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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

It appears that the NYDFS is calling on banks to hire climate consultants to create detailed reports, and then have meetings at which the reports are discussed. Or, to quote the guidance:

"Regulated Organizations [must] build their capacity to assess and manage climate-related financial and operational risks, [but] they may take an iterative approach that leverages further developments in methodologies and improved data availability."

It is not at all…

The SEC's  based on the volume of an entity's trading, and with regard to the manner in which it trades, or the purpose for which it trades, is unprecedented in 90 years of interpretation of the registration requirements of the Securities Exchange Act. It is clearly vulnerable to judicial challenge. That said, it is not even clear that the expanded dealer registration requirement is the SEC Rule that will have the largest (potentially negative?) impact on the market for U.S.…

While the Review does not make recommendations, there is no dispute that the definition of "accredited investor" has become less exclusive or more inclusive, depending on one's viewpoint, since the definition was first adopted.

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It has long been obvious that SEC Chair Gensler will neither propose nor adopt any rulemaking that would meaningfully facilitate the sale of digital assets. (The SEC's limited exemption with respect to the custody of digital assets is of very little significance, as evidenced by the fact that only one firm has registered under the regime, which is time limited in scope). 

Nevertheless, petitions such as that advanced by Coinbase are meaningful in that they keep the discussion…