credit card facilities, electronic banking, payment and clearing systems; and all matters of a regulatory and corporate governance nature including capital adequacy and financial market integrity.

 

Please note that the Lexpert Directory has separate sections for the following related law practice areas:

  • Asset equipment financing and leasing lawyers
  • Corporate finance and securities lawyers
  • Derivative instruments lawyers
  • Insolvency and financial restructuring lawyers
  • Investment funds and asset management lawyers
  • Financial Institutions Regulatory Lawyers, Toronto-only

 

What laws are banking lawyers focused on?

Banking lawyers in Canada refer to the Canadian Bank Act as the main law regulating banks. Commonly called the Bank Act, it is the federal law respecting banks and banking. Passed in 1871, it has undergone several amendments in lieu of its “Sunset provision” (Section 21). As a result of the said provision, the Bank Act and the bank charters under it will expire unless the Act will undergo a statutory review in order to keep up with fast-evolving economy of Canada.

 

What is the Canadian Bank Act?

The Bank Act has three important objectives: first, is to protect the funds of account holders and depositors; second, is to ensure the maintenance of cash reserves vis-a-vis the Monetary Policy, which aims to protect the value of Canadian money by keeping inflation low and stable; and third, is to promote the efficiency of the financial system through competition in the banking industry.

 

Accordingly, the Act provides that a bank has the capacity, rights, powers and privileges similarly accorded to a natural person, although, these are subject to the restrictions provided in the same Act. Along with these rights and privileges, banks are prohibited from doing restricted business, or doing business in a manner contrary to law.

 

Banking lawyers in Canada are experts in this Act including its restrictions, along with the other federal banking laws and regulations and administrative procedures of the banking law, in order to help clients – banks and clients alike – in transactions with the government regulators for the former, and the bank for the latter.

 

Classifications of Banks

Banking lawyers and clients are guided with the different Schedules of banks below:

 

Schedule I

Schedule I are the Canadian-incorporated domestic banks. Banks under this Schedule has the same requirements as with Canadian-incorporated foreign bank subsidiaries (Schedule II).

 

Schedule II

Schedule II are the Canadian-incorporated foreign bank subsidiaries.

 

Schedule III

Schedule III lists the authorized Canadian branches of foreign banks, including the name it uses under which it is permitted to conduct business in Canada. While foreign banks can establish its branch or a lending branch in Canada as chartered banks, they are not allowed to accept retail deposits.

 

Application

A bank or a bank branch are only allowed to operate in Canada when they are approved by the Finance Minister and the Office of the Superintendent of Financial Institutions (OSFI). This applies to banks under Schedules I and II, while or a foreign bank under Schedule III, the approval of the Finance Minister is still sought out but has different requirements compared to those of banks under Schedules I and II.

 

Matters detailed in Section 27 of the Bank Act are those which will be considered by the Finance Minister in its application for incorporation, while for foreign banks, it is found in Section 526.

 

Restrictions on Banks

One of the major restrictions against banks is that it is restricted from performing any business that is either not related to banking or to the business of banking. As provided in Section 409 of the Bank Act, the acts under the term “business of banking” are the following:

  1. Providing any financial service;
  2. Acting as a financial agent;
  3. Providing investment counselling services and portfolio management services;
  4. Issuing payment, credit or charge cards; and,
  5. Operating a payment, credit or charge card plan, in cooperation with others including other financial institutions.

 

In addition to this restriction, Section 410(2) states that banks are also prohibited from dealing in goods, wares or merchandise, or engaging in any trade or other business, except when permitted by the Act. Furthermore, Section 412 also provides restrictions on banks with regards to its “fiduciary activities”, such as acting as an executor, administrator or official guardian or a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person, or acting as a trustee for a trust.

 

While this seems simple at its face value, banking lawyers may guide both banks and clients alike with the complexities under these prohibitions.

 

Why do we need banking law?

Banking law is important to protect clients against unfair banking practises. Furthermore, banking laws are put in place to regulate one of the important drivers of the Canadian economy, which are banks. The laws are there to guide the relationship between stakeholders, and to also provide guidance to our banking lawyers.

 

Who holds banks accountable in Canada?

Canadian banking laws and regulations are under the responsibility of the Office of the Superintendent of Financial Institutions (OSFI) and the Minister of Finance.

 

What new rules do banking lawyers need to consider?

In dealing with banking institutions, federal laws and regulations provides for the general rights of the customers, such as opening a personal account at any bank; encashing cheques from Government of Canada for free at any bank; receiving clear and simple information that are not misleading about the bank’s products and services; availing himself/herself of products and services subject to express consent; and, resolved issues with the bank through a complaint-handling process.

 

Financial Consumer Protection Framework

However, on June 30, 2022, these rights are enhanced by the new Canadian Financial Consumer Protection Framework.

