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
It is hard to argue with the list of items the requires the CFTC to consider before adopting a rule. (The cost-benefit requirements are in Section 202, on page 10). Given that the SEC and numerous other regulators are required to consider the costs and benefits of the rules they adopt, it is not obvious why the CFTC should be exempted from this requirement. Rather than opposing the requirement as inconvenient, Chair Massad should make the case as to why: (i) the CFTC should be…
Passing a version of this bill would raise the question as to what the CFTC should do regarding an actual rule on cross-border jurisdiction. One possible solution would be for Congress to mandate the CFTC's adherence to the SEC's cross-border jurisdictional rules until the CFTC could study the issue and adopt its own rules (which could end up being identical to those of the SEC). This would solve at least three problems. First, it would conform the CFTC and SEC's jurisdictions…
The District Court's original opinion in favor of the CFTC was not persuasive. See D.C. District Court Issues Opinion on SIFMA v. CFTC Cross-Border Guidance Case (with Lofchie and Zwirb Comments) (September 16, 2014). A second read shows that that decision is still too gentle. Perhaps by making their case in comments before a wider forum, the parties will effect some long-term benefit.