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
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IOSCO's Report identified many of the same concerns raised by SEC Commissioner Hester Peirce, who has been urging the SEC not to .
There is one investor qualification definition that even an SEC that favors investor protection over investor choice should reconsider: "Qualified Purchaser."
Generally, "accredited investors" (which is a fairly low standard of wealth and income) are permitted to invest in private funds exempt from registration under the Investment Company Act by virtue of Section 3(c)(1), which limits these funds to less than 100 investors. To invest in a Section 3(c)(7) private fund, which has no…
The Monex case is significant, at least as to retail investors, in that it establishes some minimum requirements for "delivery" of a physical commodity that are sufficient to avoid regulation as a futures contract. The decision is also protective of retail investors in that it shuts down a business that seems rigged against them; these investors would be better off trading listed futures on the same underlying products.