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

The issue of "collateral consequences" is one that the regulators and Congress should examine. In many instances, a finding of a violation that is not of significance itself, and that is appropriately punished by the relevant regulator, can set off numerous provisions under the securities laws and in other laws and regulations that disqualify the firm from being able to provide services or conduct business subject to those laws or regulations.  

At least where the SEC imposes a…

It would seem to be an SEC priority to provide both an easier means for small issuers to raise capital from the public and, separately, to facilitate the ability of issuers to raise money in private placements.

Are all (or virtually all) prediction/event contracts now permissible? 

At least as the law stands now, there is no obvious line that the CFTC can draw by which the CFTC may prohibit event contracts other, than those that involve predictions related to illegal acts. Where the law does not provide clear support for regulatory action, it would seem to be the policy of this Administration that the regulator should not act.  

Rather, and largely appropriately, the…

It is doubtful that the CFPB will have an interest in further defending this Rule against legal challenge. This Administration is not going to advocate for collecting information on either the sexuality or the gender-identity of loan applicants.