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What Shadow?
February 2, 2023
In This Issue ...
FRB Issues Policy Statement on Permissible Activities of State Member Banks While Denying Uninsured Crypto-focused Bank’s Membership Application
ISDA Publishes Digital Asset Derivatives Definitions and Accompanying Whitepaper Addressing Netting and Collateral Issues
New FCA Consumer Duty of Care
NYC Comptroller and Pension Funds Advocate for Banks to Establish Interim Absolute GhG Emissions Targets
Climate Activist Sends Shareholder Proposals to Multiple U.S. Banks
Welcoming Our New Leveraged Finance and Private Credit Team
Back in Time
January 26, 2023
In This Issue ...
SEC Re-Proposes Dodd-Frank Act Section 621 Conflicts of Interest Rule
CFPB Reiterates Position on ‘Negative Option’ Programs
CFTC Chair Confirms CFTC's Planned Involvement in Policing the U.S. Carbon Markets
Federal Reserve Announces Pilot Climate Scenario Analysis Exercise Details
Changes to UK PRIIPs Rules
Back to the Future ... Cryptocurrency Tax Reporting
New and Newsworthy
January 19, 2023
In This Issue ...
Acting Comptroller Hsu Speaks on Too-Big-to-Manage Rather Than Too-Big-to-Fail
Regulators Sharpen Focus on Anti-Money Laundering Expectations for Crypto Industry
CFPB Issues Proposed Rule on Form Contracts
Biden Administration Takes Aim at ‘Junk’ Fees
The UK’s PRA Publishes Consultation on Basel 3.1
And the Beat Goes On
January 12, 2023
In This Issue ...
FRB Chair Powell Speaks on Central Bank Independence
EBA’s Final Report on Draft Technical Standards on the Identification of a Group of Connected Clients
IOSCO Launches a Consultation on Compliance and Voluntary Carbon Markets Design
Ringing in the New Year – Practical Tips for Public Companies to Implement the New SEC Rule 10b5-1 Trading Plan Rules in Their Internal Policies and Procedures
Celsius Earn Depositors May Be Left Cold by Crypto Ownership Ruling
Where Do We Go from Here?
January 5, 2023
In This Issue ...
Bank Regulators Issue Joint Statement on Crypto-Asset Risks
In Depth: Federal Reserve Issues Final Rule Implementing LIBOR Act
Latest CFTC Action on LIBOR Transition
UK Regulators Fine Leading Bank £48m for Operational Failings
ESMA Publishes Final Cross-Border Marketing Technical Standards
Banking Agencies Extend Reg. O Relief
In Depth: SEC Adopts Tougher Trading Rules for Corporate Insiders
Looking Back/Looking Ahead
December 15, 2022
In This Issue ...
DOJ, SEC and CFTC Announce Parallel Criminal and Civil Charges Against Sam Bankman-Fried, FTX Trading and Alameda Research
SEC’s Division of Corporation Finance Heightens Expectations for Crypto Disclosures
Looking Back on 2022 and Looking Ahead to 2023 – U.S. Prudential Bank Regulation
New Bipartisan Bill Takes Aim at Digital Asset Money Laundering and Terrorism Finance
A Closer Look at the UK Chancellor’s ‘Collection of Announcements’
What's Next for the UK and the EU?
European Supervisory Authorities Publish Joint Advice on the Review of the Securitisation Prudential Framework
Welcoming Our New ESG Finance and Investment Partner Sukhvir Basran
A Flurry of Activity
December 8, 2022
In This Issue ...
Vice Chair Barr Speaks on Capital Levels
DOL Issues Final Rule Amending Investment Duties Regulation – Provides New Guidance on Consideration of ESG Factors in Plan Investing
FRB Proposes Climate-Related Financial Risk Management Principles
CFPB Takes Down High-Yield Savings Account Scam, Defendants Also Charged By the SEC
Bond Traders Face Ban for Market Abuse in the UK
Welcoming Our New Financial Regulatory Partner Alix Prentice
Coming Down the Homestretch
December 1, 2022
In This Issue ...
