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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

NFA and Better Markets File Amicus Curiae in ICI v. CFTC
Some of the arguments raised in the amicus brief are, I believe, mistaken. The brief asserts that: "NFA's enforcement and regulatory jurisdiction over CPOs is integrated in one self-regulatory entity with comprehensive jurisdiction and authority, and is more expansive than the statutory authority of the SEC or the jurisdiction of FINRA." See page 3 (emphasis added). This statement is inconsistent with the fact that securities issued by registered investment companies, including investment…
SEC Director Champ Remarks on Investment Adviser Regulation (Important Speech) (with Lofchie Comment)

As to Form PF, I am pleased that this speech confirms my advice to clients that the Form, in unfortunately large part, makes no sense and that clients would just have to decide in some arbitrary way what many of the questions mean. While I take comfort in not being wrong on this advice (and I hope my clients will too), it is disappointing because I am sure that tens of millions of dollars has been spent gathering information that will not be comparable across funds, and that probably would…

SEC Reports on the Municipal Securities Market

Given the political delicacy of the SEC regulating municipal issuers directly, and the limits on the SEC's resources to do so, it would not be surprising if most of the additional legal or regulatory burdens suggested by the report ended up falling on broker-dealers rather than on issuers. Pages 139-50 of the report suggest a number of new regulatory compliance requirements that might be imposed on broker-dealers.