Bonny Murray
Partner | Toronto
Toronto: 416-863-5272

Bonny’s practice is focused on the financial services industry. She provides regulatory advice to Canadian and foreign financial institutions and service providers on all aspects of their business. She specializes in insurance and banking, payments and payment technologies, merchant acquiring and consumer protection.

Bonny has significant experience liaising with federal and provincial regulators on behalf of clients on regulatory approval applications, compliance issues and questions of statutory interpretation. She also advises on transactions involving financial services clients including corporate mergers and acquisitions, reinsurance transactions and pension de-risking, including longevity insurance transactions.

Bonny takes a common sense, commercial approach to her practice. She is personable and genuine and creates strong relationships with clients. She balances that with efficiency and determination to create a highly effective approach to meeting her clients’ needs.


Bonny's work includes advising on the following:


  • acquisition of a Canadian insurer

  • establishment of a new Canadian branch for a foreign insurer

  • wind-down of an existing Canadian branch

  • assumption reinsurance transactions

  • cross-border reinsurance and collateral arrangements

  • long-term program and distribution agreements

  • longevity insurance and reinsurance and other pension de-risking transactions

  • acquisition of Canadian insurance intermediaries by Canadian and foreign purchasers

  • provincial licensing and regulatory compliance for insurers and insurance intermediaries


  • sale of a credit card portfolio

  • complex internal restructuring for a Canadian bank requiring several regulatory approvals

  • establishment of a new Canadian branch of a foreign bank

  • wind-down of a Schedule II bank

  • new consumer and business product launches and long-term co-brand affinity agreements

  • structuring cross-border Canadian business in compliance with the Canadian foreign bank regime

Payments/Merchant Acquiring

  • advising payment card network operators, merchant acquirers and merchants on compliance with the Canadian Code of Conduct for the Credit and Debit Card Industry

  • negotiating merchant acquiring and processing agreements

  • acting for prepaid card issuers and distributers in the negotiation of program agreements and the distribution of prepaid payment products in compliance with federal and provincial regulations

  • advising Canadian and foreign fintechs on Canadian product launches, including compliance with consumer protection law

Show Past:
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Blakes Bulletin on Financial Services Regulatory, May 18, 2017.
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Co-speaker: Beyond Cards: The Regulatory Evolution Continues
Blakes Business Class Seminar, Toronto, October 26, 2017
Speaker and Course Leader: Compliance with Code Enhancements
Beyond Cards: Evolving Regulation of Payments, Blakes Business Class Seminar, Toronto, Ontario, October 20, 2016.
Co-presenter: Negotiating Strategic Agreements: Key Considerations & Recommendations
Canadian Life and Health Insurance Association 2016 Legal Section Annual Meeting, September 22, 2016.
Speaker: Politically Exposed Persons (PEPs)
More Than Just a PEP Talk: New AML Trends and Regulations, Blakes Business Class Seminar, Toronto, Ontairo, September 13, 2016.
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