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
Professor Michael Kearns raises important moral, philosophical and economic dilemmas to be considered when designing AI systems to achieve "equitable" outcomes:
Stakeholders must decide what is the right accuracy-fairness balance. We must also be cognizant of the fact that different notions of fairness may be in competition with each other as well. For example, it is entirely possible that by asking for more fairness by race, we must suffer less fairness by gender. These are painful but…The revisions are materially more of the same. There are a lot of requirements. There is also a good deal of specificity as to what is required. For many businesses, strict compliance with the requirements will be costly and difficult to achieve.
Further, the amount of time that the California AG allowed for public comment on the revisions (approximately two weeks) is unduly short. Given the scope/complexity/costs of these regulations, denying a reasonable timeframe to understand…
The reaction to Facebook's announcement of Libra was, to put it mildly, negative from all hands. The story, published last July is illustrative of:
the increasing concerns over the uses of data by Big Tech; see also , and hostility by members of Congress to Facebook in particular; see also .The announcement of Libra and the ruckus that followed also illustrated the technology company's lack of sophistication as to the details of financial regulation. Had Facebook chosen to market…
Whatever mistakes tech firms may have made in their forays into the financial markets, they are here to stay. Perhaps, as this report suggests, they may be the ultimate winners in the competition with traditional financial service firms. See also .