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Stephen Clark

Stephen D.A. Clark

Partner Fasken
Jurisdiction Alberta, 1982 | Ontario, 1978
Language(s) English
Office(s) Toronto

Stephen D.A. Clark is Co-Chair of the firm’s Financial Institutions practice group. Offering clients over 30 years of experience, Stephen advises financial institutions on critical regulatory and policy issues and on all aspects of their banking business including regulation, compliance, credit cards, debit cards and payment systems.

Stephen has experience establishing new financial institutions in Canada for both domestic and international entrants. He has also advised clients on mergers and acquisitions activities, including the acquisition of financial institutions and their integration, the purchase and sale of bank branches, credit card portfolios and other financial assets.

Stephen sits on a committee of the Office of the Superintendent of Financial Institutions (OSFI), dealing with bank and insurance regulatory matters. He has also published articles on corporate finance, banking law, corporate lending and secured transactions.

Bank Regulatory

Stephen advises Canada’s largest domestic banks, smaller mono-line banks, foreign bank branches in Canada and foreign banks looking to do business in Canada. Assisting with all aspects of the regulatory implications on their business, Stephen’s advice extends beyond financial institutions to financial intermediaries and the impact of regulation on them.

Business of Banking

Stephen has broad experience providing clients with advice, opinions and transactions on all regulatory and commercial aspects of the core business of banking. He assists with retail banking products and services such as credit and debit cards, deposit products, payment products and payment systems.

Credit and Debit Cards

Stephen advises clients on 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. He has advised on most of the largest loyalty co-brand arrangements in Canada.

Consumer Disclosure

Stephen offers clients 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 Mergers and Acquisitions

Stephen has advised on many high-profile Canadian mergers and acquisitions transactions on behalf of Canada’s largest banks on the purchase and sale of financial institutions and financial asset portfolios including credit cards, auto loans, mortgage, vehicle and equipment leases.

Public Policy

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. Recently Stephen advised all 18 of Canada’s banks on Marcotte, the most important Supreme Court of Canada decision ever to affect banks.

  • Recognized Nationwide as Highly Regarded in Financial Services Regulatory, IFLR 1000 2018 to 2020
  • Recognized as top tier (Band 1) nationwide in Banking & Finance: Financial Services Regulation, Chambers Canada 2017 to 2020
  • Recognized for Banking and Finance Law, The Best Lawyers in Canada 2006 to 2020
IFLR 1000 Recognized Nationwide as Highly Regarded in Financial Services Regulatory Recognized most recently in the 2020 edition of IFLR 1000
Chambers Canada Recognized as top tier (Band 1) nationwide in Banking & Finance: Financial Services Regulation Chambers Canada covers lawyers and law firms practicing in all provinces and territories in Canada.


  • LLB University of Western Ontario

Memberships & Affiliations

  • Member, Canadian Bar Association


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