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
What material U.S. policy interest is served here that justifies the exercise of U.S. regulatory control over these foreign banks?
As Mr. Atkins points out, there are many good reasons for the DOL to delay the implementation of the fiduciary rule, including the current legal challenge before the U.S Court of Appeals for the Fifth Circuit, and the debatable assertion of "$17 billion" in savings made in a 2015 Council of Economic Advisers' Report supporting the adoption of the rule. Further, the existence of two regulators, the DOL and the SEC, that each have independent suitability rules…
Any firm touching penny stock activities should be particularly mindful of the quality of its AML procedures (and of the need to strictly follow those procedures).
Whatever one thinks of the appropriate standards of conduct that should apply to broker-dealers and investment advisers doing business with retail investors, it is simply an absurd notion that the Department of Labor should set one standard for conduct as to certain assets and the SEC should simultaneously set general standards of conduct. Congress should direct that standard-setting as to retail securities transactions is within the exclusive purview of the SEC.