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
Notwithstanding the publicity, the announcement was not of a new cryptocurrency; just of a plan to launch a new cryptocurrency.
The planned product will be somewhat in the nature of a "stablecoin" in that it will be backed by "hard" assets (a basket of bank deposits and short-term government securities), rather than just by the confidence of the users. However, it differs from most stablecoins in that it is intended to reflect the value of a basket of global currencies, rather than…
The establishment of heavier federal and state burdens on broker-dealers providing clients with recommendations, combined with the potential great diversity of state regulation, is yet another blow to the business model of "full-service brokerage," in which broker-dealers provide "suitable" recommendations to individual clients and are compensated by their receipt of securities execution fees. If broker-dealers are going to be tasked as fiduciaries in making any recommendation to investors,…
This is a nice, even if small, sensible exemption that will primarily benefit captive distributors of investment company securities.