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
Senator Warren's questions cover a broad range of crypto-related activity. It is not clear whether any of them might lead to new insight; e.g., there is no obvious concern as to banks providing custodial services to digital assets. (In fact, if banks had been the entities providing custodial services, perhaps investors would have had custodians within the banks, which would have been good.)
It is certainly worth looking at Alameda's investment in Moonstone Bank. The House Financial…
SEC Commissioner Hester M. Peirce that advisers to passive funds should be required to vote along with management (though there are other alternatives, e.g. voting pro rata with other investors.)
In his address, Mr. Barr raised oversight concerns as to the proportion of lending in the economy that comes from non-banks. He should better explain (i) why the 60 percent figure coming from non-banks is worrisome and (ii) if so, what regulatory proposals or actions might push the number down.
Here are a few things to consider. If bank lending is too low a percentage of lending in the economy, then won't raising capital requirements reduce that percentage further? Of the 60 percent…
Why is this not treated as a criminal case where individuals go to jail? This appears to be more than a mere regulatory violation.