Stephen J. Redican  

Stephen Redican is BLG’s National Group Head, Specialized Business Law and a member of the Firm’s National Management Committee. He is a leading financial services lawyer, specializing in banking, financial institution regulation, FinTech, payment card and payment mechanisms, lending, structured finance, securitizations and derivatives. He is recognized nationally and internationally for his expertise in these areas.

Stephen was a member of the Partnership Board, the Firm's governing body, and the Toronto Regional Manager of the Specialized Business Law Group, which is comprised of the Financial Services Group, the Commercial Real Estate Group, the Intellectual Property Group and the Tax Group. Stephen is also the Co-Chair of the Firm's Innovation Thought Leadership Committee. 

Previously, Stephen was the Business Department Manager in the Toronto office, a member of the Toronto Regional Management Committee, the Manager of the Toronto Financial Services Group and the Toronto Regional Leader of BLG's Derivatives Group.

Financial Institution Regulation and Compliance

• Representing and advising financial institutions, including foreign banks, Schedule I, II and III banks, trust companies, investment dealers, mutual funds, Crown corporations, and other financial service companies and their affiliates in a wide range of ongoing regulatory and compliance matters.
• Has extensive experience under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and in decisions from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in connection with financing, lending, payment card issuing, payment card processing businesses and money services businesses.
• Has particular experience under the Bank Act and the Trust and Loan Companies Act in applications to and orders and rulings from the Office of the Superintendent of Financial Institutions (OSFI).
• Has detailed knowledge of cost of borrowing, credit business practices, privacy and consumer protection regulatory compliance requirements

Payment Cards, Payment Mechanisms and Loyalty Programs

• Representing and advising financial institutions and other financial services providers with respect to payment card merchant processing, payment card issuing, consumer finance protection, outsourcing, reward programs, affinity programs and payments systems matters.
• Representing and advising issuer and acquirer clients and mobile wallet providers on the Code of Conduct for the Credit and Debit Card Industry in Canada as well as Interac, Visa, MasterCard and Canadian Payments Association rules and requirements, including the Automated Clearing and Settlement System and the Large Value Transfer System.

FinTech

• Advising clients with respect to new mobile and online financial products and services including partnerships with financial institutions, FinTech organizations and other new and innovative financial services developments.

Lending

• Representing lenders and borrowers in numerous secured and unsecured financing transactions; particular experience in syndicated loans, cross-border loans, asset-based loans, project finance, loans relating to acquisitions and loans to agri-business.

Structured Finance and Asset Securitization

• Representing and advising financial institutions and corporations with respect to structured finance transactions and asset securitizations, including CMBS, MBS and rental portfolios, and the servicing and restructuring of securitization conduits.
• Since inception in 2001, representing Canada Mortgage and Housing Corporation and Canada Housing Trust No. 1 with respect to and structuring the leading Canadian mortgage-based securitization program, the Canada Mortgage Bond Program.
• Since inception in 2008, representing Canada Mortgage and Housing Corporation with respect to and structuring the $125-billion emergency bank funding Insured Mortgage Purchase Program involving purchases of insured mortgage pools from Canadian financial institutions.

Derivatives

• Representing and advising banks, credit unions and other financial institutions, mutual funds, investment funds, corporations, municipalities, and hospitals with respect to derivatives transactions, including credit default swaps, equity forwards, commodity swaps, total return swaps and conventional swaps.
  

