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
The time for registration as a security-based swap dealer is within sight.
Investment advisers will need to take a close look, and a periodically ongoing look, at their proxy voting policies. Advisers should be mindful that nothing obligates them to vote their clients' shares, as long as an adviser has made it clear in its agreement with its clients that it will not do so. For many advisers, voting shares will not be worth the effort.
Separately, the very interesting aspect of declaring that proxy advisors are subject to SEA Rule 14a-9 is that it imposes on…
Section 2(b) of the Securities Act provides that: “Whenever . . . the Commission is engaged in rulemaking and is required to consider . . . whether an action is necessary . . . in the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote . . . capital formation.”
The dilemma that the SEC faces is that there is a real conflict between the "protection of investors" and "capital formation." The more the SEC…
Fraudsters who use "ICOs" as a device to get around the application of the securities laws make life more difficult for legitimate start-ups who are using blockchain technology to create assets that really are not "securities."