Steven Lofchie

Phone212 504 6700

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Experience & Credentials
 

Practice Areas

  • Bank Regulation
  • Broker-Dealer Regulation
  • Commodities & Futures Regulation
  • Derivatives & Structured Products
  • Financial Regulation
  • Investment Management
  • Investment Management Litigation
  • Investment Management Regulation & Compliance
  • Investment Management Transactions
  • OTC Derivatives
  • Structured Products
  • Swap Regulation
 
Contact InfoTelephone: 212 504 6700
Fax: 212 504 6666
http://www.cadwalader.com/professionals/steven-lofchie
 
University Sarah Lawrence College, B.A., 1979; Columbia University, M.B.A., 1984
 
Law SchoolYale University, J.D., 1989
 
Admitted1990, New York; U.S. District Court, Southern District of New York
 
Memberships V2N1

Mar 26, 2014

 
Biography

Steven Lofchie, a partner and Co-Chair of the Financial Services Group, concentrates his practice in advising financial institutions on regulatory issues and on derivatives and other financial instruments. He is consistently recognized in the United States by Chambers USA, Legal 500, and IFLR 1000 in the areas of financial services regulation and derivatives. The Best Lawyers in America also selected Steven as one of the nation's leading lawyers in several areas including: Administrative/Regulatory, Derivatives and Futures, Securities/Capital Markets, and Securities Regulation Law. He is the author of Lofchie's Guide to Broker-Dealer Regulation (4th ed. 2011), considered the leading treatise in the field. In 2014, he testified before a subcommittee of the House on equity market structure.

Steven counsels funds (private and both SEC and CFTC-registered), broker-dealers, and banks regarding regulatory and transactional issues. His regulatory practice addresses virtually all the securities-law related statutory and regulatory requirements applicable to these institutions and their affiliates.

Steven represents many financial entities and their investment advisers on trading.

His transactional practice focuses on over-the-counter derivatives, securities financing, and trading agreements (from prime brokerage to the use of asset-backed structures for the financing of investments in hedge funds), and various types of licensing and membership agreements.

Steven is a frequent writer and speaker on financial regulation and policy. In 2014, he testified before a subcommittee of the House on equity market structure. In addition, he has been very active in developing web-based compliance tools, online compliance manuals, research tools and document analysis systems. These tools are available through the Cadwalader Cabinet ( www.cadwalader.com/thecabinet ).

The Cadwalader Cabinet includes:

Lofchie's Guide to Broker-Dealer Regulation;

Lofchie's Guide to Hedge Fund Regulation;

Lofchie's Guide to CPO/CTA Regulation;

Lofchie's Guide to FATCA;

Lofchie's Guide to Blue Sky Law;

Lofchie's Guide to Anti-Money Laundering; and

•Numerous books, calendars, finding guides and other tools.

The Cadwalader Cabinet also hosts tens of thousands of other documents, including statutes, rules, no-action letters, releases, case law and relevant legislation.

Steven received his B.A. from Sarah Lawrence College and has M.B.A. from Columbia Business School, where he was a General Motors Fellow. He received his J.D. from Yale Law School, where he was a member of the Yale Law Journal.

He also serves as a Senior fellow on financial regulation at the Center for Financial Stability, a nonpartisan financial industry think tank.

News

News Releases

Cadwalader Named 2014 Americas Derivatives Law Firm of the Year; Ray Shirazi Recognized as Top Derivatives Lawyer

Sep 19, 2014

More Than 40 Cadwalader Attorneys Recognized by Super Lawyers 2014 New York Metro Edition

Sep 15, 2014

Cadwalader Attorneys, Practices Recognized in 2015 Edition of The Best Lawyers in America

Aug 18, 2014

Steven Lofchie Recognized by Best Lawyers as New York Lawyer of the Year for Securities Regulation

Aug 18, 2014

Cadwalader Recognized Among Leading Firms in The Legal 500 US 2014

Jun 27, 2014

Cadwalader Launches Web-Based Financial Services Solution

May 08, 2014

Cadwalader Recognized With Two Major IFLR Americas Awards

Mar 28, 2014

Cadwalader Attorneys, Practices Recognized by 2014 Chambers Global Guide

Mar 25, 2014

Cadwalader Partner Steven Lofchie Testifies on Reg. NMS Before House Committee on Financial Services

