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
If ever a rulemaking reflected the triumph of political ideology over economic reality, it is the position limits proposal. It should be obvious to all by now that the price of energy is not driven by "speculation" but by world events, such as potential war in the Middle East, developments in Iran, Russia and Venezuela, economic activity in China, and the development of fracking. CFTC Chair Massad should at least admit the possibility that the rulemaking was ill-conceived or, failing…
The single director structure of the CFPB is a partisan invention. It is a regulatory structure that suffocates internal dissent, or the expression of differing views, and is inherently flawed. Designed largely by Senator Elizabeth Warren (D-MA), that structure has allowed the CFPB's director to churn out statements that are favored by the Senator – without being concerned about challenges from other regulators who might disagree. Unfortunately, it also has allowed Senator…
This is a significant rule change affecting technology, operations, and procedures. Regulators should gather data to study the effects such increased disclosure will have on the markets.
Such "stop" directives are common during a change in administration, . See also: