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 a well-done and helpful outline of what firms must focus on in order to comply with the SEC's new customer protection obligations.
These rules are consistent with recent efforts to support the economy and small businesses. If the regulators are going to provide a means for retail investors to invest in small companies, supporting BDCs and closed-end investment funds seems one of the more promising paths; particularly as Regulation Best Interest and similar state suitability requirements may discourage broker-dealers from recommending individual investors buy securities issued by small issuers.
Notwithstanding…
This is good information for relatives, friends or acquaintances who would qualify, but may not be aware of the availability of this benefit.
There may be some value to firms in reviewing the recordkeeping requirements applicable to the government agencies. Firms might consider whether they would meet these standards or whether they have missed any of the issues raised in the GAO report.