Feb 28, 2014

Cadwalader Recognized Among 2013 Most Innovative Law Firms by Financial Times

Nov 21, 2013

Cadwalader Again Recognized Among Legal Leaders by IFLR 1000

Nov 15, 2013

Cadwalader Recognized in 2013 Edition of The Legal 500 US

Oct 25, 2013

2014 Edition of The Best Lawyers in America Recognizes 44 Cadwalader Attorneys Across a Range of Practices

Oct 22, 2013

Super Lawyers 2013 New York Metro Edition Recognizes More Than 30 Cadwalader Attorneys

Sep 18, 2013

Cadwalader Releases Lofchie's Guide to Hedge Fund Regulation; Third Major Volume in On-Line Trilogy on Financial Regulation

Jul 12, 2013

More Than 25 Cadwalader Attorneys in 17 Practice Areas Recognized by 2013 Chambers Global Guide

Apr 08, 2013

Cadwalader Has Another Breakout Year at the IFLR Americas Awards - Firm is Recognized for Two Outstanding Achievements in Deal and Team Categories

Mar 27, 2013

IFLR 1000 Again Names Cadwalader a Leader in Core Transactional Areas of Practice

Nov 06, 2012

Super Lawyers Names Metropolitan New York Cadwalader Lawyers in More Than 20 Areas of Practice as Outstanding in Their Fields

Oct 15, 2012

2013 Edition of The Best Lawyers In America Recognizes 45 Cadwalader Attorneys in Multiple Areas of Practice

Oct 06, 2012

Cadwalader Named 'Law Firm of the Year' at 2012 Global Derivatives Awards

Sep 19, 2012

The Legal 500 Recognizes More than 15 Cadwalader Practices and 47 of the Firm's Lawyers Across U.S. Offices

Jun 06, 2012

Dodd-Frank's Swaps Definition is Impossibly Broad, Difficult to Fix, Says Cadwalader

Apr 12, 2012

Cadwalader Nets Multiple Awards at IFLR Americas Awards Ceremony - Wins Big in Both Deal and Team Categories

Apr 02, 2012

ISDA Retains Cadwalader as Legal Counsel for Dodd-Frank Documentation Project

Mar 28, 2012

IFLR 1000 Again Names Cadwalader a Leader in Core Transactional Areas of Practice

Oct 19, 2011

Super Lawyers Taps More Than 40 Metropolitan New York Cadwalader Attorneys as Outstanding in Their Fields

Sep 26, 2011

Cadwalader Announces Release of New Version of Lofchie's Guide to Broker Dealer Regulation

Sep 19, 2011

2012 Edition of The Best Lawyers In America Recognizes 45 Cadwalader Attorneys in 30 Areas of Practice

Sep 06, 2011

The Legal 500 U.S. Recommends Cadwalader in 13 Areas of Practice and Highly Ranks More Than 50 Attorneys

Jun 01, 2011

Cadwalader Recognized for Continued Excellence by Chambers Global 2011

Apr 19, 2011

The Best Lawyers In America Recognizes 37 Cadwalader Attorneys in 21 Areas of Practice

Aug 04, 2010

Cadwalader Assesses Impact of Dodd-Frank Wall Street Reform and Consumer Protection Act

Jul 22, 2010

Cadwalader Practices Commended by US Legal 500

Jun 16, 2010

Cadwalader Recognized as Industry Leader by Chambers

Jun 15, 2010

Cadwalader Practitioners Lauded in Latest Edition of Benchmark Litigation

Oct 08, 2009

Cadwalader Commended in 2010 IFLR 1000

Oct 07, 2009

Cadwalader Represents Markit in Development and Structuring of Convertible Bond Indices

Sep 22, 2009

2010 Edition of The Best Lawyers In America Recognizes Numerous Cadwalader Attorneys

Aug 07, 2009

Cadwalader Lauded in Multiple Practices in Chambers USA

Jun 12, 2009

Recent Press

Former Regulator Becomes Face of Industry Lobby

Jul 24, 2014

How to Regulate HFT's Secrets

May 29, 2014

Reg NMS in the Spotlight Amid HFT Criticism

May 16, 2014

U.S. Securities Lending Faces Change

Sep 13, 2012

The Club No-one Wants to Join: Swap Dealer Rules Remain Unclear

Jun 01, 2012

What's the Holdup With Dodd-Frank Rulemaking?