 

Information

Banks are now required to send additional and timely information to guide customers with their decisions on their banking transactions. This includes sending electronic alerts with regards to customers’ account balance on their accounts and the credit available on their credit card or line of credit. However, these electronic alerts are not applicable to accounts opened for business purposes. Banks should also send advance notices as to the renewal of products and services a customer may have availed from them, except for mortgages secured on real property and products or services used for business purposes. A separate agreement will have to be provided for optional products and services customers might agree to buy, in order to provide necessary information on these products, its cost, and the procedures when cancelling these products.

 

Higher standard

As banks are impressed with public interest, banking transactions are held up to a higher standard. Banks should be able to assess the specific needs of its customers for them to be able to provide appropriate products and services. In all transactions, there should be express consent from the customers, and they should be provided with a written statement entailing the products or services that they have agreed to or availed of. Broader protections are also provided for customers against false and misleading information about the bank’s products and services, or banks employing means to take advantage or to apply undue pressure to customers to coerce them to avail of the bank’s products and services. Banking lawyers can help in ensuring that banks follow these standards.

 

Grievances

Whenever customers would want to address grievances or issues, they should be able to do so through the systems in place by the banks, and these must be resolved promptly and fairly. In addition, banks are required to provide refunds and credits to customers who have been charged erroneously or whose consent was not sought as previously mentioned.

 

Banking lawyers in Canada ensure that these standards imposed by the Bank Act and other regulations are strictly followed by the banks and these protections are known to their clients.

Given the complexities of Canadian banking law, and the severe consequences of running afoul of any of these laws, the hiring of the best banking lawyer your budget can afford is an essential step in the lifespan of any company involved with finances.

Need help with regards to your banking transactions? Scroll down to see some of the best banking lawyers ranked by Lexpert below.

