Rebecca A. Cowdery



Rebecca practises securities law, as well as corporate and commercial law. She focuses on the compliance, regulatory and governance issues facing participants in the investment management industry, including fund managers, portfolio managers and dealers.

Rebecca has over 25 years of experience working with the investment management industry as a lawyer and a regulator.

Rebecca works with fund managers to establish new products and to manage and administer funds in compliance with applicable regulation.

Among other things, she assists fund managers and independent review committees to effectively implement and comply with fund governance regulations in Canada.

Rebecca also advises firms about effective implementation of the regulatory and compliance requirements for registrants mandated by the Canadian securities regulators.

Rebecca joined BLG in November 2003, after nine years as a senior investment funds regulator with the Ontario Securities Commission (OSC).


  • Regularly consults with Canadian and international industry participants on a wide range of governance, sales practices, marketing, private placement and regulatory compliance matters.
  • Works with fund managers to establish, manage and distribute investment funds.
  • Works with registrant firms to improve their compliance systems through, among other things, providing assistance in preparing policies and procedures, advice in testing compliance systems, conducting "mock" compliance audits and working with registrant firms to respond appropriately to regulatory compliance audits and surveys.
  • Works with industry participants on establishing new systems for electronic processing and delivery of management services, electronic delivery of documents and obtaining electronic signatures.
  • Works with industry participants to obtain relief from regulatory requirements through novel and practical exemption applications.
  • Acted as regulatory counsel to the RESP Dealers Association of Canada (2008-2015) and regularly participates in committees of the Portfolio Management Association of Canada (PMAC), The Investment Funds Institute of Canada (IFIC) and the Investment Industry Association of Canada (IIAC).
  • Expertise in investment management public policy, regulation and practice. Rebecca was at the forefront of all major investment fund regulatory reform initiatives during her tenure at the OSC.
  • While at the OSC, lead the Canadian Securities Administrators policy projects to update and reform mutual fund regulation. This work included creating and implementing the national instruments dealing with mutual fund prospectus disclosure (81-101), mutual fund operations and management (81-102), commodity pools (81-104) and mutual fund sales practices (81-105).
  • While at the OSC, was principal author of the CSA concept proposal "Striking a New Balance: A New Framework for Regulating Mutual Funds and their Managers" and worked after its publication in March 2002 to develop draft rules to regulate fund governance.
  • While at the OSC, lead the Canadian Securities Administrators work to harmonize the regulation of mutual funds and segregated funds.
  • Leading the Ontario, Alberta and British Columbia securities commissions work to create and recognize the Mutual Fund Dealers Association of Canada as a self-regulatory organization.

Beyond Our Walls

Professional Involvement

  • Leads and principal author of BLG comment letters on all significant proposed securities initiatives in investment management and registrant regulation.
  • Past member of various committees of The Investment Funds Institute of Canada (IFIC)
  • Regular participant, Regulatory and Compliance Committees, Portfolio Management Association of Canada
  • Member of the board of directors of two Canadian insurance companies

Awards & Recognitions

  • Recognized in the 2021, 2019 and since 2017 editions of the Chambers Canada — Canada's Leading Lawyers for Business (Investment Funds - Nationwide).
  • Recognized in every edition of The Canadian Legal Lexpert® Directory (Investment Funds and Asset Management) since 2008.
  • Recognized in every edition of The Lexpert®/American Lawyer Guide to the Leading 500 Lawyers in Canada (Investment Funds and Asset Management) since 2008.
  • Recognized in the 2022 and previous editions of The Best Lawyers in Canada® (Mutual Funds Law and Securities Law).
  • Recognized as a 2019 Acritas Star (and since 2017).  

Bar Admission & Education

  • Ontario, 1986
  • Alberta, 1983
  • LLB, University of Alberta, 1982
  • BA in Political Science, University of Alberta, 1978