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
This is one of those enforcement actions that is somewhat disappointing in what the reader is not told. The first mystery is largely a point of curiosity: if the misconduct stopped in 2010 and the relevant employees were both gone from NYMEX by 2010, why did it take ten years to bring an enforcement action?
More significantly, there is no description of the actual events that might provide guidance as to what NYMEX might have done to prevent the misconduct. That said, this case puts…
Commissioner Peirce provided specific examples of ways in which the SEC could afford small businesses a greater opportunity to raise money. The policy tension is that making it easier for issuers to raise money by lowering the costs of conducting a securities offering necessarily means reducing the degree of regulation over those offerings (such regulation may be protective, but it raises expenses). Commissioner Peirce is willing to make that trade-off to improve the regulatory framework and…
This is the second recent enforcement action the SEC has brought in connection with contingent offers; see the .
If there is no NFL season, is a potential alternative.