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
There is no doubt that competition is a powerful force and should be encouraged to the extent possible. That said, there is only so much that the SEC can do to encourage competition, without going into business for itself, while there is a great deal that the SEC, along with other regulators, can do to discourage competition.
Let's start with the destruction of firms through over-harsh enforcement actions. Exhibit No. 1 would be Salomon Brothers, a great firm largely destroyed by a…
There is no doubt that competition is a powerful force and should be encouraged to the extent possible. That said, there is only so much that the SEC can do to encourage competition, without going into business for itself, while there is a great deal that the SEC, along with other regulators, can do to discourage competition.
Let's start with the destruction of firms through over-harsh enforcement actions. Exhibit No. 1 would be Salomon Brothers, a great firm largely…
As to the proposed , the SEC must find a way to allow broker-dealers to make money by publishing research. If the SEC ever thought that broker-dealers will continue to publish research on small companies even though there is no financial benefit in doing so, experience should have taught otherwise.
As to the proposed , the SEC must find a way to allow broker-dealers to make money by publishing research. If the SEC ever thought that broker-dealers will continue to publish research on small companies even though there is no financial benefit in doing so, experience should have taught otherwise.