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Michael Garellek

Michael serves as the head of the Financial Services Regulatory Practice for Canada and is a Transactional Partner in Baker McKenzie's Toronto office. His practice focuses on financial regulation and compliance for fintechs, financial institutions and market participants and their business in Canada. When not acting for clients, Michael lectures students at the University of Montreal on corporate and securities laws and in preparing for case competitions. He is a co-author of the Annotated Bank Act (2023 edition) and the Jurisclasseur en valeurs mobilieres, a leading publication on securities laws. Michael is a chartered professional accountant and has worked as an inspector with the Autorité des marches financiers (AMF) and an auditor with the Office of the Auditor General of Canada.

On 22 November 2023, the finalized regulations enacted under the Retail Payment Activities Act (RPAA) were published, with registration-related requirements expected to come into force beginning in November 2024 and the remainder in September 2025. The RPAA and Retail Payment Activities Regulations make up Canada’s new retail payment supervisory regime overseen by the Bank of Canada, Canada’s central bank.

On 5 October 2023, the Canadian Securities Administrators published guidance on dealing in Stablecoins, including by imposing updated terms and conditions for crypto asset trading platforms that offer Stablecoins, and requiring issuers of certain Stablecoins to provide undertakings in a form substantially acceptable to the regulators by 1 December 2023.