Partner
Norton Rose Fulbright US LLP
Steven Lofchie is a Partner based in New York. He advises financial institutions and corporate clients on the securities laws and the Commodity Exchange Act, with particular focus on the regulation of broker-dealers, swap dealers, investment funds and other market intermediaries. Steven's transactional practice focuses on securities credit and derivative transactions.
Recent Articles & Comments
It is not obvious that any legislation can force regulators to be more open to innovation. That seems more a matter of culture than of statute.
The cases cited by Mr. Grewal illustrate just how open-ended, and near meaningless, the term "ESG" is. One of the ESG cases cited by Mr. Grewal concerns an issuer failing to disclose the poor condition of its physical property; the second concerns an issuer failing to disclose misconduct by its CEO; and the third enforcement action concerns an investment adviser providing untrue information about its investment process.
Perhaps Mr. Grewal's speech was intended to provide implicit…
This is an example of how regulation should not work; i.e., it is regulation by enforcement.
To start with the bad as to the defendant: Taking the facts of the settlement as true, the defendant did some things poorly, particularly from an operational standpoint; e.g., taking on customers when it had system capacity issues and having a significant cybersecurity breach. Likewise, it is not possible to see how the firm could justify rejecting a customer for options trading and…
The disgorgement amount was payable by the adviser, not by the underlying accounts.