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
The requirement that a firm obtain a locate when it is executing a riskless principal short sale for a client that itself has done a locate makes no sense. The firm will be delivering, on its sale, the security that the client has delivered to it. There is absolutely no benefit in the second locate. Presumably the regulators would not require a second locate for an agency transaction. If that is the case, then why would there be a need for one in the case of a riskless principal transaction…
Questions on the treatment of digital assets are not inherently divided along political lines.
The legal arguments advanced by the State Attorneys General are substantial. Ultimately, any determination of the legality of mandated disclosures by the SEC will likely depend on both (i) the substance of required disclosures and (ii) the justification that the SEC can demonstrate for mandating those disclosures. Put differently, it is likely not the case that the SEC would be able to mandate disclosures on a topic merely because the topic was of public interest, and without regard to a…
Headline on the front page of The Wall Street Journal on Tuesday, June 15, 2021: "Oil Hits Pandemic High on Bets Green Shift Will Crimp Supply."