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
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Simply put, if the SEC adopts rules to protect investors by imposing greater requirements on small businesses seeking to raise money, small businesses are going to find it more difficult to raise money. There is simply a trade-off, as Commissioner Peirce recognizes, between prioritizing investor protection and the ease of raising capital. The regulators cannot prioritize both.
That is not to say that making it easier to raise capital should be the higher priority. The Commissioners…
Chair McWilliams' emphasis on the potential benefit of employing financial technology to improve the delivery of banking services to underserved individuals is notable. There remains the risk that firms employing AI technology may be charged with the use of methodologies that have a disparate impact on a protected class. Regulators should consider offering guidance.
There are some obvious benefits to T+1, but there are also obvious operational challenges. In addition, it is prudent to do the cost-benefit analysis before committing to going ahead with the project.