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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

Streetwise Professor Critiques BOE Staff Working Paper
Professor Pirrong's comments on the working paper also pertain to a number of recent studies of the effect of new regulation on liquidity in the debt market: governmental researchers are able to find that new regulations have no negative effects as long as the researchers select the right measures. In the fixed income markets, for example, researchers have found no increase in bid-offer spreads. Further, researchers found significant diminutions in trade size, resulting in positions that take…
FINRA Podcast Focuses on New Rules for Debt Research
FINRA Rule 2242, which comes into effect on February 22, 2016, imposes a comprehensive regulatory regime on debt research for the very first time. Firms that produce debt research will be required to adopt compliance policies and procedures to address both the prescriptive elements of the rule and more principles-based elements, which are intended to foster objectivity in debt research. In assessing the scope of their compliance requirements, firms should consider the following high-priority…
CFTC Chair Massad Details Progress in Reform of Derivatives Marketplace
It is clear that regulators now concede the risks that arise from central clearing, and they have abandoned the myth that clearinghouses somehow eliminate it, but now the question to ask is this: Is the CFTC focusing on the right risk? It appears that the CFTC remains focused on the risk that a clearinghouse may fail, but the larger systemic risk might be that the clearinghouse may survive only to drag down the financial markets by raising collateral demands, which could trigger a sell-off and…
SEC Corporate Finance Director Discusses Cross-Border Regulation of Issuers and Offerings

While the Director certainly covered a lot of historical and regulatory ground in his speech, he actually gave very little sense of the direction, if any, toward which he believed the Division should proceed. For example, although he noted that the discussion on re-thinking interim financial reporting has been going on for some time now, and he likewise remarked that commenters have noted that "a focus on short-term performance is not conducive" to long-term growth, he did not indicate…