Rule 15c2-11 Update: The SEC Provides Temporary Relief for Fixed Income Rule 144A Securities Until January 4, 2025
FRB and FDIC Provide Resolution Plan Feedback to Eight U.S. G-SIBs
Senator Wyden Seeks Information from Crypto Exchanges Regarding Their Financial Stability and Customer Protections in the Event of Bankruptcy
FCA Seeks Feedback on ‘Synthetic’ USD LIBOR
EU Consultation on ESG Fund Names and SFDR Q&As
Being Thankful
November 23, 2022
In This Issue ...
President Biden Nominates Martin Gruenberg as Chair of FDIC (Again)
FTC Delays Safeguards Rule Implementation for Certain Financial Institutions
CFPB Seeks Supreme Court Appeal of Funding Ruling
Regulation: IOSCO Begins Consultation on Carbon Markets
European Regulators Launch Joint Consultation on Greenwashing
Business as Usual?
November 10, 2022
In This Issue ...
The Impact of FTX’s Collapse: Insights on What Comes Next
Federal Reserve Issues Latest Financial Stability Report
Turning Towards Tuesday
November 3, 2022
In This Issue ...
CFTC and SEC Issue Guidance on Security-Based Swaps and Fraud in OTC Swap Disclosures
Consumer Financial Protection Bureau Kicks Off Extensive Privacy Rulemaking Process
FDIC Chair Speaks on Unbanked and Underbanked Survey
FCA Publishes Consultation Paper on UK Sustainability Disclosure Requirements
EU Publishes Final Text of ELTIF Regime
Central Banks Should Consider Climate and Biodiversity Shocks When Stress Testing Financial Institutions
A Big Thank You
What's Next?
October 27, 2022
In This Issue ...
Fifth Circuit Ruling Chills Consumer Financial Protection
FDIC Acting Chair Talks Prudential Regulation of Crypto-Assets
Disclosure: Financial Institution Advertisement Banned by UK Regulator
Disclosure: ‘Green Hushing’ Climate Targets
ESG Ratings: A Call for Greater Transparency and Precision Amid the Chaos of the Current Landscape
Busy, Busy
October 20, 2022
In This Issue ...
FRB and FDIC Issue Joint ANPR on Possible Resolution Requirements for Large Banking Organizations While FRB and OCC Approve U.S. Bank MUFG Union Bank Merger
FDIC Finalizes 2 Basis Point Increase in Deposit Insurance Assessment Rates
From Russia with Sanctions – Cayman Introduces General Licence for Certain Funds
Registration Closing for Finance Forum
What's the Plan?
October 13, 2022
In This Issue ...
OCC Releases Bank Supervision Operating Plan
CFTC Sanctions Registered CTA for Operating Unregistered SEF
European Commission Presents Report to the European Parliament and Council on Functioning of EU Securitisation Regulation
Sequana: What You Need to Know
Registration Deadline Approaching for 2022 Finance Forum
Change the Channel
October 6, 2022
In This Issue ...
Eleven Financial Institutions Pay $700 Million to Settle Recordkeeping and Supervision Violations Related to Off-Channel Business Communications
FRB Governor Bowman Spells Out Her Principles for Supervision and Regulation
EU Announces Final Text of Crypto-Assets Regulations
FCA Issues Statement on the End of Synthetic Sterling LIBOR
European Supervisory Authorities Publishes 2023 Work Programme
2022 Finance Forum Keynoter Muggsy Bogues: ‘Small Ball Meets Big Finance’
No Surprises
September 29, 2022
In This Issue ...
FRB Governor Bowman Speaks on Banking Competition
DAOs in CFTC’s Enforcement Crosshairs
New Executive Order Directs CFIUS on Review of Covered Transactions
Second Circuit Rules in Favor of Citibank in Accidental $500m Transfer in Revlon Loan Transaction
Delving into Digital Assets
September 22, 2022
In This Issue ...
