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
Under the prior administration, the SEC seemed to take the view that any asset represented in digital form was per se a security. The new SEC has rejected that expansive definition of "security" and said that any individual financial instrument must be specifically analyzed as to its appropriate treatment.
While there has been a 180 degree change in the SEC's position, it is not from: everything is a security to nothing is a security. The 180 degree change is from a…
Regulation may be a major factor in driving the securities business from being conducted away from broker-dealers and into investment advisers. (See, generally, .)
A firm that intends to offer customers any personalized advice is generally better off doing so as an investment adviser. Whether this is good or bad may be open to debate; more worrisome is the trend toward investors receiving their advice from social media.
The one number that really jumps out is the…
It may be useful to compare the pay of corporate CEOs to basketball players. , the fortieth highest paid CEO made $35.6 million. , the fortieth highest paid NBA player made $37.1 million. The athlete played on a team with a winning percentage just over 40%—that did not make the playoffs. (To be fair, he had a good individual year and the team's best player got hurt.)
In our competitive economic system, high grade talent gets rewarded because the individual's talent is…
A more direct fix to the Silicon Valley Bank failure would have been to require the bank to recognize losses on its holdings of US government securities.