Chief Legal Architect and a co-founder of Caffrey.AI
Steven Lofchie is the Chief Legal Architect and a co-founder of Caffrey.AI, an AI platform built for law firms, banks, and the financial regulatory industry. He is also a partner at Norton Rose Fulbright, where he advises financial institutions on securities laws, the Commodity Exchange Act, and broker-dealer regulation. Ranked by Chambers USA every year since 2007, he is the author of “Lofchie’s Guide to Broker-Dealer Regulation,” long considered the leading treatise on the subject.
Recent Articles & Comments
Any time that Congress considers a bill with "Wall Street" in the title, you know Congress is looking for scalps. If the bill has "Main Street" in the title, you know it's good stuff.
As a general matter, the exchanges should conform their rules to those of FINRA, other than those rules that relate to trading on the exchange itself. Given the number of exchanges, there is no reason to add to regulatory complexity by having multiple variations of rules governing the same behavior.
From a political/legal standpoint, these actions were very astute on the part of the CFTC. While asserting that the CFTC has broad authority over event contracts based on sports and culture, (i) the NPRM concedes that for an event contract to be a "swap" (and thus for the agency to have jurisdiction), an event contract must be one that has a potential economic consequence (albeit it appears that the economic consequence may be limited) and (ii) the IFR concedes that the Commission would not…
Not really an important story, but it made for the best newsletter title.