White House Fact Sheet: Comprehensive Framework for Responsible Development of Digital Assets
Crypto-Assets and Climate Change – It’s Complicated
White House Announces Intent to Nominate Two Republicans to FDIC Board
Cadwalader Finance Forum Returns October 27
Taking a Gamble
September 15, 2022
In This Issue ...
Unpredictable Future of Political Prediction Markets
FCA’s Supervision Strategy for Benchmark Administrators
In Depth: Summary of Notable Comments to Federal Banking Agencies’ Interagency Proposal to Update Community Reinvestment Act Rules
Welcoming Nationally Renowned White Collar Defense Partners Kenneth Breen and Phara Guberman
Cool It
September 8, 2022
In This Issue ...
FRB Vice Chair of Supervision Barr Gives First Speech Since Taking Office
Non-Creditor Advertising of Credit Pre-Approvals Likely Deceptive
FDIC: Consumers Need Awareness of ESG Concerns, Too
In Depth: U.S. Bankruptcy Code Safe Harbors Protect Against Foreign Law Avoidance Claims under Chapter 15
Welcoming Leading Financial Restructuring Partner Mike Rupe
So Long, Summer
September 1, 2022
In This Issue ...
FDIC Issues Guidance on NSF Fees for Multiple Re-Presentments
FBI Warns About Cybersecurity Problems on DeFi Platforms
DOJ Opines on FDIC Board
ESMA: Rules for Third Country Benchmarks Are Not Fit for Purpose and Should Be Reviewed
Words and Actions
August 25, 2022
In This Issue ...
Bank Trade Associations Criticize FDIC Deposit Insurance Assessment Rate Proposal
FDIC Continues Cease and Desist Sweep Regarding Deposit Insurance and Crypto
Pay Attention
August 18, 2022
In This Issue ...
CFPB and FTC Take Aim at Bevy of Data Practices
Federal Reserve Announces Crypto-Asset-Related Supervisory Requirements and Final Guidelines for Access to Federal Reserve Accounts
CFTC Finalizes Rule Regarding LIBOR Transition Clearing Requirement Determination for Certain Interest Rate Swaps
Stress-Free?
August 11, 2022
In This Issue ...
Federal Reserve Releases Large Bank Capital Requirements
FCA Finalizes Changes to the UK’s Appointed Representatives Regime
CFPB and DOJ Send Clear Message Regarding Servicemembers to the Auto Industry
Former Non-Executive Chairman of UK-Listed Company Fined for Unlawfully Disclosing Inside Information as a Result of Negligence
Capital Relief Trades Webinar Series Replays
Save the Date: In-Person Cadwalader Finance Forum Returns on October 27
Changes
August 4, 2022
In This Issue ...
Proposed Legislation to Regulate Digital Commodity
The Department of Labor’s Proposed Amendments to the QPAM Exemption
FDIC Makes Clear That It Does Not Insure Crypto Exchanges
Changes to UK Financial Promotion Rules
Capital Relief Trades Webinar Series, Part 4: CRT Structuring in the United Kingdom and EU
No Summer Vacation
July 28, 2022
In This Issue ...
Lessons Learned from Recent OFAC Enforcement Actions
CFTC’s Enforcement of Fraudulent and Manipulative Pump-and-Dump Scheme in Crypto Commodities
SEC and Department of Justice Announce Parallel Crypto 'Insider Trading' Charges as Regulators and Congress Wrangle over Regulation of Digital Assets
Regulation E Model Forms May Not Always Be a Safe Harbor
FDIC Amends Enforcement Action Manual and Clarifies Terminations of Orders
Treasury and CLC Report on the State of the UK Financial Services Sector
CFPB Monitors Deposit Fees Closely
Legacy LIBOR
July 21, 2022
In This Issue ...
