Profile picture for user Steven Lofchie
Steven Lofchie
Partner
Norton Rose Fulbright US LLP

Recent Articles & Comments

In our prior article, published immediately after the SEC Commissioners voted 3-2 to adopt the Dealer Rule, we posited that there were a good number of reasons to believe that a challenge to the rule would have substantial legal basis.  These reasons includes those set forth in the complaint: absence of statutory authority, failure to properly consider costs, claim of benefits that can not be proved, inadequate time to comply, and so on.  See .  (We will shortly publish an expanded version…

FDIC Vice Chairman Travis Hill pointed out a number of policy tensions that exist with respect to banks that are in financial trouble. Underlying them, there may be an unsolvable dilemma. Banks are required to make honest public disclosure of their financial condition for the benefit of their depositors (at least those whose deposits are not fully insured) and for the benefit of the holders of their securities (or of the securities of their parent companies).  But an honest disclosure of any…

Commissioner Peirce's comments on the SEC's rulemakings having no limiting principle follows a along the same line by Commissioner Uyeda.

Much of the SEC's rulemaking under Chair Gensler has been adopted by 3-2 vote, with the dissenting Commissioners objecting not only to the substance of the rules, but questioning the underlying statutory authority and, arguing that even if there might be statutory authority, the process by which the rules were adopted did not meet the requirements…

The SEC imposed a $275,000 fine and a cease and desist order on a firm that had been out of business for over three years.

Given that the exchange had long ago stopped operating, and that no charges were brought against individuals, there was no reason for the defendants to contest the SEC's charges. Essentially, the defendants paid the SEC money so that the regulator would go away.

The dissenting Commissioners suggested that the entire enforcement action seemed half hearted,…