BARRISTER & SOLICITOR · FORMER SENIOR MORTGAGE REGULATOR, FSRA

Regulatory counsel for mortgage lenders, administrators and MICs.

I advise mortgage businesses on licensing, regulatory examinations, AML and private lending, drawing on more than 20 years across mortgage lending, regulation and legal/compliance leadership.

Discuss a mandate

Read The Regulatory Lens

Licensed to practise law in Ontario. I act on multi-province mandates, with local counsel where another province’s law governs.

David Da Silva

Barrister & Solicitor, Ontario

Former senior mortgage regulator, FSRA

Led complex compliance examinations of nationally significant mortgage registrants.

20+ years in mortgage lending

Executive, regulatory, legal and compliance experience across lending, underwriting and governance.

SERVICES

Where I help

Legal and regulatory work for mortgage lenders, administrators, MICs, private lenders and fintechs.

LICENSING & MARKET ENTRY

Entering a new province or changing your model

Business-model characterization, licensing strategy and regulator communications.

EXAMINATIONS & REMEDIATION

An examination is coming, or findings have landed

Examination readiness, responses to findings, remediation plans and governance uplift.

AML & FINTRAC

Building or testing your AML program

Program design, business risk assessments, training and effectiveness reviews for mortgage businesses.

PRIVATE LENDING & MICS

Operating or investing in private mortgage lending

Investor suitability frameworks, disclosure, conflicts, and administrator and lender issues.

LENDING & CREDIT GOVERNANCE

When growth has outpaced policy and controls

Lending-policy support, underwriting controls, product governance and servicing issues.

FRACTIONAL REGULATORY COUNSEL

Senior regulatory support without another full-time hire

Project-based and fractional legal, regulatory and compliance support for lenders, administrators and MICs.

Legal services are provided by me, David Da Silva, a lawyer licensed by the Law Society of Ontario. Each engagement letter states whether a mandate is legal advice or consulting.

APPROACH

How a mandate runs

Conflict check and scope

I clear conflicts and agree scope in writing before anything confidential is shared.

Regulatory analysis

I start from the statutes, regulations and rules that apply to your business model.

Written advice

A memo that sets out what applies, what remains open and what to do next.

Implementation

Policies, controls, remediation and regulator correspondence, as the mandate requires.

THE REGULATORY LENS

Commentary that supports the advisory work.

The Regulatory Lens is my commentary series on mortgage regulation, private lending, AML, licensing and regulatory risk.

MORTGAGE FRAUD · SEPTEMBER 7, 2026

Mortgage Fraud in Canada: There Are No Victimless Files

AI GOVERNANCE · AUGUST 22, 2026

AI in Mortgage Brokering: The Rules Still Apply

CONFLICTS · AUGUST 8, 2026

When the Mortgage Professional Is Also the Lender: Disclosure Is Not Enough

SUITABILITY · JULY 27, 2026

Private Mortgage Suitability: The Lender Side Matters Too

SUITABILITY · JULY 11, 2026

Private Mortgage Suitability: The Exit Strategy Cannot Be an Afterthought

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CLIENTS

Who I act for

Mortgage lenders and administrators

Licensing, lending governance and servicing obligations.

MICs and private lenders

Investor suitability, disclosure, conflicts and administration.

Alternative lenders and fintechs

Business-model characterization and market entry.

Law firms and external counsel

Specialist mortgage-regulatory support that complements corporate, finance and local counsel without displacing the existing client relationship.

CONTACT

Discuss a mandate.

For advisory, fractional or referral inquiries:

david@picoregulatoryadvisory.com

Licensed in Ontario · Multi-province mandates, with local counsel where another province’s law governs.