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
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The intended point of the Executive Order – that regulators should (i) consider whether the sheer volume of regulations is killing economic growth and (ii) evaluate past rulemakings periodically to consider whether they still (or ever) made sense – is completely reasonable, but the effect is another matter. However sound-bite-worthy the notion of a 2-to-1 rule might be, that is all it should have been: a sound bite. Putting that notion into the actual language of the order made for a…
Senator Warren's letter provides some useful information, but judging by the excerpts she cited from the letters she received, the information is tailored closely to her views and may not represent a fair reading of companies' full letters. Even so, her claims merit scrutiny:
1) Regarding the claim that the Fiduciary Rule will save investors $17 billion: this is highly speculative. One could just as easily claim that investors would lose the same amount of…
The substance of the relief is notable, but so is CFTC staff's consideration of the "full plate" of new compliance burdens to which firms are subject. Clearly, a new administration is at work at the CFTC.