Background

Stephen Redican is a leading financial services lawyer and a partner in our Toronto office.  Stephen is the Toronto regional manager of BLG's Financial Services Group, the Toronto regional leader of BLG's Financial Services Regulatory Group and the Toronto regional leader of BLG's Derivatives Group.

Stephen received an LL.B. in 1994 from Osgoode Hall Law School and a Bachelor of Arts (Honours) in 1991 from McGill University. Stephen is called to the Bar in Ontario.

Areas of Practice

• Stephen practises Financial Services Law, specializing in Banking, Financial Institution Regulation, Structured Finance and Securitizations, Lending, Derivatives, and Payment Card and Payment Mechanisms.

Rankings and Recognitions

• Selected by peers for inclusion in The Best Lawyers in Canada® 2012 (Banking and Finance)
• 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
• Has been recognized by IFLR 1000 – The Guide to the World's Leading Financial Law Firms (Banking), where he was described as "an excellent lawyer" and "considered to be on the rise."

Professional Experience

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 income funds

Financial Institution Regulatory 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, including:
  • under the Bank Act and the Trust and Loan Companies Act and in applications to and orders and rulings from the Office of the Superintendent of Financial Institutions (OSFI)
  • 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 their financing, lending, payment card issuing and payment card processing businesses
  • in their cost of borrowing, credit business practices, privacy and consumer protection regulatory compliance requirements

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, Payment Cards and Payment Mechanisms

• 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 and conventional swaps
• Representing and advising financial institutions and corporations with respect to payment card merchant processing, payment card issuing and payments systems matters
• Representing financial institutions and corporations with respect to general corporate and commercial matters and consumer protection matters

Professional and Community Activities

• Ontario Bar Association Business Law Section
• Canadian Financing and Leasing Association
• Commercial Mortgage Securities Association
• Mortgage-Backed Securities Issuer Association
• Current member of the Board of Directors and of the audit and conduct review committees of two Schedule II banks

