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
Both of these rules were viewed as discouraging fiduciaries from taking ESG considerations into account in investing and in voting shares, respectively. There is little doubt that the DOL will revise both rules.
There is not that much variance between the SEC's 2006 statement on the justification for penalties and the position of Commissioner Crenshaw. The factors that Commissioner Crenshaw cites as significant to the determination of penalties are generally consistent with not only the 2006 statement but also with other statements by the SEC, particularly as to the significance of factors such as cooperation.
Ms. Crenshaw seems to part ways with the 2006 statement in distinguishing between…
The run-up in GameStop stock should not be used as a pretext to further legislation or rulemaking that does little to help retail investors or that may even injure them. (See Cadwalader Memorandum, ".") While it may be a legislator's first instinct, new rules are usually not the solution to a high-profile event. More importantly, they often lead to unwanted consequences. For example, regulations governing investment research and the adoption of Regulation Best Interest intended to help…
"Principle V" of the NASAA report (beginning on page 16) is intended to advance capital raising by small businesses. Ideally, NASAA should move this closer to the top of its priorities list.