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
The SEC's first investor guide did not address the issue of candidate impersonators.
The SEC noted that the water district was the second municipal issuer ever to pay a financial penalty in an SEC enforcement action. The press release did not discuss the extent to which that issuer or its officers could assert a defense of sovereign immunity.
The source of the SEC's authority to apply ATS regulations to government securities is not apparent. Very likely, such regulation would require action by the Treasury, which has authority over government securities broker-dealers pursuant to Section 15C of the Securities Exchange Act. (The "theory" of ATS regulation is that ATSs are "brokers" rather than "exchanges.")
In this political season, it is important to posit facts accurately and to stop demonizing those who hold legitimate though contrary views. The President's complaint that hedge funds are not regulated like banks is a good place to start. Banks take retail deposits; they benefit from FDIC insurance; they are not permitted to invest in equities; they are subject to minimum capital requirements to prevent their depositors from losing money; they are permitted to borrow from the…