• ​Co-Author, "Update on Changes to the Canadian Payments Act," BLG Publication, March 2019.
• Moderator, "The new business opportunities in the Canadian payment industry," Finance Montréal's Canada FinTech Forum, October 2018.
• Co-Author, "OSFI Finalizes Corporate Governance Guideline" BLG Financial Services Regulatory Alert, October 2018.
• Moderator, "Protecting Payments – An In-depth Exploration of the Potential of Digital IDs,” Northwind Professional Institute’s Inaugural Payments Forum, Langdon Hall, October 2-4, 2018.
• Co‑Author, “Banking regulation in Canada: overview,” chapter in Practical Law Banking Regulation Global Guide, August 2018, Thomson Reuters.
• Co‑Author, “FinTech in Canada: overview,” chapter in FinTech Global Guide, August 2018, Thomson Reuters.
• Co-Author, "OSFI Proposes Changes to its Leverage Requirements Guideline," BLG Financial Services Regulatory Alert, August 2018.
• Moderator, "The Future of Banking," Digital Finance Institute's 4th Annual FinTech Canada Conference, August 2018.
• Co-Author, "Department of Finance Proposes Significant Amendments to AML/ATF Regulations," BLG Financial Services Regulatory Alert, June 2018 and Lexology newsfeed, June 2018.
• Co-Author, "Department of Finance Launches Consultations on the Canadian Payments Act," BLG Financial Services Regulatory Alert, May 2018 and Lexology newsfeed, May 2018.
• Quoted, "Fintech caught in grey zone, stakeholders say, as feds study Bank Act," The Hill Times, February 14, 2018.
• Co-Author, "Updating Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime," BLG Financial Services Regulatory Alert, February 2018 and Lexology newsfeed, February 2018.
• Moderator, "How to Increase Competition and Innovation in Financial Services," BLG Interactive Forum with Senior Members of the Competition Bureau, February 2018.
• Co-Author, "Ontario Government Proposes to Clarify Gift Card Rules Under the Consumer Protection Act," BLG Financial Services Regulatory Alert, January 2018 and Lexology newsfeed, January 2018.
• Moderator of the Panel, "Looking Ahead in FinTech and Global Trends," Digital Finance Institute's FinTech Canada Conference, August 2017.
• Co-Author, "Department of Finance Launches Second Round of Consultations on Reform of Federal Financial Institution Statutes," BLG Financial Services Regulatory Alert, August 2017.
• Author, "Regulation of Payment in Service Providers in Canada: Proposal for a New Retail Payments Regulatory Regime," BLG Financial Services Regulatory Alert, July 2017 (with Robert Dawkins, Jeffrey Graham and Oliver Tardif).
• Co-Author, "Canadian Government Tables Bail-In Regulations," BLG Derivatives and Banking and Financial Services Bulletin, August 2017.
• Author, "Banking regulation in Canada: overview," chapter in Practical LawBanking Regulation Global Guide, April 2017, Thomson Reuters (with Jeffrey S. Graham and Samantha Tom).
• Co-Chair, Canadian Institute's 12th Annual Forum on Payment Compliance in Canada; Moderator of a session with John Pecman, Commissioner of Competition, Competition Bureau of Canada, "A Market Study into the Competitive Landscape for New, Technology-led Innovation and Emerging Services in the Canadian Financial Services Sector"; and Moderator, "Has Canada gone Cashless? Straight Talk from the Industry: What's Next for Mobile Commerce and Payments?",  February 28 and March 1, 2017.
• Author, "Technology Transformations: Innovation, Disruption and the Regulation of Fintech," topic in Top 10 gal Risks for Business in 2017, BLG Publication, January 2017 (with Jeffrey Graham, Robery Dawkins and Olivier Tardif).
• Author, "OSFI Issues Draft Guideline E-23 for Public Consultation on Enterprise-Wide Model Risk Management," BLG Financial Services Regulatory Alert, December 2016 and Lexology newsfeed, December 2016 (with Jeffrey Graham and Samantha Tom).
• Author, "Updating Ontario's Financial Services and Pension Regulatory Regime" BLG Financial Services Regulatory Alert, November 2016 (with Jeffrey Graham and Samantha Tom).
• Author, "Regulators and governments must co-operate on fintech" The Globe and Mail, November 2016.
• Moderator, "Sweeping Change in Financial Products, Services and Technologies," and Speaker, "Disruption in the Financial Sector," BLG Toronto FSG Symposium, November 2016.
• Speaker, "Emergence and Legal Aspects of Fintechs," BLG Montreal FSG Symposium, November 2016.
• Author, "Regulating Fintech in Canada," BLG Financial Services Regulatory Alert, October 2016 and Lexology Newsfeed, October 2016, (with Jeffrey Graham, Robert Dawkins, Eric Boehm, Olivier Tardif, Manoj Pundit, Anthony Milazzo, Gordon Raman and Ross McGowan ).
• Author, "Canada Undergoes Review of the Deposit Insurance Framework," BLG Financial Services Regulatory Alert, September 2016 and Lexology newsfeed, September 2016 (with Jeffrey Graham and Samantha Tom).
• Author, "Canada Begins Process of Updating Federal Financial Institution Legislation," BLG Financial Services Regulatory Alert, September 2016 and Lexology newsfeed, September 2016 (with Jeffrey Graham and Rachael Belanger).
• Author,"Canadian Bank Regulator Issues Final Guidance on Operational Risk Management," BLG Financial Services Regulatory Alert, August 2016 and Lexology newsfeed, August 2016 (with Jeffrey Graham, Olivier Tardif and Rachael Belanger).
• Author, "Canada Updates Anti-Money Laundering Regulations and Guidance," BLG Financial Services Regulatory Alert, July 2016 and Lexology newsfeed, July 2016 (with Robert Dawkins, Jeffrey Graham, Prema Thiele, Ross McGowan and Fred Enns).