Federal Reserve Issues Proposed Rules under LIBOR Act
CFPB Imposes Several New Duties on Big Data Brokers
CFTC Penalizes an Inadvertent Commodity Trading Advisor
FRB Vice Chair Brainard Touts CRA Proposal and Positive Impacts on Native American Communities
Introduction of the UK Financial Services and Markets Bill
New Guidance from the FDIC on Brokered Deposits Affects Insured Depository Institutions
Cadwalader Corner Q&A: Pete Hahn, Emeritus Professor, The London Institute of Banking and Finance
The Plot Thickens
July 14, 2022
In This Issue ...
ARRC Publishes LIBOR Legacy Playbook
Regulators in Multiple Jurisdictions Call for More Oversight of Crypto-Assets and Stablecoins
Senate Confirms Michael Barr Nomination to be Fed Vice Chair for Supervision
In Depth: Regulation and Enforcement of the Digital Assets Markets, Part Two – Focus on Enforcement
Capital Relief Trades Webinar Series Replays
Just Enough ... or Too Much?
July 7, 2022
In This Issue ...
Five Federal Agencies Issue Joint Statement on Approach to Customer Due Diligence
FCA Delays Further Consultation on Sustainability Disclosure Requirements and Investment Labels
In Depth: Regulation and Enforcement of the Digital Assets Markets, Part One – Jurisdiction
A Meaningful Fourth
June 30, 2022
In This Issue ...
Federal Reserve Releases Results of Stress Tests and Large Bank Holding Companies Follow Up with Their Stress Capital Buffer Requirements
OCC Issues Its Semiannual Risk Perspective
ESMA Overview of the Market for ESG Ratings Providers in the EU and FCA Feedback on ESG Integration in UK Capital Markets
FCA Consultation on the Winding Down of Synthetic Sterling LIBOR and the Future of US Dollar LIBOR
Inadvertent FCM Sanctioned by CFTC
Capital Relief Trades Webinar Series, Part 3 on July 13
Everybody's Talking
June 23, 2022
In This Issue ...
United States Courts Possess Personal Jurisdiction over Foreign Banks in Ongoing LIBOR Case
Compliance in Commodity Derivatives Markets
FDIC Amends Deposit Insurance Fund Restoration Plan and Proposes Increase in Assessment Rates
In Depth: Dissecting the Real Estate, Structured Finance and Financial Services Industries' Comment Letters on the SEC’s Climate Disclosure Proposal
CRT Webinar: Part One Replay and Part Two Registration
Alphabet Soup
June 16, 2022
In This Issue ...
CFPB Launches Office of Competition and Innovation
CFTC’s Swap Reporting Advisory
Basel Committee Issues Principles on Management and Supervision of Climate-Related Financial Risks
In Depth: Latest Compromise Text in Relation to AIFMD2 Proposals on Loan Origination Funds
In Brief: Regulation Q and You – Capital Relief Trades for U.S. Banks
Cadwalader Webinar Series: A Practical Guide to Capital Relief Trades for U.S. Banks
Coming Attractions
June 9, 2022
In This Issue ...
Coming Attractions at the Federal Reserve
U.S. Senators Propose First Comprehensive Regulation for Digital Assets
UK Treasury Opens Consultation into Proposed Insolvency Regime to Manage Failure of Stablecoin Firms
CFTC Considers Greater Regulation of Carbon Offset Markets
Senate Banking Committee Clears Three Financial Regulatory Nominations, Including Michael Barr for Fed Vice Chair of Supervision
Next Week in Barcelona?
Peter Malyshev to Participate on FIA Forum: Commodities 2022 Panel
Swirling Winds
June 2, 2022
In This Issue ...