May 01, 2012

Watch partner Steven Lofchie discuss the uncertainty created by provisions of the Dodd-Frank Act as they relate to the regulation of swaps

Jun 09, 2011

Protecting Against Insider Trading: Expert Networks and Best Practices for Fostering Compliance and Reducing Legal Risks

Dec 16, 2010

Too Big to Work?

Sep 20, 2010

Recognition

Cadwalader Named 2014 Americas Derivatives Law Firm of the Year; Ray Shirazi Recognized as Top Derivatives Lawyer

Sep 19, 2014

More Than 40 Cadwalader Attorneys Recognized by Super Lawyers 2014 New York Metro Edition

Sep 15, 2014

Steven Lofchie Recognized by Best Lawyers as New York Lawyer of the Year for Securities Regulation

Aug 18, 2014

Cadwalader Attorneys, Practices Recognized in 2015 Edition of The Best Lawyers in America

Aug 18, 2014

Cadwalader Recognized Among Leading Firms in The Legal 500 US 2014

Jun 27, 2014

Chambers and Partners USA 2014

May 23, 2014

Cadwalader Recognized With Two Major IFLR Americas Awards

Mar 28, 2014

Cadwalader Attorneys, Practices Recognized by 2014 Chambers Global Guide

Mar 25, 2014

Cadwalader Recognized Among 2013 Most Innovative Law Firms by Financial Times

Nov 21, 2013

Cadwalader Again Recognized Among Legal Leaders by IFLR 1000

Nov 15, 2013

Cadwalader Recognized in 2013 Edition of The Legal 500 US

Oct 25, 2013

2014 Edition of The Best Lawyers in America Recognizes 44 Cadwalader Attorneys Across a Range of Practices

Oct 22, 2013

Chambers and Partners USA 2013

May 24, 2013

International Financial Law Review's 2013 IFLR 1000

Nov 06, 2012

Super Lawyers 2012

Oct 15, 2012

The Best Lawyers In America 2013

Oct 06, 2012

Chambers and Partners USA 2012

Jun 07, 2012

2012 Legal 500 US

Jun 06, 2012

Chambers and Partners Global 2012

Mar 01, 2012

Resources

Clients & Friends Memos

CFTC Votes to Re-Propose Margin Requirements for Uncleared Swaps

Sep 18, 2014

Summary of Prudential Regulators' Re-Proposed Margin Rules

Sep 04, 2014

SEC SBSD Recordkeeping and Reporting Proposal

Apr 23, 2014

The Volcker Rule's Impact on Foreign Banking Organizations

Dec 20, 2013

Reproposed Credit Risk Retention Requirements for Asset-Backed Securities Transactions

Sep 13, 2013

Quick Help Guide to CFTC's New Rules for CPOs to RICs; Amended Rules for Other CPOs and CTAs

Aug 22, 2013

SEC Adopts Significant Amendments to Private Placement Rules: JOBS Act Rules Eliminate Ban on General Solicitation and Dodd-Frank Mandate Disqualifies Bad Actors

Aug 13, 2013

SEC Issues Proposed Regulation SCI to Enhance its Regulatory Oversight of Exchanges, Plan Processors, ATSs, and other Key Market Participants

Mar 18, 2013

Federal Reserve Governor Tarullo Calls for Increased U.S. Regulation of Foreign Banking Organization

Dec 03, 2012

CFTC Adopts Final Rules and Interpretations Further Defining Products and Final End-User Clearing Exception Rule; Proposes Clearing Exception for Swaps Entered into by Certain Cooperatives

Jul 11, 2012

The Sun Never Sets on Dodd-Frank

Apr 17, 2012

What is a Swap? Maybe (Almost) Everything? You Gotta Problem with That?