Ontario

Toronto Leading Firms
Most Frequently Recommended
Blake, Cassels & Graydon LLP
Davies Ward Phillips & Vineberg LLP
Fasken Martineau DuMoulin LLP
McCarthy Tétrault LLP
McMillan LLP
Osler, Hoskin & Harcourt LLP
Stikeman Elliott LLP
Torys LLP
Consistently Recommended
Borden Ladner Gervais LLP (BLG)
Cassels Brock & Blackwell LLP
Dentons Canada LLP
Goodmans LLP
Norton Rose Fulbright Canada LLP
Repeatedly Recommended
Aird & Berlis LLP
Bennett Jones LLP
Gowling WLG
Miller Thomson LLP
Toronto Leading Practitioners
Most Frequently Recommended
David M.A. Amato
Toronto, Ontario
Norton Rose Fulbright Canada LLP
Gordon D. Baird
Toronto, Ontario
McCarthy Tétrault LLP
Amanda C. Balasubramanian
Toronto, Ontario
Torys LLP
Chris Bennett
Toronto, Ontario
Osler, Hoskin & Harcourt LLP
Ian J. Binnie
Toronto, Ontario
Blake, Cassels & Graydon LLP
Dan Dedic
Toronto, Ontario
Goodmans LLP
Adam E. Delean
Toronto, Ontario
Torys LLP
Simon A. Finch
Toronto, Ontario
Blake, Cassels & Graydon LLP
Jill P. Fraser
Toronto, Ontario
Aird & Berlis LLP
Richard T. Higa
Toronto, Ontario
McCarthy Tétrault LLP
Gus Karantzoulis
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
Justin A. Lapedus
Toronto, Ontario
McCarthy Tétrault LLP
Michael D. Matheson
Toronto, Ontario
Blake, Cassels & Graydon LLP
Craig Mitchell
Toronto, Ontario
Stikeman Elliott LLP
Justin Parappally
Toronto, Ontario
Stikeman Elliott LLP
Joel M. Scoler
Toronto, Ontario
Davies Ward Phillips & Vineberg LLP
Tom Zverina
Toronto, Ontario
Torys LLP
Consistently Recommended
Suhuyini Abudulai
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
Christopher N. Alam
Toronto, Ontario
Gowling WLG
S. Jason Arbuck
Toronto, Ontario
Cassels Brock & Blackwell LLP
Paul Belanger
Toronto, Ontario
Blake, Cassels & Graydon LLP
Joyce Bernasek
Toronto, Ontario
Osler, Hoskin & Harcourt LLP
Richard M. Borins
Toronto, Ontario
Osler, Hoskin & Harcourt LLP
Jo-Anna Brimmer
Toronto, Ontario
McCarthy Tétrault LLP
Daniel Cipollone
Toronto, Ontario
Cassels Brock & Blackwell LLP
Jeffrey A. Citron
Toronto, Ontario
Goodmans LLP
Aaron Collins
Toronto, Ontario
Aird & Berlis LLP
John C. Currie
Toronto, Ontario
McCarthy Tétrault LLP
Michael Disney
Toronto, Ontario
Davies Ward Phillips & Vineberg LLP
Russell Dufault
Toronto, Ontario
Norton Rose Fulbright Canada LLP
Simon R. Fitzpatrick
Toronto, Ontario
McCarthy Tétrault LLP
Eric B. Friedman
Toronto, Ontario
McMillan LLP
Stephen Furlan
Toronto, Ontario
McCarthy Tétrault LLP
Marie Garneau
Toronto, Ontario
Stikeman Elliott LLP
Dom Glavota
Toronto, Ontario
Gowling WLG
Tzen-Yi Goh
Toronto, Ontario
McCarthy Tétrault LLP
Jon J. Holmstrom
Toronto, Ontario
Fasken Martineau DuMoulin LLP
Scott R. Hyman
Toronto, Ontario
Davies Ward Phillips & Vineberg LLP
Blair W. Keefe
Toronto, Ontario
Torys LLP
Scott Kraag
Toronto, Ontario
Torys LLP
Michelle Laniel
Toronto, Ontario
Blake, Cassels & Graydon LLP
Jennifer G. Legge
Toronto, Ontario
Stikeman Elliott LLP
Alexis Levine
Toronto, Ontario
Blake, Cassels & Graydon LLP
Matthew Lippa
Toronto, Ontario
Norton Rose Fulbright Canada LLP
D.J. Lynde
Toronto, Ontario
McCarthy Tétrault LLP
Ian Mak
Toronto, Ontario
McCarthy Tétrault LLP
Nina Mansoori
Toronto, Ontario
Torys LLP
Lisa Mantello
Toronto, Ontario
Osler, Hoskin & Harcourt LLP
Alison R. Manzer
Toronto, Ontario
Cassels Brock & Blackwell LLP
David J. Nadler
Toronto, Ontario
Goodmans LLP
Alexandra North
Toronto, Ontario
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Meaghan Obee Tower
Toronto, Ontario
Stikeman Elliott LLP
Christopher Partridge
Toronto, Ontario
Wildeboer Dellelce LLP
Charles Rich
Toronto, Ontario
Cassels Brock & Blackwell LLP
Noah Schein
Toronto, Ontario
Norton Rose Fulbright Canada LLP
Anthony Spadaro
Toronto, Ontario
Davies Ward Phillips & Vineberg LLP
John W. Torrey
Toronto, Ontario
Fasken Martineau DuMoulin LLP
Derek R.G. Vesey
Toronto, Ontario
Davies Ward Phillips & Vineberg LLP
Kori Williams
Toronto, Ontario
Cassels Brock & Blackwell LLP
David L. Wiseman
Toronto, Ontario
Goodmans LLP
Repeatedly Recommended
A. Timothy Baron
Toronto, Ontario
McMillan LLP
Eric C. Belli-Bivar
Toronto, Ontario
DLA Piper (Canada) LLP
Michael Bertrand
Toronto, Ontario
Goodmans LLP
Andrew Biderman
Toronto, Ontario
Torkin Manes LLP
Michelle D. Boodhoo
Toronto, Ontario
McMillan LLP
Alessandro Bozzelli
Toronto, Ontario
Cassels Brock & Blackwell LLP
William Buchner
Toronto, Ontario
Davies Ward Phillips & Vineberg LLP
Danielle Butler
Toronto, Ontario
Blake, Cassels & Graydon LLP
Kelby Carter
Toronto, Ontario
