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
"Principle V" of the NASAA report (beginning on page 16) is intended to advance capital raising by small businesses. Ideally, NASAA should move this closer to the top of its priorities list.
Notably, the scheme did not involve commodity derivatives. The CFTC's enforcement action was based on the agency's authority to regulate improper conduct as to commodities.
Any enforcement action should be preceded by the adoption of very clear laws and rules governing the purported misconduct. With respect to the focus of the new Task Force, what are they? Further, the establishment of a special Task Force suggests that enforcement on purported environmental disclosure failures is a pervasive problem and as a result, a priority. Where is the evidence of that?
Hopefully, this Task Force does not result in the SEC attempting to "adopt" ESG disclosure…
While the GameStop run-up was unrelated to the receipt by retail brokers of payment for order flow, the fact that some of the brokers principally involved in executing GameStop trades received the bulk of their revenue through payment for order flow has focused attention on the business practice. See also .