Profile picture for user
Steven Lofchie
Fried, Frank, Harris, Shriver & Jacobson LLP

Steven Lofchie, a partner in the Financial Services Group, concentrates his practice in advising financial institutions on regulatory issues and on derivatives and other financial instruments. He is consistently recognized in the United States by Chambers USA, Legal 500, and IFLR 1000 in the areas of financial services regulation and derivatives. The Best Lawyers in America also selected Steven as one of the nation's leading lawyers in several areas including: Administrative/Regulatory, Derivatives and Futures, Securities/Capital Markets, and Securities Regulation Law. He is the author of Lofchie’s Guide to Broker-Dealer Regulation (4th ed. 2011), considered the leading treatise in the field.  In 2014, he testified before a subcommittee of the House on equity market structure.

Steven counsels funds (private and both SEC and CFTC-registered), broker-dealers, and banks regarding regulatory and transactional issues. His regulatory practice addresses virtually all the securities-law related statutory and regulatory requirements applicable to these institutions and their affiliates.

Steven represents many financial entities and their investment advisers on trading.

His transactional practice focuses on over-the-counter derivatives, securities financing, and trading agreements (from prime brokerage to the use of asset-backed structures for the financing of investments in hedge funds), and various types of licensing and membership agreements.

Steven is a frequent writer and speaker on financial regulation and policy. In 2014, he testified before a subcommittee of the House on equity market structure. In addition, he has been very active in developing web-based compliance tools, online compliance manuals, research tools and document analysis systems. These tools are available through

Regulatory Intelligence includes:

Regulatory Intelligence also hosts tens of thousands of other documents, including statutes, rules, no-action letters, releases, case law and relevant legislation.

Steven received his B.A. from Sarah Lawrence College and has an M.B.A. from Columbia Business School, where he was a General Motors Fellow. He received his J.D. from Yale Law School, where he was a member of the Yale Law Journal.

He also serves as a Senior Fellow on financial regulation at the Center for Financial Stability, a nonpartisan financial industry think tank.

Practice Areas

  • Bank Regulation
  • Broker-Dealer Regulation
  • Commodities & Futures Regulation
  • Derivatives & Structured Products
  • Financial Regulation
  • Investment Management
  • Investment Management Litigation
  • Investment Management Regulation & Compliance
  • Investment Management Transactions
  • OTC Derivatives
  • Structured Products
  • Swap Regulation


  • U.S. District Court, Southern District of New York
  • New York


  • Yale Law School J.D., 1989
  • Columbia Business School M.B.A., 1984
  • Sarah Lawrence College B.A., 1979

Recent Articles & Comments

December 04, 2023

The real need is for a workable set of regulations applicable to cash market transactions in digital assets.  SEC Chair Gensler has made clear that he has no interest in developing such regulations, so progress on that front, if there is to be any, must await a new SEC Chair.

Email me about this

November 30, 2023

The PCAOB and the SEC have been warning accounting firms of their obligations when auditing foreign issuers located in China. (See here for a list of stories concerning SEC/PCAOB actions involving the regulation of audit firms based in China.) It would not be surprising if more such enforcement actions follow.


Email me about this

November 27, 2023

The Fifth Circuit Opinion was a pretty blunt shut down of the SEC's rulemaking process, essentially suggesting that it had manufactured a solution to a problem that it could not demonstrate existed. It is notable that two of the SEC's Commissioners (Uyeda and Peirce) dissented from the adoption of the Repurchase Rule. Against that background, it is not clear whether the SEC will want to make another run at this rulemaking, 

The SEC has now had a fairly bad run of defeats in which the…

November 20, 2023

The bifurcation of the regulation of transactions in Treasuries between the SEC and the CFTC is harmful. It (i) diminishes regulatory transparency (by dividing oversight) and (ii) raises costs by making it more expensive to effect hedge transactions when neither regulatory scheme takes account of the risk reducing effect of transactions under the other regulatory scheme.  

Email me about this