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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

When considering financial regulation (and regulation generally) and their expressed attitudes towards the financial system, the two platforms are positioned almost diametrically in opposition. It is necessary, therefore, to say something about the parties' views of the role that government should play both in providing employment and in the role of private enterprise. The Republican platform is based on the standard position that private enterprise is to be strongly encouraged and is…

Any investment banks that are involved in the distribution of REITs should review NASAA's standards carefully in order to determine how their activities will be affected.

A disproportionate number of individuals who are paid less because of rules like the ones in this proposal happen to work and pay taxes in the New York metropolitan area. New York politicians should consider the negative effect that targeting the financial industry can have on the local economy. Perhaps the localized impact would not matter if such rules made for good public policy. Unfortunately, government-imposed pay rules are a purely political calculation and not based on economic…

The value of these government reports is questionable. Statements in the OFR report like: "severe adverse outcomes in the U.K. could pose a risk to U.S. financial stability," are trivial given the current economic environment, and they offer no useful insight for market participants. More remarkable, however, was the failure of the Financial Stability Oversight Council ("FSOC") to identify "Brexit" as a risk in its own , produced just before the…