President Biden Reiterates Independence of the Fed at Meeting with FRB Chair Powell
No, Fancy Technology Does Not Excuse Compliance Obligations
OFAC Settles with Puerto Rico-Based Bank over Apparent Sanctions Compliance Lapse
CFPB Makes the Case for Credit Card Issuers to Provide Actual Payment Histories
Eighth Circuit Follows Second Circuit and Affirms Broad Safe Harbor Protections for Bank Customers
In Depth: Fifth Circuit Bombshell on SEC ALJs Raises Questions about DEA ALJs
A Meaningful Impact
May 26, 2022
In This Issue ...
SEC Proposes New ESG Rules for Funds, Clearly Signaling Its Intent to Scrutinize ESG Claims
A Call to Arms: CFPB Encourages States to Use Federal Authorities to Bring Enforcement Actions
CFTC Considers FTX’s Democratized Clearing Proposal
Acting Comptroller Hsu Brings Crypto-Skepticism to Blockchain Summit
Meeting of G7 Finance Ministers and Central Bank Governors: Crypto-Asset Regulation
Deposit Insurance Limits and Trusts and Mortgage Servicing
Cadwalader Receives 2022 IFLR Americas ‘Team of the Year: Financial Services Regulatory’ Award, and Lary Stromfeld Wins ‘Outstanding Achievement Award’ for ‘Contribution to Regulatory Reform’
Challenging Times
May 19, 2022
In This Issue ...
FDIC Updates Guidelines for Appeals of Material Supervisory Determinations
Protecting Depositors by Enforcing Proper Advertising of FDIC Insurance
ESAs Publish Questions on SFDR and EU Taxonomy Regulation Interpretation
A Sea Change in FARA Enforcement
In Depth: What’s in a Name? 'Defense Stocks' Highlight the Challenges for Asset Managers in Navigating Sustainability Taxonomies as They Characterize Investments as ESG-Compliant
Welcoming Leading Finance Partner Angie Batterson
Where Things Stand
May 12, 2022
In This Issue ...
Priorities for Derivatives Markets from ISDA's Annual General Meeting
CFPB: Consumers Who Have Already Received Credit Are Protected by Fair Lending Laws
Yellen to Senate Banking Committee: Stablecoins Should Be Regulated
Queen’s Speech 2022: UK Government to Revoke EU Financial Regulations (Eventually)
In Depth: A Look at Federal Banking Agencies’ Proposal to Update Community Reinvestment Act Rules
Cadwalader Corner Q&A: Rare Recruitment’s Raphael Mokades
In the Mix of May
May 5, 2022
In This Issue ...
More Crypto Sheriffs from the SEC
Federal Banking Agencies Issue Interagency Proposal to Update Community Reinvestment Act Rules
Launch of UK Transition Plan Taskforce to Support Climate Transition Plans
Cutting Corners in a Competitive Auto Market
U.S. Court of Appeals for the Third Circuit Agrees to Hear Interlocutory Appeal in CFPB Enforcement Action against Student Loan Trusts
In Depth: President Biden Proposes New Administrative Forfeiture Process and Other Legislative Changes to Address Ukraine Crisis
Together Again
April 28, 2022 | Issue No. 8
In This Issue ...
Live from FIA L&C: Redefining the Scope of a “Trading Facility”
FCA Announcement on Synthetic Sterling LIBOR
CFPB Targets Nonbanks for Supervision
Trade Associations Raise “Significant Concerns” on Re-Proposed Guidelines for Access to Federal Reserve Bank Accounts and Services
In Depth: The EBA Publish Final Draft RTS Relating to Risk Retention under the EU Securitisation Regulation
Welcoming Peter Malyshev and Mercedes Kelley Tunstall
Earth Day 2022
April 21, 2022 | Issue No. 7
In This Issue ...
SEC Climate Proposal: Industry Groups Pile In to Push Back on SEC’s Short Comment Period, as Senators Speak Out
Michael Barr to Be Nominated as Fed Vice Chair for Supervision
New Rules on Diversity and Inclusion Reporting for Company Boards and Executive Management in the UK
In Depth: A Perfection Problem with a Hidden Solution
Make Room for Crypto
April 14, 2022 | Issue No. 6
In This Issue ...
