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 early South Wacker line on this is that you have to bet 0 on rejection to win 0 with a spread of 1.5 Commissioners. The over/under for a CFTC decision is 114 calendar days.
Exotic bets are also available, including which happens first: Jets win the AFC or contract approval?
The NYSE rule proposal was approved by a 3-2 vote with SEC Chair Clayton in the majority and both Democratic Commissioners voting no. Chair Clayton has now resigned. What might that do to the Nasdaq proposal?
Chair Clayton had a successful tenure. From a policy perspective, he succeeded in reducing burdens on issuers registered with the SEC and facilitating capital raising. Beyond these, he oversaw the adoption of quite a number of rules necessary to implement Dodd-Frank, including Regulation Best Interest and much of the framework for the regulation of security-based swaps.
The SEC has been struggling for a number of years with the question of how to allow broker-dealers to custody digital securities where the procedures for holding these assets may be less assured than of holding ordinary securities. From a policy perspective, this is a more difficult issue for the SEC than it might be for the banking regulators. In the event of a broker-dealer's insolvency (for example, in a case where the digital assets were stolen), all of the firm's customers share…