Apr 12, 2012

The Consumer Financial Protection Bureau: The New, Powerful Regulator of Financial Products and Services

Mar 06, 2012

SEC Issues No-Action Letter Addressing Registration Requirements for Certain Advisory Affiliates

Feb 13, 2012

A Critical Analysis of the Potential Impact of the Volcker Rule on Municipal Bonds

Dec 12, 2011

The Volcker Rule's Impact on Financial Institutions' Ownership and Sponsorship of Structured Finance and Securitization Transactions

Nov 03, 2011

The SEC Approves Final Version of Form PF

Oct 28, 2011

The Volcker Rule's Significant Impact on a Foreign Banking Organization's Proprietary Trading Activities

Oct 13, 2011

Living Wills: FDIC Modifies, Finalizes Rules

Sep 23, 2011

Final SEC Rule Regulating Large Trader Reporting

Sep 22, 2011

SEC Adopts Dodd-Frank Act Investment Adviser Rules and Delays Implementation of Some Deadlines

Jun 27, 2011

The Dodd-Frank Act: How It Impacts Specific Institutions, Entities and Transactions

Jun 22, 2011

Living Wills: A User's Guide To Dodd-Frank's Bequest to Banks

Jun 13, 2011

Two Dodd-Frank Problems: The Effective Date and the Definitions - Contingency Planning in the Absence of a Regulatory Structure

Jun 13, 2011

The Dodd-Frank Whistleblower Provisions: Considerations for Effectively Preparing for and Responding to Whistleblowers

May 26, 2011

The Dodd-Frank Act's Impact on Affiliate Transactions

Apr 21, 2011

CFTC, Prudential Regulators Propose Margin Rules for Non-Cleared Swaps

Apr 13, 2011

SEC Launches FCPA Probe of Financial Services Industry's Interactions with Sovereign Wealth Funds

Mar 18, 2011

Quantitative Investment Models and Compliance Policies and Procedures: the Securities and Exchange Commission Order Involving the AXA Rosenberg Entities

Feb 17, 2011

Fed Issues Final Regulations on the Volcker Rule's Extension Periods

Feb 11, 2011

Expert Networks and Insider-Trading Probes: Best Practices in Fostering Compliance and Reducing Legal Risks

Dec 21, 2010

The Directive on Alternative Investment Fund Managers: Implications For Non-European Investment Managers

Dec 17, 2010

The Lincoln Amendment: Banks, Swap Dealers, National Treatment and the Future of the Amendment

Dec 14, 2010

The SEC Publishes Final Rule Regulating Access to Securities Markets

Nov 15, 2010

An Analysis of the Dodd-Frank Act's Volcker Rule

Oct 15, 2010

Changes to the Regulation of Broker-Dealers and Investment Advisers Under Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act

Aug 12, 2010

Changes to the Regulation of Banks, Thrifts, and Holding Companies Under the Dodd-Frank Wall Street Reform and Consumer Protection Act

Jul 20, 2010

Regulation of Systemically Significant NonBanks Under the Dodd-Frank Wall Street Reform and Consumer Protection Act

Jul 20, 2010

Hedge Fund Regulation Under the Dodd-Frank Wall Street Reform and Consumer Protection Act

Jul 20, 2010

The New Scheme for the Regulation of Swaps, with Appendices on Retroactivity, Special Entities and Tax, Under the Dodd-Frank Wall Street Reform and Consumer Protection Act

Jul 20, 2010

Regulation of End Users of Swaps Under the Dodd-Frank Wall Street Reform and Consumer Protection Act

Jul 20, 2010

Some Concerns with the Regulation of Large Non-Bank Holding Companies

Jun 03, 2010

The Changing Face of Hedge Fund Regulation

May 27, 2010

Some Concerns with the Derivatives Legislation

May 03, 2010

Blue Sky Issues of Financial Reform Legislation for Hedge Fund Advisers

Apr 21, 2010

Posting Independent Amounts under Derivative Transactions: Industry Recommendations for End User Protection

Apr 16, 2010

The Securities and Exchange Commission Approves Nasdaq Rule on Sponsored Access and Proposes a Rule to Prohibit Naked Sponsored Access; Issues Concept Release on Market Structure

Feb 09, 2010

House Regulatory Reform Bill May Impose Further Burdens On Large Funds

Feb 04, 2010

CFTC Proposes to Set Position Limits in the Energy Futures Market

Jan 28, 2010

Securities and Exchange Commission Proposes Regulation of Indications of Interest and Dark Pools

