STEPHEN ASHBOURNE is a partner in Blakes’ securities practice group.  He specializes in innovative transactions and novel offering structures, including in relation to derivatives and structured finance transactions.  Over 20 years in practice, Steve has developed a deep understanding of related tax, insolvency and regulatory law topics.  He has acted on many firsts relating to derivatives, securitization, structured products and electronic trading, and has extensive experience designing, “Canadianizing” and implementing US-based financial products and strategies, in both the domestic and cross-border contexts.  He pioneered numerous transaction structures, including to securitize credit cards; repackage illiquid structured finance instruments; qualify shelf offerings of retail derivatives, linked notes and asset-backed securities; implement hedging and arbitrage strategies; and incorporate OTC derivatives and structured finance techniques into M&A strategies.  Recently, Steve acted to establish Canada’s first cross-border and rated securitization program for portfolios of aircraft loans and leases.  He regularly acts for investors, dealers and marketplaces.  Steve has played an active role in the development of Canada’s current and prospective regulatory rules and requirements for OTC derivatives, securitizations and offering/trading requirements, including advising the Ontario Securities Commission in relation to derivatives and securitization topics and as a member of the OSC’s Debt-Like Derivatives Task Force, by participating in the OSC's Securities Advisory Committee and as a member of the Blakes team engaged by the OSC in connection with the introduction and reform of Canada's securities rules and regulations.  Steve has also participated in consultative committees formed by Canada’s accounting standards setters.