Lawyer Profile
Stephen R. Ashbourne
Toronto, Ontario
Overview
Steve practises in the areas of securities and commercial law, with a specialty focus on derivatives, structured finance transactions and complex capital markets arrangements and offering structures. With 28 years of practice experience, Steve combines extensive knowledge of securities and commercial law, with a deep understanding of related tax, insolvency and regulatory law topics, to provide clients with insightful, creative and practical advice.
Steve has acted on many firsts relating to derivatives, securitization, structured products and electronic trading, and has extensive experience designing, "Canadianizing" and implementing financial products and strategies in both the domestic and cross-border contexts. He has pioneered transaction structures and market precedents, including to create and distribute a wide range of derivatives, derivatives-based financial products and asset-backed securities. Many of these transactions have involved novel features and creative pathways through Canada's securities, commercial, tax and insolvency regimes.
Steve regularly advises financial institutions, end users and market intermediaries regarding legal and regulatory developments impacting over-the-counter derivatives and asset-backed securities. He frequently interacts with Canada's regulators, including by serving on advisory committees formed by Canada's securities regulators.
Steve has a dedicated approach to staying current. He is a frequent speaker and author on related topics and has taught law school courses on derivatives, structured finance and securities law subjects.
Steve regularly acts for leading Canadian financial institutions, dealers, pension and insurance clients regarding contracting, enforcement and regulatory matters involving over-the-counter derivatives. Recent examples include:
Acting as counsel on behalf of Canada's six major Schedule I banks to obtain exemptive relief from Canada's provincial securities regulators, including in respect of derivatives trade reporting obligations
Acting for domestic and non-Canadian banks to negotiate and implement ISDA transaction documentation, including amendments to ISDA contracts in connection with the implementation of regulatory margin rules across clients' OTC derivatives portfolios
Regularly advising clients regarding various commercial and insolvency opinion-related matters and securities law (derivatives) compliance requirements, including regarding netting, collateral perfection and realization, mandatory trade reporting, margin posting and clearing requirements and the recent CSA proposals regarding dealer and adviser registration and business conduct requirements
Practice Areas
Bar Information
Called to the bar: 1991 (ON)