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
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…
As to the proposed , the SEC must find a way to allow broker-dealers to make money by publishing research. If the SEC ever thought that broker-dealers will continue to publish research on small companies even though there is no financial benefit in doing so, experience should have taught otherwise.
As to the proposed , the SEC must find a way to allow broker-dealers to make money by publishing research. If the SEC ever thought that broker-dealers will continue to publish research on small companies even though there is no financial benefit in doing so, experience should have taught otherwise.
It is all to the good that FSOC has removed all SIFI designations. It would be even better if Congress would repeal those provisions of Dodd-Frank allowing FSOC to designate institutions as SIFIs on the basis of standards that are completely open-ended and discretionary. Financial regulation, indeed regulation of any kind, ought not to operate on the basis of discretionary standards. See, e.g., .