• Speaker, "Payments and Regulatory Issues," BLG Event: The FinTech Revolution — Industry Trends and Legal Challenges, May 2016.
• Author, "Canadian Government Tables Bail-in Legislation," BLG Financial Services Regulatory Alert and Lexology newsfeed, May 2016, April 2016 (with Jeff Graham and Olivier Tardif).
• Author, "FCAC Issues New and Amended Draft Guidance Documents on the Code of Conduct for the Credit and Debit Card Industry in Canada," BLG Financial Services Regulatory Alert and Lexology newsfeed, April 2016 (with Rachael Belanger).
• Author, "The final version of Guideline E-22 — Margin Requirements for Non-Centrally Cleared Derivatives — What's new?," BLG Financial Services Regulatory Alert, Lexology newsfeed, March 2016 and International Law Office, April 2016 (with Arthur Nahas).
• Co-Chair, Canadian Institute's 11th Annual Forum on Payment Compliance in Canada; and Moderator and Speaker,"The Changing Landscape of the Canadian Payments Industry: Enhancements to the Code of Conduct for the Credit and Debit Card Industry in Canada and Regulation of Emerging Payments Service Providers," February 23-24, 2016.
• Author, "BLG 2016 Canadian Financial Sector Regulatory Outlook," BLG Financial Services Regulatory Alert, January 2016, Lexology newsfeed, January 2016 and National Banking Law Review, April 2016 (with Jeffrey Graham and Jill McCutcheon).
• Author, "Combatting Fraud in e-Payment Systems," BLG Publication — Top 10 Legal Risks for Business 2016, January 2016 and Lexology newsfeed, January 2016 (with Éloïse Gratton ).
• Author, "Margin Requirements for Non-Centrally Cleared Derivatives,” BLG Derivatives Bulletin, October 2015, Lexology newsfeed, October 2015 and International Law Office, November 2015 (with Arthur Nahas).
• Co-Author, “Amendments to Regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act,” BLG Financial Services Regulatory Alert and Lexology newsfeed, July 2015.
• Co-Author, "Smart Changes to Paying by Smartphone? Canadian Code of Conduct Extends to Mobile Payments​," BLG Financial Services Regulatory Alert and Lexology newsfeed, April 2015.​
• Co-Author, “Derivatives Sound​​ Practices —  Final Guideline Released for Federally-Regulated Financial Institutions in Canada,” BLG Derivatives Bulletin, February 2015, Lexology newsfeed, February 2015, and International Law Office, March 2015.
• Co-​Author, “Canadian Financial Institutions Regulatory Outlook for 2015​​” BLG Financial Services Regulatory Alert, January 2015, Lexology newsfeed, January 2015 and National Banking Law Review, April 2015.​​​
• ​​Speaker, “The Future of Financial Tech in Canada,” BLG F​inancial Services Briefing, October 2014.
• Author, “Provincial Consumer Protection Law Applies to Banks," BLG Financial Services Client Update, September 2014.
• ​Author, "Case Comment: Royal Bank of Canada v. Samson Management & Solutions," Banking & Finance Law Review, Issue 3, Volume 29, August 2014.
• ​Author,​ "The 2014 Canadian Federal Budget and Financial Services," BLG Financial Services Client Update, February 2014 and National Banking Law Review, April 2014.
• Author, "Final Prepaid Card Regulations and New Consumer Protection Code Announced," BLG Financial Services Client Update, December 2013 and Lexology newsfeed, 17 December 2013.
• Author, "Supreme Court of Canada Provides Comfort on the Law of Guarantees," BLG Financial Services Client Update, November 2013.
• Author, "Canadian Competition Tribunal Credit Card Ruling - An Update,"BLG Financial Services Advisory, September 2013 and Lexology newsfeed, 24 September 2013.
• Author, "Canadian Credit Card Industry Scores a Big Win in Dismissal of Competition Complaint," BLG Financial Services Advisory, July 2013.
• Author, "OSFI Updates: Incorporation Guides and Transaction Instructions," BLG Financial Services Regulatory Alert, May 2013.
• Speaker, "Banking regulation - the death of private sector banking or a new beginning?" International Bar Association's 30th International Financial Law Conference, Copenhagen, Denmark, May 22-24, 2013.
• Author, "Lenders Can Breathe a Sigh of Relief as the Law of Guarantees Remains Unchanged," BLG Financial Services Client Update, May 2013.
• Author, “OSFI Issues Final Corporate Governance Guideline for Canadian FRFIs,” BLG Financial Services Regulatory Alert, January 2013 and Lexology newsfeed, 29 January 2013.
• Author, “Unenforceable Guarantees: Decision Under Appeal!” BLG Financial Services Client Update, December 2012.
• Author, “Unenforceable Guarantees: Lenders Take Note!,” BLG Financial Services Client Update, November 2012 and Canadian Corporate Counsel, October/November 2012.
• Author, “Sober Second Thoughts on the Proposed Canadian Prepaid Card Regulations,” BLG Financial Services Regulatory Alert, November 2012 and National Banking Law Review, February 2013.
• Author, “A Further Handicap or Levelling the Playing Field? Canadian Code of Conduct to Expand to Mobile Payments,” BLG Financial Services Regulatory Alert, October 2012 and National Banking Law Review, December 2012.
• Author, “Derivatives: OTC Central Counterparty Clearing — Canadian Securities Administrators Release Consultation Paper 91-406,” BLG Derivatives Client Alert, July 2012 and National Banking Law Review, December 2012.
• Speaker, “Recent Developments: Payments and Anti-Money Laundering,” BLG Annual Financial Services Regulatory Briefing, May 2012.
