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 SEC has technology. A large purchase of listed options just before a significant market move will not go under the radar.
FINRA's guidance follows a number of relating to the handling of UTMA and UGMA accounts.
Given the size of the Bitcoin market and the fact that futures trading of Bitcoin has been going on for a while without problems, it would seem likely at this point that the SEC's refusal to permit the listing of Bitcoin ETFs is founded and its desire not to encourage further retail investment, including indirect investment, in the product. Although one can be sympathetic to the SEC's worries as to retail investors, the SEC is not supposed to serve as a gatekeeper on the wisdom of…
The FDIC Guide serves a number of related purposes: (i) it provides assistance to technology firms by instructing them on how to market to banks and to respond to request for quotes (RFQs); (ii) it summarizes for banks the minimum materials that they should be requesting from technology firms from which they obtain services; and (iii) it makes it easier for banks to negotiate with technology firms by laying out the diligence and contractual requirements that banks should obtain from…