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
Commissioner Jackson is implicitly critical of a market dominated by passive index funds. On a big picture level, the SEC's proposed "" very likely drives the market in that direction as it increases the legal risk that brokers undertake in making individual securities recommendations to clients. This does not demonstrate that the regulation is inherently bad: only that, whatever benefits the regulators believe Regulation Best Interest may provide, it also has significant costs. In…
As to Commissioner Stein's observation that 43% of proxy requests were as to ESG matters, it is fair to ask "how many shares did those investors own"? and "were those investors motivated by concerns for the company, or did they have another agenda"? By way of example, . Its agenda is based on moral views regarding the treatment of animals, not on a desire for profit maximization; PETA is unlikely to advocate for investment in glue factories even if it were sure to double return…
At least Europe and the United States have something in common.
Firms should promptly review their compliance procedures to see how they match up against the new requirements. That said, none of the new requirements should meaningfully impair the business of any NFA registrant.