• Speaker, “AML Compliance in the Burgeoning Mobile Payments, Prepaid and Virtual Worlds Marketplace,” The Canadian Institute's 11th Annual Forum on Anti-Money Laundering, April 25-26, 2012.
• Author, “Canada,” chapter in Banking Regulation – Jurisdictional Comparisons, The European Lawyer Reference Series, First Edition, 2012, Thomson Reuters.
• Author, “New Bank Act Amendments Alter Security Interest Priorities Between Federal Bank Act Security and Unperfected PPSA and Other Security Interests,” BLG Financial Services Client Alert, April 2012, Lexology newsfeed, 13 April 2012, and National Banking Law Review, August 2012.
• Author, “ISDA Master Agreement, Section 2(a)(iii): Interpretation by the English Court of Appeal,” BLG Derivatives Client Alert, April 2012, Lexology newsfeed, 12 April 2012 and National Banking Law Review, August 2012.
• Author, “Focus on Canada's Payments System Heats Up,” BLG Financial Services Client Update, April 2012, Lexology newsfeed, 11 April 2012, and National Banking Law Review, August 2012.
• Author, “Revised OSFI Guideline B-6 – Liquidity Principles,” BLG Financial Services Advisory, March 2012.
• Author, “Canadian Securities Administrators Release Consultation Paper 91-404, Derivatives: Segregation and Portability in OTC Derivatives Clearing,” BLG Derivatives Client Alert, February 2012 and National Banking Law Review, April 2012.
• Author, “ISDA Releases Key Provisions to the Standard Credit Support Annex Proposal,” BLG Financial Services Client Alert, November 2011.
• Co-Author, “Proposed Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations on Ascertaining Identity,” BLG Financial Services Regulatory Client Alert, November 2011 and National Banking Law Review, December 2011.
• Author, “OSFI Ruling: Foreign Bank Not Conducting ‘Business in Canada’ by Offering its Credit Card Program to their US Corporate Clients' Canadian Affiliates,” BLG Financial Services Regulatory Client Alert, October 2011.
• Author, “Payment Cards – 2010 in Review,” BLG Financial Services Client Update, February 2011.
• Author and Co-Chair, Canadian Institute's 6th Annual Forum on Payment Cards in Canada; and Moderator, “Advanced Issues and Strategies for Managing Sanctions, Costs and Risks from End-User to Issuer,” February 17-18, 2011.
• Speaker, “How will New Regulatory Frameworks Shape International and Canadian Derivatives Markets?” The Canadian Institute's 6th Annual Advanced Forum on Derivatives, January 2011.
• Author, “New Ontario Derivatives Legislation,” BLG Securities & Capital Markets Alert, December 2010.
• Author, “Over-the-counter (OTC) Derivatives Market in Canada: on the Road to Reform and Regulation,” BLG Financial Services Client Update, November 2010.
• Author, “Review of Canadian federal financial institutions legislation,” Lexology newsfeed, 20 October 2010.
• Author, “G-20 Summit in Toronto: Highlights for the Financial Sector,” BLG Financial Services Alert, June 2010 and Lexology newsfeed, 30 June 2010.
• Author, “A Time of Change: the Future of Canada's Payment Systems,” E-Finance & Payments Law & Policy, June 2010.
• Author, “New Disclosure Obligations for Registered and Prescribed Products in Canada,” BLG Financial Services Client Update, June 2010 and National Banking Law Review, October 2010.
• Author, “Payment Card Networks Must Adopt Code of Conduct or Face Regulation,” BLG Financial Services Client Update, May 2010 and National Banking Law Review, August 2010.
• Author, “Between the Lines: Feds Begin to Implement Greater Regulatory Oversight of Payment Networks in Canada,” BLG Financial Services Client Update, April 2010 and National Banking Law Review, August 2010.
• Author, “Court of Appeal Affirms Limitation Period on Demand Obligations,” BLG Financial Services Alert, January 2010 and National Banking Law Review, April 2010.
• Author, “On the Hook: Certain ‘Financial Services’ are subject to GST/HST,” BLG Financial Services Regulatory Client Update, December 2009.
• Co-Author, “Proposed Voluntary Code of Conduct will materially affect Canada's Payments Systems if adopted,” BLG Financial Services Client Update, December 2009 and National Banking Law Review, February 2010.
• Author, “Inside the Box: Final Form of Canadian Federal Credit Regulations Published,” BLG Financial Services Client Update, September 2009 and National Banking Law Review, December 2009.
• Author, “Ontario Modernizes Credit Union Legislation,” National Banking Law Review, December 2009.
• Author, “Limitation Periods: Co-Extensive For Guarantees; New Period For Demand Obligations,” National Banking Law Review, August 2009.
• Author, “Raising the Stakes: Senate Committee Reports on Canada's Credit and Debit Card Systems,” National Banking Law Review, August 2009 and Electronic Banking Law & Commerce Report, July/August 2009.
• Author, “Boxed In: Canadian Federal Regulations to Prompt Changes for Credit Card Issuers and Other Creditors,” Electronic Banking Law & Commerce Report, June 2009.
• Author, “Canada's Credit and Debit Payments Systems under Scrutiny,” Electronic Banking Law & Commerce Report, May 2009.
• Author, “OSFI Ruling Regarding A Canadian Subsidiary Assisting A Foreign Bank's Portfolio Management Services,” National Banking Law Review, February 2009.
• Author, “Smooth Sailing Ahead for Credit Card Duality in Canada,” National Banking Law Review, February 2009 and Electronic Banking Law & Commerce Report, December 2008.

