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
"Climate change" is not a hypothetical; it is the basis for a hypothetical.
If the risk is a rise in temperature, by how much and what environmental or social changes are caused by the rise in temperature? Without some specification of the hypothetical, issuers' risk disclosures will inevitably be based on radically different assumptions, all of which may be entirely reasonable. If the risk to be disclosed is a change in law, what laws?
These are two very different risks. Take…
The rule amendments and interpretations at issue were adopted on party-line votes. At the time, the Democrats (or the lone Democrat, in some instances) on the Commission dissented. While the policy of the rule changes may have been disputed, the changes themselves were properly adopted in accordance with the requirements of the Administrative Procedures Act (or at least there is no suggestion otherwise). Thus, from an administrative law standpoint, it seems an unusual act by the Chair,…
Presumably, NASAA expressed concern that the rule amendments would facilitate expungements of information to which NASAA objected.
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