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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

Tractor Supply Company asked to exclude a proposal related to "(1) whether the Company participates in compensation and workforce practices that prioritize Company financial performance over the economic and social costs and risks created by inequality and racial gender disparities and (2) the manner in which any such costs and risks threaten returns of diversified shareholders who rely on a stable and productive economy." 

Here is the website of . One can reasonably suppose that…

The firm's violation of Rule 2040 and broker-dealer registration requirements in this case was entirely straightforward and uncomplicated. There is simply no reason to throw in a "commercial honor" charge; Rule 2010 has been rendered absolutely meaningless by repetition. 

The facilitation of political and social arguments through corporate proxies is likely to produce some very uncomfortable and unforeseeable results. Might the SEC facilitate shareholder proxies that would prohibit doing business in countries that have disfavored or oppressive social, labor or political policies?   

On March 9, President Biden signed an titled "Ensuring Responsible Development of Digital Assets." (See prior .) Digital asset and crypto-enthusiasts hoped that this Order would open a process to rationalize the U.S. regulatory treatment on digital assets and maybe even loosen the regulatory reins to encourage development. (Note: SEC Commissioner Lee had previously described digital assets and an industry that had grown in defiance of existing laws and regulations.) …