Stephen D.A. Clark is Co-Chair of the Financial Institutions Group in Fasken Martineau’s Toronto office. With over 30 years of experience in financial institution regulation, Stephen regularly advises the industry on critical regulatory and policy issues in additional to advising regulated financial institutions on all aspects of their banking business including regulation, compliance, credit cards, debit cards and payment systems. Stephen has significant experience in the establishment of new financial institutions in Canada on behalf of domestic and international new entrants. He also has extensive experience in financial institution M&A activities including the acquisition of financial institutions and their integration, the purchase and sale of bank branches, credit card portfolios and other financial assets.
By virtue of regularly acting for financial institutions, Stephen sits on a committee of the Office of the Superintendent of Financial Institutions (OSFI), chaired by the Deputy Superintendent, dealing with bank and insurance regulatory matters.
Stephen has chaired and participated in numerous conferences and has published articles on the topics of corporate finance, banking law, corporate lending and secured transactions. He has also acted as head of the Business Law Section at the Bar Admission Course in Ontario.
Stephen regularly advises Canada’s largest domestic banks, smaller mono-line banks, foreign bank branches in Canada and foreign banks looking to do business in Canada on all aspects of the regulatory implications on their business. This advice extends beyond financial institutions to financial intermediaries and the impact of regulation on them. Stephen regularly interfaces with OSFI, Canada’s bank regulator and with FCAC, Canada’s consumer disclosure regulator for banks.
Business of Banking
Stephen has broad experience in advice, opinions and transactions on all regulatory and commercial aspects of the core business of banking including retail banking products and services such as credit and debit cards, deposit products, payment products and payment systems.
Credit and Debit Cards
Stephen has leading expertise in all aspects of issuing credit cards and co-brand credit card programs, private label credit card programs and the buying and selling of credit card portfolios. Has advised on most of the largest loyalty co-brand arrangements in Canada.
Stephen leads a team of specialists providing advice on all aspects of consumer lending including cost of borrowing, consumer reporting, electronic commerce, privacy, data protection, AML and advertising disclosure.
Financial Institution M&A
Stephen has advised on many of the largest Canadian M&A transactions on behalf of Canada’s largest banks related to the purchase and sale of financial institutions and financial asset portfolios including credit cards, auto loans, mortgage, vehicle and equipment leases.
Stephen regularly advises the Canadian Bankers Association on issues critical to Canada’s banks including on new legislation and regulations including payment system legislative changes. Most recently advised all 18 of Canada’s banks on Marcotte, the most important Supreme Court of Canada decision ever to affect banks.