Nov 23, 2009

Federal Reserve Board Proposes Guidance on Incentive Compensation

Nov 17, 2009

ISDA Publishes Final Collateral Dispute Resolution Procedure Designed to Assist Market Participants in Resolving Disputed Collateral Calls

Oct 27, 2009

The FDIC's Statement of Policy on Qualifications for Failed Bank Acquisitions

Aug 31, 2009

Over-the-Counter Derivatives Markets Act of 2009

Aug 20, 2009

Litigation Challenges Counterparty Right to Withhold Payments under Section 2(a)(iii) of ISDA Master Agreement as Violation of Automatic Stay Provisions of U.S. Bankruptcy Code

Aug 11, 2009

ISDA's Small Bang Protocol: Auction Settlement following a Restructuring Credit Event

Jul 22, 2009

Private Equity Investments in Troubled Banks

Jul 15, 2009

Obama Proposal for Regulatory Reform as It Relates to OTC Derivatives Markets

Jun 22, 2009

The Obama Administration's Financial Regulatory Reform Proposal

Jun 22, 2009

The Obama Administration's Financial Regulatory Reform Proposal and Its Impact on the Securitization Markets

Jun 22, 2009

Obama Administration's Financial Regulatory Reform Proposal Introduced

Jun 17, 2009

Regulatory Reform of OTC Derivatives Markets

May 15, 2009

Treasury, Federal Reserve, & FDIC Credit and Liquidity Programs

Apr 23, 2009

The Manny Ramirez Tax Lightbulb; Also (2 Ideas in 1 Memo) Putting Pay in Perspective

Mar 24, 2009

The Banking Act 2009: Counterparty Rights and Insolvent Banks

Mar 10, 2009

Draft U.S. Law Seeks to Regulate Credit Default Swaps

Feb 02, 2009

Regulation D Filings for Hedge Funds - Beware the Ides of March!

Feb 02, 2009

The Future of Financial Regulation: Meet the New Regulators, Better Than the Old Regulators?

Jan 27, 2009

Books

Lofchie's Guide to US Broker-Dealer Regulation

Lofchie's Guide to US Broker-Dealer Regulation, authored by Steven Lofchie, offers comprehensive analysis of broker-dealer regulation

Articles

The Law of Insider Trading: Legal Theories, Common Defenses, and Best Practices for Ensuring Compliance

Mar 01, 2012

No Crisis Wasted: Proposed EU and U.S. Regulation of OTC Derivatives (Part II)

Dec 13, 2010

No Crisis Wasted: Proposed EU and U.S. Regulation of OTC Derivatives (Part I)

Nov 01, 2010

Changes to the Regulation of Broker-Dealers and Investment Advisers Under Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act

Sep 01, 2010

The SEC's Proposal For Regulating 'Dark Pools'

Dec 15, 2009

Events

L&C 2014 - 36th Annual FIA Law & Compliance Division Conference

May 07, 2014

MFA Compliance 2014

May 07, 2014

Forum 2012

Jun 12, 2012

Newsletter

Quorum

Quorum: March 2014

 
ISLN901515290
 

Documents by this lawyer on Martindale.com

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CFTC Votes to Re-Propose Margin Requirements for Uncleared Swaps
Steven Lofchie,Nihal S. Patel,Jeffrey L. Robins, September 22, 2014
On September 17, 2014, the Commodity Futures Trading Commission (“CFTC”) voted to re-propose rules to impose initial and variation margin requirements on uncleared swaps entered into by swap dealers and major swap participants that are not regulated by a “Prudential...

Summary of Prudential Regulators’ Re-Proposed Margin Rules
Steven Lofchie,Nihal S. Patel,Jeffrey L. Robins, September 8, 2014
On September 3, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Prudential...

SEC SBSD Recordkeeping and Reporting Proposal
Steven Lofchie,Nihal S. Patel,Jeffrey L. Robins, April 25, 2014
The SEC has published proposed recordkeeping, reporting and capital deficiency notification requirements that would apply to security-based swap dealers ("SBSDs") and major security-based swap participants ("MSBSPs") as well as to other SEC-registered broker-dealers that enter...
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Office Information

Steven Lofchie


New YorkNY 10281-0006




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