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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While the two statements likely have no direct connection, Commissioner Lee's remarks on principles-based regulation follows reasonably closely on comments by CFTC Chair Heath Tarbert, who argued that "detailed, prescriptive rules" will (i) provide for greater flexibility in the tech sector, (ii) facilitate innovation, and (iii) help the CFTC "stay ahead of the curve." See .
As to Commissioner Lee's call for greater disclosure of climate risks, the evidentiary concerns raised in are…
Commissioner Lee's dissent to the proposal reflects the differing political philosophies of the Commissioners. Commissioner Lee appears more inclined to protect investors, and seems willing to make it more difficult for them to invest in private placements and for small issuers to raise money in private placements. Conversely, Chair Clayton and Commissioner Peirce seem more inclined to allow accredited investors to take the risks inherent in investing in smaller issues sold in private…
The SEC has technology. A large purchase of listed options just before a significant market move will not go under the radar.