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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

Increasing retail participation in the proxy process is not a worthwhile regulatory effort.

For those who are interested in learning more about bitcoins and blockchains, The Age of Cryptocurrency, by Paul Vigna and Michael J. Casey, is a good read.

How any court could determine that FSOC acted within or without the law is a mystery, since the statutory provision that establishes the basis for designation of a firm as systemically significant is inherently ambiguous. Section 113 of Dodd-Frank simply does not establish "law" as the term is commonly understood; it does not establish any objective rules that can be understood by those who would either be subject to it or interpret it. Congress should consider repeal of Section 113. It is…

It is an unfortunate demonstration of the extent to which financial regulation has become politicized that this amendment is being attacked as a give-away to the bank when, in fact, Senate Democrats acknowleged in open statements on the floor that it was their poor drafting of Dodd-Frank that had resulted in language that required end-users to post margin. The mistake was not corrected during the prior Congress for reasons that were not related to regulatory policy; there seems no reason not…