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Usman M. Sheikh

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Usman Sheikh is Chair of the Blockchain & Fintech Practice. He is a Transactional Partner in Baker McKenzie's Toronto office and is also a member of the Firm's Litigation and Government Enforcement Practice Group. A highly regarded thought leader on blockchain and distributed ledger technology, Usman has briefed the offices of several prime ministers, as well as ministers, on blockchain's disruptive power, and is regularly invited to speak to business leaders and at global blockchain conferences throughout the world.
Usman was named as one of the "Top 25 Most Influential Lawyers" by Canadian Lawyer (2018) and as one of the top FinTech lawyers in Canada (Band 1) by Chambers for four consecutive years (2020 - 2023). Most recently, he was recognized in Toronto Life's The Influentials 2021 list, an annual feature that highlights Toronto's most influential people over the last 12 months.
Author of over 25 legal and academic publications, Usman is set to publish The Law of Blockchain Technology (Thomson Reuters) in 2023.
As a global thought leader on blockchain's disruptive power, Usman has lectured at the International Monetary Fund (IMF), the Bank for International Settlements (BIS), the Financial Stability Board (FSB) and the Monetary Authority of Singapore (MAS). He has also co-lectured with the heads of blockchain for Nasdaq and the TMX, and has also presented to the Investment Industry Regulatory Organization of Canada (IIROC), the Mutual Fund Dealers Association (MFDA), the Law Society of Ontario (LSO), the Royal Canadian Mounted Police (RCMP), the Chartered Professional Accountants of Canada (CPA), and several other regulatory organizations. Since 2019, Usman has also been serving as an Adjunct Professor with the University of Toronto (Faculty of Law), teaching a course entitled "Blockchain, Digital Assets, and the Law".
In Antitrust / Competition

Canada: Competition Bureau releases report from public consultation about effects of AI on competition

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The Canadian Competition Bureau (“Bureau”) recently published the Consultation on Artificial Intelligence and Competition: What We Heard (“Report”), which summarizes feedback it received from its 2024 public consultation about how AI is impacting competition in Canada. The Bureau will use the insights from the submissions summarized in the Report to inform how it will protect and promote competition in Canada’s AI market.

In AML & Financial Services Regulatory

Canada: Amplified risks for financial institutions from AI, OSFI and FCAC Report

by and 6 Mins Read

On 24 September 2024, following an in-depth consultation with industry participants, the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) published their findings concerning the use and adoption of artificial intelligence (AI) by federally regulated financial institutions. The report highlighted that a significant majority of financial institutions will adopt AI by 2026, and also set out a number of key risks that arise for financial institutions from AI usage. OSFI and FCAC emphasized the need for financial institutions to adopt a dynamic and responsive risk management system with respect to AI, and confirmed their commitment to work towards more specific best practices for industry participants.

In Cybersecurity, Data and Tech

Canada: Competition Bureau seeks comments on the effects of artificial intelligence on competition

by , and 7 Mins Read

The Canadian Competition Bureau (“Bureau”) has announced a significant initiative to explore the impacts of artificial intelligence (“AI”) on competition in Canada. On 20 March 2024, the Bureau published a discussion paper, entitled “Artificial intelligence and competition”, and has requested feedback from the public. The outcome of the consultation may have significant implications for both businesses that develop and those that use AI technologies.

In Antitrust / Competition

Canada: Competition Bureau seeks comments on the effects of artificial intelligence on competition

by , and 7 Mins Read

The Canadian Competition Bureau (“Bureau”) has announced a significant initiative to explore the effects of artificial intelligence (“AI”) on competition in Canada. On 20 March 2024, the Bureau published a discussion paper, entitled “Artificial intelligence and competition” (“Discussion Paper”), and has requested feedback from the public. The Bureau is seeking to better understand how AI can affect competition in Canada. Submissions are due by 4 May 2024.

In AML & Financial Services Regulatory

Canada: Securities regulators provide guidance on interim approach to stablecoins for crypto asset trading platforms

by , and 7 Mins Read

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.

In

Canada: Generative AI | Harnessing the Power and Mitigating Risk Symposium

by , , and 1 Min Read

Baker McKenzie is pleased to invite you to a morning breakfast symposium exploring the legal ramifications of the Artificial Intelligence (AI) revolution on 11 October 2023 at 8:00 to 10:30 am ET. This event is ideal for corporate counsel and senior leaders responsible for managing the risks and leveraging the opportunities of the AI revolution, and for those wishing to learn more. It will take place in our Toronto office.