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
Mr. Powell joins a steadily increasing number of regulators who are conceding that Dodd-Frank has had some material negative effects. These concessions lay the groundwork for a rational discussion of how financial regulation may be improved - a welcome change from eight years in which "improvement in regulation" and "more regulation" were purported to be synonymous concepts.
Changes that the bill would make in the regulatory process are genuinely significant. These are largely in Title III of (see page 104).
Under the terms of the bill, the various financial regulators (including the banking regulators, the CFTC and the SEC) would be prohibited from issuing a "regulation" (which term would be broadly defined) unless the regulator first issued a statement (i) stating the need for the regulation, (ii) explaining why the private market could not…
The GAO report serves as a good introduction to each of the four FinTech subsectors, and to some of the more significant legal and compliance issues that each business raises.
Given that many of the CFPB's actions do not reflect current executive or legislative policy, the CFPB's report on the direction of its intended activities brings home a difficult Constitutional issue: to what branch of the government does the CFPB belong? It is not judicial. It is not funded directly by Congress. And it does not report to the President. It is clearly more "independent" than the other independent agencies, such as the SEC or the CFTC (whose Chairpersons are named by the…