Gowling WLG
Noel Chow
Toronto, Ontario
McCarthy Tétrault LLP
Heidi Clark
Toronto, Ontario
Dentons Canada LLP
David F.W. Cohen
Toronto, Ontario
Gowling WLG
Jonathan F. Dyck
Toronto, Ontario
Miller Thomson LLP
David H. Ferris
Toronto, Ontario
Fasken Martineau DuMoulin LLP
Pasquale (Pat) Forgione
Toronto, Ontario
McMillan LLP
Jonathan Freeman
Toronto, Ontario
Cassels Brock & Blackwell LLP
Richard J. Fullerton
Toronto, Ontario
Osler, Hoskin & Harcourt LLP
Paul Galbraith
Toronto, Ontario
McCarthy Tétrault LLP
J. Kyle Genga
Toronto, Ontario
Aird & Berlis LLP
Jacqueline (Jack) Goslett
Toronto, Ontario
Aird & Berlis LLP
Jennifer Hancock
Toronto, Ontario
Blake, Cassels & Graydon LLP
Michael Henriques
Toronto, Ontario
Dentons Canada LLP
Adam Jackson
Toronto, Ontario
Blake, Cassels & Graydon LLP
David I. Johnson
Toronto, Ontario
Fasken Martineau DuMoulin LLP
Radha Khosla
Toronto, Ontario
Dentons Canada LLP
Suzana A. Lobo
Toronto, Ontario
McMillan LLP
J. Steven Lutz
Toronto, Ontario
McMillan LLP
Alex L. MacFarlane
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
Daphne J. MacKenzie
Toronto, Ontario
Stikeman Elliott LLP
Marc J. MacMullin
Toronto, Ontario
McCarthy Tétrault LLP
Peter Martorelli
Toronto, Ontario
Davies Ward Phillips & Vineberg LLP
Christine Mason
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
Dean C. Masse
Toronto, Ontario
McCarthy Tétrault LLP
Mark E. McElheran
Toronto, Ontario
Stikeman Elliott LLP
Andrew E.C. McFarlane
Toronto, Ontario
McMillan LLP
Kevin A. McGrath
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
Thomas M. Meagher
Toronto, Ontario
Fasken Martineau DuMoulin LLP
Marc Mercier
Toronto, Ontario
Cassels Brock & Blackwell LLP
Ryan Middleton
Toronto, Ontario
Dentons Canada LLP
Elizabeth Mpermperacis
Toronto, Ontario
Osler, Hoskin & Harcourt LLP
Boris M. Muchalov
Toronto, Ontario
Miller Thomson LLP
Robert D. Muncaster
Toronto, Ontario
Gowling WLG
Charles Newman
Toronto, Ontario
Cassels Brock & Blackwell LLP
Andrea L. Onn
Toronto, Ontario
McMillan LLP
Nora F. Osbaldeston
Toronto, Ontario
Miller Thomson LLP
James Padwick
Toronto, Ontario
DLA Piper (Canada) LLP
Shane B. Pearlman
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
Amanda Plastina
Toronto, Ontario
Miller Thomson LLP
George A. Plummer
Toronto, Ontario
McCarthy Tétrault LLP
Kyle Plunkett
Toronto, Ontario
Aird & Berlis LLP
Carla Potter
Toronto, Ontario
Cassels Brock & Blackwell LLP
Mark Rasile
Toronto, Ontario
Bennett Jones LLP
Stephen J. Redican
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
David A. Redmond
Toronto, Ontario
Cassels Brock & Blackwell LLP
David Reynolds
Toronto, Ontario
Miller Thomson LLP
Celia K. Rhea
Toronto, Ontario
Goodmans LLP
R.D. Jeffrey Rogers
Toronto, Ontario
McMillan LLP
Kenneth R. Rosenstein
Toronto, Ontario
Miller Thomson LLP
David S. Rotchtin
Toronto, Ontario
Bennett Jones LLP
Maria Sagan
Toronto, Ontario
McMillan LLP
Jacqueline D. Shinfield
Toronto, Ontario
Blake, Cassels & Graydon LLP
C. Nicole Sigouin
Toronto, Ontario
Norton Rose Fulbright Canada LLP
Howard S. Silverman
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
Dev Singh
Toronto, Ontario
Fasken Martineau DuMoulin LLP
Aaron J. Stefan
Toronto, Ontario
Fasken Martineau DuMoulin LLP
Thomas Subic
Toronto, Ontario
Gowling WLG
Peter J. Sullivan
Toronto, Ontario
Borden Ladner Gervais LLP (BLG)
Mike R. Tallim
Toronto, Ontario
Cassels Brock & Blackwell LLP
John W. Teolis
Toronto, Ontario
McMillan LLP
Karen Vadasz
Toronto, Ontario
Goodmans LLP
Jennifer Wasylyk
Toronto, Ontario
Cassels Brock & Blackwell LLP
Don M.E. Waters
Toronto, Ontario
McMillan LLP
Dennis R. Wiebe
Toronto, Ontario
Dentons Canada LLP
Nicholas C. Williams
Toronto, Ontario
Davies Ward Phillips & Vineberg LLP
Aimee Yee
Toronto, Ontario
Blake, Cassels & Graydon LLP
Hamilton Leading Practitioners
Repeatedly Recommended
Matthijs van Gaalen
Hamilton, Ontario
Gowling WLG
London Leading Practitioners
Repeatedly Recommended
Kristina M. Shaw
London, Ontario
Miller Thomson LLP
Ottawa Leading Firms
Consistently Recommended
Norton Rose Fulbright Canada LLP
Repeatedly Recommended
Gowling WLG
Ottawa Leading Practitioners
Repeatedly Recommended
Darcy Ammerman
Ottawa, Ontario
McMillan LLP
Alison Babbitt
Ottawa, Ontario
Norton Rose Fulbright Canada LLP
Sarah Crowe
Ottawa, Ontario
Gowling WLG
Geoffrey G. Gilbert
Ottawa, Ontario
Norton Rose Fulbright Canada LLP
Wayne A. Kerrick
Ottawa, Ontario
Gowling WLG
Philip M. Rimer
Ottawa, Ontario
Dentons Canada LLP
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