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
The real need is for a workable set of regulations applicable to cash market transactions in digital assets. SEC Chair Gensler has made clear that he has no interest in developing such regulations, so progress on that front, if there is to be any, must await a new SEC Chair.
The PCAOB and the SEC have been warning accounting firms of their obligations when auditing foreign issuers located in China. (See for a list of stories concerning SEC/PCAOB actions involving the regulation of audit firms based in China.) It would not be surprising if more such enforcement actions follow.
The Fifth Circuit Opinion was a pretty blunt shut down of the SEC's rulemaking process, essentially suggesting that it had manufactured a solution to a problem that it could not demonstrate existed. It is notable that two of the SEC's Commissioners (Uyeda and Peirce) from the adoption of the Repurchase Rule. Against that background, it is not clear whether the SEC will want to make another run at this rulemaking,
The SEC has now had a fairly bad run of defeats in which the…
The bifurcation of the regulation of transactions in Treasuries between the SEC and the CFTC is harmful. It (i) diminishes regulatory transparency (by dividing oversight) and (ii) raises costs by making it more expensive to effect hedge transactions when neither regulatory scheme takes account of the risk reducing effect of transactions under the other regulatory scheme.