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
Leaving aside the obvious bad behavior of the adviser in the handling of its clients' redemption requests, there are two aspects of the enforcement matter that may be of broad relevance:
The SEC has been bringing enforcement actions against broker-dealers for failing to keep required records, and particularly for communications on systems such as WhatsApp that do not facilitate recordkeeping. This is the first such action against an adviser, which may signal more to come. The…The remarks of the SEC Commissioners reflect their personal directions. Ultimately, improving secondary market liquidity for small companies necessarily means some reduction of the regulatory requirements applicable to trading in the shares of these companies. This is not a deregulatory SEC (if you leave aside the eccentric example of the deregulation of proxy advisors). Therefore, the SEC Chair is asking a question about new technology that he says needs discussion. By contrast,…
Notably, the NASAA President's testimony appears to indicate the organization's opposition to the Lummis-Gillibrand bill (see ), or at least opposition to those portions of the proposed legislation that "preempt or restrict the authority of the state securities regulators."
In December of 2021, FSOC issued its on risks to the financial system. The report said a great deal about the risks to the financial system resulting from climate change, but very little about the risks resulting from high inflation.
This calls to my mind a segment in the Mark Twain picaresque A Connecticut Yankee in King Arthur's Court, one of my favorites when I was growing up. For those who have not read it, the story is about a modern 1890s man who travels back in…