• Recognized in the 2019 edition (and since 2017) of Chambers Canada – Canada's Leading Lawyers for Business (Banking and Finance: Financial Services Regulation) and the 2019 edition (and since 2018) of Chambers Global (Canada, Banking & Finance: Financial Services).  As noted in the 2018 Chambers Canada guide, "Stephen Redican is well regarded for his impressive work in the credit card and fintech spaces. Market sources say he is an 'exceptionally good' lawyer with 'great subject matter expertise' who is 'extremely articulate and always willing to explain the regulatory environment in a clear and concise way.'"
• Selected by peers for inclusion in the 2019 edition (and since 2012) of The Best Lawyers in Canada® (Banking and Finance Law).
• Recognized as "Repeatedly Recommended" in the 2019 edition (and since 2017) of The Canadian Legal Lexpert® Directory (Banking & Financial Institutions).
• Recognized as a 2019 and 2017 Acritas Star.
• Recognized as "highly regarded" in the 2019 and 2018 editions and as a leading lawyer (Financial Services Regulatory) in the 2017, 2016, 2015 and 2014 editions​ of IFLR​1000 – The Guide to the World’s Leading Financial Law Firms.
• Nominated by in-house counsel and peers to appear in the 2012, 2014, 2016 and 2018 editions of the Guide to the World's Leading Banking Finance and Transactional Law Lawyers​ in the field of Structured Finance and Securitization.
• Recognized since 2005 by the Legal Media Group's Expert Guides series in the Guide to the World's Leading Structured Finance and Securitization Lawyers.