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 pricing of market data is an area where the views of the Commissioners have tremendous significance. Although the SEC says that it does not want to declare winners and losers, but rather allow them to be chosen through market competition, when it comes to market data, the regulators determine the rules and the rules largely determine the winners.
Commissioner Stein asserts that 97% of all issuers are reporting non-GAAP metrics and, therefore, these metrics should be standardized. This might make sense if the metrics that they are reporting are similar, but non-GAAP metrics could be almost anything, and what is reported could be quite issuer-specific. Without knowing more about the specific types of non-GAAP metrics that firms are reporting, it is not possible to know if it would be useful to standardize - or if it is…
The fundamental question is whether the petition is driven by political concerns or concerns of investors. If it is driven by political concerns, for which the argument is quite strong, the petition should be defeated.
The fundamental question is whether the petition is driven by political concerns or concerns of investors. If it is driven by political concerns, for which the argument is quite strong, the petition should be defeated.