There have been calls for the former Rangers secretary to step down from his position in light of his involvement in the practise which is the subject of an SPL investigation and could eventually be referred to the SFA.
But Regan believes Ogilvie has acted completely professionally and insists he has informed the SFA board of his involvement with the payment scheme.
He said: "The president has actually declared what his involvement was as far as player contracts was concerned.
"And we have got very clear feedback that the president was not involved in any letter or correspondence with regards to player EBTs.
"We are all aware of businesses being run where you have one owner and operator running the club and a number of directors sitting below. The way this process has been managed, a lot of this correspondence was done much higher up the chain than Campbell Ogilvie.
"He has been fully up front with the SFA board in terms of his involvement. We are satisfied at the moment that this is not an issue for the board to act on."
Ogilvie actually detailed every piece of information he had available on the EBT scheme from his time at Ibrox and Regan says he has been 100% honest.
"That is why we have asked Campbell, at the outset, to disclose the facts," said Regan.
"That is why Campbell himself asked to be removed from any decision-making and any meeting involving Rangers FC.
"Since February 14 he has had no involvement at all in any board meetings, any decisions or any meetings with the club.
"There has been no involvement from him and, as far as we are concerned, he has done everything he could do to separate himself away from this issue. Let's not forget that EBTs are not illegal.
"They are illegal if they are used knowingly in an incorrect manner. That is something we are still waiting for facts on. But I am satisfied that Campbell has discharged his duty of care.
"He has done everything we could have asked of him and, so far as his integrity is concerned, he is a man with many years as a highly- respected administrator across the game of football in Scotland.
"He has been upfront, transparent and the board are happy we could not have expected any more of him."