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
Anyone involved in the development and maintenance of a compliance and supervisory program should review the entire report for the guidance it provides on OCIE's examination focus.
The report provides some interesting statistics on the growth of the investment adviser industry. The number of broker-dealers continues to decline. The number of advisers continues to rise. There is good reason to believe that that trend will continue and, with the implementation of Regulation Best…
The competition among the states to outdo the federal government - and each other - in promulgating rules to protect financial consumers will have real economic consequences.
The likely result is increased pressure on the "full service" broker-dealer models, where broker-dealers provide both investment recommendations and trade execution to customers. See, e.g., . For customers that do not want to pay - or do not have sufficient assets to pay - an assets under management fee, this…
Yet another illustration of the fact that when something goes wrong with technology, the number of violations could get very big, very fast.
If the open-ended authority provided FSOC is not to be eliminated, at least the government is taking steps to formalize the process so that it may be applied with an even hand.