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
Leaving aside the big picture question of the constitutionality of the CFPB structure, the CFPB structure makes for bad public policy. It represents an immense amount of power concentrated in the hands of a single individual, who does not report to any branch of Congress. There is simply no good reason why the CFPB should not be reorganized following the same basic structure as the other independent regulatory agencies, with representation from both political parties on the Commission, and…
The CFPB's promise not to use an allegation of an "abusive" act as a throw-in to another violation is a very positive step, and not just in these limited circumstances. It would be a positive step generally for financial regulators to stop throwing in extra charges as freebies when they find a violation. To take two examples:
FINRA seems to have established a practice of throwing in a violation of ("Standards of Commercial Honor and Principles of Trade") with numerous other more…The treatment of separate accounts is a very significant issue for asset managers and their clients that transact in futures or cleared swaps, including pension plans. If FCMs are not permitted to enter into limited recourse agreements with customers, any entity that uses multiple advisers will be putting itself at material risk in connection with the trades of each of those advisers.
The CFTC has made a bit of a mess of this issue. As noted before, Letter 19-17 is and at odds with…
Expect significant debate in the coming year over the ownership of trading data and the costs of obtaining access.