We can assist you with the full range of activities associated with a financial institution’s incorporation and set-up, including:

• Preparation for initial OSFI presentation and assistance with liaison with all regulators
• Preparation of Draft Application, including assistance with 3 year business plan, ownership and financial information
• Legal and trade name searches
• Advice on capital adequacy requirements
• Drafting board resolutions, board meeting notices, minutes, etc.
• Corporate structure
• Preparation of Notice of Intention and documentation for Formal Application and Order to Commence
• Policy development and drafting
• Legislative Compliance Management System
• Preparation for onsite visit
• Organization – design of management structure
• Corporate Governance – board composition and reporting structure, roles and responsibilities of board and committees, development of charters, board orientation
• Preparation of other applications for approval, including, card association membership (Visa, MasterCard, Interac), Canadian Payments Association membership
• Financial Consumer Agency of Canada compliance
• Consumer product development, marketing material review, agreements etc., cost of borrowing and other regulatory compliance
• Third party service contracts, compliance with OSFI Guideline B-10 (Outsourcing)
• Identification of reporting requirements
• Development and implementation of Privacy Policy
• And more!

Libby Gillman assisted three of Canada’s largest retailers to successfully obtain banking licenses. Libby developed the strategy, business case, and managed and executed the creation of Canadian Tire Bank and Sears Canada Bank, including the application process and business restructuring to reflect their new bank status. Libby also was a key member of the team which assisted Wal-Mart Bank Canada in obtaining its bank license and in operationalizing the bank. She also was the inspiration for and an early member of the team working on the Rogers Telecommunications Inc.’s bank license application.

As well, she was the project lead of the team which assisted in the establishment of a wholly-owned subsidiary of a major French-based bank foreign bank subsidiary in Canada. She provided regulatory advice and assistance in connection with the establishment of the Schedule II bank, including preparation of the draft and formal application, development of all policies, preparation and publication of the Notice of Intention to Apply for Letters Patent, and compliance with all regulatory requirements.