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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

While this seems a large change in procedure, it does not seem unreasonable. As a practical matter, one would think that an agency where the Commission is appointed by the President, and where a majority of the Commissioners are from the party of the President, would act in a manner that is consistent with the goals of the President.  

If the agency is not acting in a manner that is consistent with the goals of the President, then it is reasonable to ask whose goals the agency is…

In general, the costs of regulation tend to disfavor small firms more than large firms, as the latter are better able to spread the somewhat fixed costs. Accordingly, an Administration focused on deregulation should at least slow the general trend to go big. (See also .)

The pause may very well lead to a rollback.                                                                                                                       

Among the many benefits of the transition from former SEC Chair Gensler to new SEC Chair Atkins is Mr. Atkins' extensive experience with respect to compliance and operational issues. Even if one believes that a particular rule change might be good in theory, the rule change must be workable in practice. A number of the rule changes that were proposed or adopted under the Chair Gensler regime were, whatever one thinks about their theoretical merits, completely unworkable, his proposed best…