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
Was it something the SEC said?
While the Supreme Court's overturning of Chevron was a significant step in rolling back the power of unelected regulators to adopt rules that stretch the plausible boundaries of statutory law, that rejection does not go far enough.
The SEC's use of data that is not available to the public is only one example of the SEC seeming to pay little deference to the requirements of the Administrative Procedure Act. Other examples include (i) the SEC allowing only the statutory minimum…
These actions reflect continuing attention to electronic communications recordkeeping failures as they follow on prior SEC and CFTC enforcement actions against other firms for the same violations.
It's not often that paying a fine of $125 million can be considered a victory for the party forced to pay. .
Bitcoin and Ether are now recognized as non-securities cryptocurrencies and the SEC has no way to stop the trading of XRP. The SEC still has not explained the basis on which it determined to treat Ether as a non-security. If the SEC cannot explain the legal basis on which it brings an enforcement action against one product, but permits listing of ETFs on another, it…