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 would be a shame if the debate over the SEC's custody proposal became focused on the problems that it would create for the custody of digital assets. The problems with the proposal are far broader. Consider, for example, what happens when banks, including foreign banks, simply refuse to sign the types of agreements that the SEC would demand that U.S. advisers obtain? Are advisers going to be required to liquidate customer's assets? There are going to be a lot of unhappy investors.…
Ms. Liang might want to consider the following:
While it is obvious that the banks that failed did a poor job of managing interest rate risk, the precipitant of that failure was high and rapid inflation; banks borrow short and lend long; one can reasonably guess that there are widespread losses from inflation throughout the banking system, even if other banks have not failed. Blaming the banks' failures on "social media" seems to be an assertion making the rounds; but in the 2008…While this would seem to be the SEC setting a bad example on all three scores, the refusal to produce records as to proposed climate change regulations is the most troublesome. If adopted, the regulations would impact every SEC-registered issuer and would be materially expensive to implement. Accordingly, it is hard to imagine any justification for being less than fully transparent with Congress on the proposed regulations.
Mr. Massad's proposal appears consistent with our recent proposal to allow digital asset market participants to decide whether they preferred to be regulated by the SEC or the CFTC. The desire of each regulator to be the favored choice would motivate both regulators to put forward a workable system of rules. See .