Recent Publications and Speaking Engagements

• Speaker at the BLG Annual Financial Services Regulatory Briefing: "Recent Developments: Payments and Anti-Money Laundering", May 3, 2012
• Speaker at The Canadian Institute's 11th Annual Forum on Anti-Money Laundering: "AML Compliance in the Burgeoning Mobile Payments, Prepaid and Virtual Worlds Marketplace", April 25-26, 2012
• Chapter entitled "Canada" in Banking Regulation jurisdictional comparisons, Stephen J. Redican, Jeffrey S. Graham and Andrew G. Harrison, The European Lawyer Reference Series, First Edition, 2012, Thomson Reuters
• New Bank Act Amendments Alter Security Interest Priorities Between Federal Bank Act Security and Unperfected PPSA and Other Security Interests, Stephen J. Redican and Jenna Grant, BLG Financial Services Client Alert, April 2012 and Lexology newsfeed, 13 April 2012
• ISDA Master Agreement, Section 2(a)(iii): Interpretation by the English Court of Appeal, Stephen J. Redican, Carol E. Derk and K. Ruth Liu, BLG Derivatives Client Alert, April 2012 and Lexology newsfeed, 12 April 2012
• Focus on Canada's Payments System Heats Up, Stephen J. Redican, Jeffrey S. Graham and Tiffany Murray, BLG Financial Services Client Update, April 2012 and Lexology newsfeed, 11 April 2012
• Revised OSFI Guideline B-6 – Liquidity Principles , Stephen J. Redican, Jeffrey S. Graham and Jenna Grant, BLG Financial Services Advisory, March 2012
• ISDA Releases Key Provisions to the Standard Credit Support Annex Proposal, Stephen J. Redican, Carol E. Derk and K. Ruth Liu, National Banking Law Review, February 2012, Volume 31, No. 1
• OSFI Ruling: Foreign Bank Not Conducting "Business in Canada" by Offering its Credit Card Program to their U.S. Corporate Clients' Canadian Affiliates, Stephen J. Redican, Jeffrey S. Graham and Tiffany Murray, National Banking Law Review, February 2012, Volume 31, No. 1
• Canadian Securities Administrators Release Consultation Paper 91-404, Derivatives: Segregation and Portability in OTC Derivatives Clearing, Stephen J. Redican and Carol E. Derk, BLG Derivatives Client Alert, February 2012 and National Banking Law Review, April 2012, Volume 31, No. 2
• ISDA Releases Key Provisions to the Standard Credit Support Annex Proposal, Stephen J. Redican, Carol E. Derk and K. Ruth Liu, BLG Financial Services Client Alert, November 22, 2011
• Proposed Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations on Ascertaining Identity, Stephen J. Redican, Jeffrey S. Graham, Prema K. Thiele, Andrew Harrison, Robert Dawkins and Tiffany Murray, BLG Financial Services Regulatory Client Alert, November 18, 2011 and National Banking Law Review, December 2011, Volume 30, No. 6
• OSFI Ruling: Foreign Bank not conducting "business in Canada" by offering its credit card program to their U.S. corporate clients' Canadian affiliates, Stephen J. Redican, Jeffrey S. Graham and Tiffany Murray, BLG Financial Services Regulatory Client Alert, October 2011
• Payment Cards – 2010 in Review, Stephen J. Redican, Rebecca C.W. Chan and Harriet Greenwood, BLG Financial Services Client Update, February 2011
• Co-chair of The Canadian Institute's 6th Annual Forum on Payment Cards in Canada and Moderator at the discussion on " Advanced Issues and Strategies for Managing Sanctions, Costs and Risks from End-User to Issuer ", February 17-18, 2011
• Speaker at The Canadian Institute's 6th Annual Advanced Forum on Derivatives: "How will New Regulatory Frameworks Shape International and Canadian Derivatives Markets?". January 25, 2011
• New Ontario Derivatives Legislation, Stephen J. Redican, Carol E. Derk, Marsha Gerhart, Neil Guthrie, Julie Mansi and David Surat, BLG Securities & Capital Markets Alert, December 2010
• Over-the-counter (OTC) Derivatives Market in Canada: on the Road to Reform and Regulation, Stephen J. Redican and Carol E. Derk, BLG Financial Services Client Update, November 2010
• Review of Canadian federal financial institutions legislation, Stephen J. Redican, Rebecca C.W. Chan, Jeffrey S. Graham, Andrew G. Harrison and Donna Spagnolo, Lexology newsfeed, 20 October 2010
• G-20 Summit in Toronto : Highlights for the Financial Sector, Stephen J. Redican, Jeffrey S. Graham, Andrew G. Harrison and Rebecca C.W. Chan, BLG Financial Services Alert, June 2010 and Lexology newsfeed, 30 June 2010
• A Time of Change: the Future of Canada's Payment Systems, Stephen J. Redican, Rebecca C.W. Chan and Tiffany Murray, E-Finance & Payments Law & Policy, June 2010, Volume 4, Issue 6
• New Disclosure Obligations for Registered and Prescribed Products in Canada, Stephen J. Redican, Rebecca C.W. Chan and Tiffany Murray, BLG Financial Services Client Update, June 2010 and National Banking Law Review, October 2010, Volume 29, No. 5
• Payment Card Networks Must Adopt Code of Conduct or Face Regulation, Stephen J. Redican, Rebecca C.W. Chan and Tiffany Murray, BLG Financial Services Client Update, May 2010 and National Banking Law Review, August 2010, Volume 29, No. 4
• Between the Lines: Feds Begin to Implement Greater Regulatory Oversight of Payment Networks in Canada, Stephen J. Redican, Rebecca C.W. Chan and Tiffany Murray, BLG Financial Services Client Update, April 2010 and National Banking Law Review, August 2010, Volume 29, No. 4
• Court of Appeal Affirms Limitation Period on Demand Obligations, Stephen J. Redican and Alexander A. Singh, BLG Financial Services Alert, January 2010 and National Banking Law Review, April 2010, Volume 29, No. 2
• On the Hook: Certain "Financial Services" are subject to GST/HST, Stephen J. Redican, Tiffany Murray, Beverly Gilbert and Camille Kam, BLG Financial Services Regulatory Client Update, December 2009
• Proposed Voluntary Code of Conduct will materially affect Canada's Payments Systems if adopted, Stephen J. Redican, Rebecca C.W. Chan and Tiffany Murray, BLG Financial Services Client Update, December 2009 and National Banking Law Review, February 2010, Volume 29, No. 1
• Inside the Box: Final Form of Canadian Federal Credit Regulations Published, Stephen J. Redican, Rebecca C.W. Chan and Tiffany Murray, BLG Financial Services Client Update, September 2009 and National Banking Law Review, December 2009, Volume 28, No. 6
• Ontario Modernizes Credit Union Legislation, Stephen J. Redican, Angela W. Lin, Jeffrey S. Graham and Rebecca C.W. Chan, National Banking Law Review, December 2009, Volume 28, No. 6
• Limitation Periods: Co-Extensive For Guarantees; New Period For Demand Obligations, Stephen Redican and Alexander Singh, National Banking Law Review, August 2009, Volume 28, No. 4
• Raising the Stakes: Senate Committee Reports on Canada's Credit and Debit Card Systems, Stephen J. Redican, Jeffrey S. Graham, Rebecca C.W. Chan and Tiffany Murray, National Banking Law Review, August 2009, Volume 28, No. 4 and Electronic Banking Law & Commerce Report, July/August 2009, Volume 14, Issue 5
• Boxed In: Canadian Federal Regulations to Prompt Changes for Credit Card Issuers and Other Creditors, Stephen J. Redican, Rebecca C.W. Chan and Tiffany Murray, Electronic Banking Law & Commerce Report, June 2009, Volume 14, Issue 4
• Canada's Credit and Debit Payments Systems under Scrutiny, Stephen J. Redican, Rebecca C.W. Chan and Tiffany Murray, Electronic Banking Law & Commerce Report, May 2009, Volume 14, Issue 3
• OSFI Ruling Regarding A Canadian Subsidiary Assisting A Foreign Bank's Portfolio Management Services, Stephen J. Redican, R. Andrew G. Harrison, Rebecca C.W. Chan and Donna Spagnolo, National Banking Law Review, February 2009, Volume 28, No. 1
• Smooth Sailing Ahead for Credit Card Duality in Canada, Stephen J. Redican and Tiffany Murray, National Banking Law Review, February 2009, Volume 28, No. 1 and Electronic Banking Law & Commerce Report, December 2008, Volume 13, Issue 10