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 of the questions raised by the CFTC's action is this: what does it mean to make a "delivery" in the case of commodities such as bitcoins?
Like many enforcement actions that have interesting components, this one also includes a number of mundane (which is not to say minor) components; e.g., favoring the adviser over the fund investors, inadequate disclosure, poor recordkeeping, and the improper use of fund assets.
Previously, SEC staff warned investment advisers about two situations in which an adviser could be deemed to have acted illegally as a broker-dealer: (i) when an adviser (or, more often, its employee) is…
This request by members of Congress seems to be a response to the Office of the Comptroller of the Currency's recent report, which took what may be described as a regulator's view of innovation: if it works, then it's great, but if it doesn't, then it's potentially careless and in violation of the law. ( (March 31, 2016).)
Firms should review this rule proposal closely, since it may have significant impact when firms are forced to buy illiquid securities on an accelerated timetable.