Treasury Secretary Yellen on Digital Assets Policy, Innovation and Regulation
FDIC Weighs In on Crypto Activities
Sending a Message: The CFPB's Charges Against TransUnion
Final Draft Technical Standards on Risk Retention Requirements for Securitisations Published by EBA
Securities Litigation Update: Courts of Appeal Address the Exchange Act’s Exclusive-Jurisdiction and Non-Waiver Provisions, the Duty to Disclose and Scienter
In Depth: Acting Comptroller Hsu Discusses Resolution Plans for Large Regional Banks
In the News
April 7, 2022 | Issue No. 5
In This Issue ...
New Round of Russia Sanctions
California’s Board Diversity Law Tossed by Judge; Other Board Diversity Efforts Continue
FRB Issues Enforcement Actions against Bank and BHC Employees for Alleged CARES Act Fraud
The UK’s Plan to Become a Global Crypto Hub
DOL Warns Sponsors against Permitting Cryptocurrency-Related Investments on 401(k) Plan Investment Menus
In Depth: What Can Public Companies Do Now to Prepare for the SEC’s New Proposed Rules on Climate-Related Disclosures?
More of the Same
March 31, 2022 | Issue No. 4
In This Issue ...
FDIC Requests Comment on Proposed Framework for Managing Climate-Related Risk
The Biden Budget: Funding Sanctions and AML Initiatives
Meeting of Congressional Aides Signals Interest in Comprehensive Federal Privacy Legislation
FDIC Issues Request for Information and Comment on Bank Mergers
Supervisory Statement on the Application of the EU Sustainable Finance Disclosure Regulation and the EU Taxonomy Regulation
In Depth: The Rise and Rise of Public Pensions in Private Equity
Risky Business
March 24, 2022 | Issue No. 3
In This Issue ...
CFPB Will Begin Using UDAAP Authority to Address Discrimination in Wide Array of Consumer Financial Products
Puerto Rico’s Plan of Adjustment ‘Goes Effective’
Federal LIBOR Legislation: Five Things Financial Market Participants Need to Know
Federal Banking Agencies to Issue Notice of Proposed Rulemaking to Amend Uniform Rules of Practice and Procedure
The European Supervisory Authorities' Warning on the Risks of Cryptoassets
In Depth: SEC Proposes Climate-Related Changes to Regulation S-K and Regulation S-X
Cadwalader Adds Leading Litigator Helen Maher
A Look at LIBOR
March 17, 2022 | Issue No. 2
In This Issue ...
Federal LIBOR Legislation in Five Quick Bites
SEC Amendments on Cybersecurity Disclosure
Russia Sanctions Update: Lux Edition
Statement from UK Financial Regulatory Authorities on Sanctions and the Cryptoasset Sector
Sarah Bloom Raskin Withdraws from Fed Nomination
In Depth: New Climate-Related Disclosure Rules from the SEC? Here’s What You Need to Watch Out For
Executive Order on Ensuring Responsible Development of Digital Assets: The Intersection of Climate Change and Cryptocurrencies
Cadwalader Corner Q&A: Morgan Stanley's Thomas Wipf, Chairman of the Federal Reserve's Alternative Reference Rates Committee
The New Cabinet News and Views
March 10, 2022 | Issue No. 1
The Reimagined Cabinet News and Views
New Biden Executive Order on Digital Assets
Federal Reserve Board Re-proposes Guidelines for Access to Federal Reserve Bank Accounts and Services
Strengthening Cybersecurity Notification Requirements
EU AML List Will Add The Cayman Islands
LIBOR Federal Legislation Takes Big Step Forward
In Depth: Listen to Your Regulator on Sanctions and Crypto
Cadwalader Corner Q&A: BNY Mellon's Jason Granet
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