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
One change that the SEC should make in the regulation of private funds is to eliminate the distinctions under and ("Definition of investment company"), in particular the requirement that imposes a higher wealth standard on investors in ICA Section 3(c)(7) funds. The end result of this distinction is not to better protect the lower wealth investors in the Section 3(c)(1) funds; it injures them because it confines them to a subset of available investments that are…
Commissioner Crenshaw rightly points out that the SEC has taken certain inconsistent positions with regard to the treatment of ETH and SOL as securities. It is fair to say, however, that no harm has been done by this inconsistency. If an issuer that holds ETH and SOL were to be improperly registered as an investment company, that issuer is taking on additional regulatory burdens, not gaining any unfair advantage nor hurting the public.
The underlying issue is that there is no simple…
Between the publication of the Discussion Draft on May 5 and the subsequent release of the Digital Asset Market Clarity Act of 2025 on May 29, language was added that addressed at least one of NASAA's concerns - preserving certain State antifraud authority of "general applicability."
One of the more significant recommendations that NASAA makes is that jurisdiction of all digital product assets be provided to the SEC, rather than split with the CFTC. The letter proposes to…
Form PF is an exemplar of the US government's waste of other people's money. The Form poses poorly conceived questions that produce data of no material value.