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
Commissioner Stein asserts that 97% of all issuers are reporting non-GAAP metrics and, therefore, these metrics should be standardized. This might make sense if the metrics that they are reporting are similar, but non-GAAP metrics could be almost anything, and what is reported could be quite issuer-specific. Without knowing more about the specific types of non-GAAP metrics that firms are reporting, it is not possible to know if it would be useful to standardize - or if it is…
The fundamental question is whether the petition is driven by political concerns or concerns of investors. If it is driven by political concerns, for which the argument is quite strong, the petition should be defeated.
The fundamental question is whether the petition is driven by political concerns or concerns of investors. If it is driven by political concerns, for which the argument is quite strong, the petition should be defeated.
There is no doubt that competition is a powerful force and should be encouraged to the extent possible. That said, there is only so much that the SEC can do to encourage competition, without going into business for itself, while there is a great deal that the SEC, along with other regulators, can do to discourage competition.
Let's start with the destruction of firms through over-harsh enforcement actions. Exhibit No. 1 would be Salomon Brothers, a great firm largely destroyed by a…