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A Meaningful Impact
May 26, 2022

The U.S. regulatory agencies were out in full force this week, with significant activity and pronouncements that will have a meaningful impact on the financial services industry.

It’s hard to summarize these important developments in this short introduction to this week’s issue, so we encourage readers to carefully review our authors’ insightful contributions. 

In addition, our firm was honored last week to be named at the IFLR Americas Awards as the “Team of the Year” in the “Financial Services Regulatory” category for our work in the crypto and LIBOR spaces. We are also so proud of our colleague Lary Stromfeld, who heads our LIBOR Preparedness Team, for receiving an “Outstanding Achievement Award” in recognition of his critical role in the drafting and ultimate passage of LIBOR legacy contract legislation at the New York State and federal levels. What a well-deserved honor!

As we prepare this weekend in the U.S. to honor our Armed Forces, especially those who made the Ultimate Sacrifice, we cannot help but also acknowledge the tragic events in Uvalde, Texas and, just a week earlier, in Buffalo, New York and Laguna Woods, California. The sadness is deep and overwhelming.

Daniel Meade and Michael Sholem
Co-Editors, Cabinet News and Views

Special Counsel | Capital Markets
Associate | Capital Markets

The Securities and Exchange Commission yesterday proposed amendments to rules and forms relating to ESG disclosures for investment advisors and investment companies. Specifically, the proposed changes seek to expand U.S. funds’ disclosure requirements to clients and shareholders and to prevent misleading and deceptive claims relating to ESG qualifications.

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Partner | Global Litigation
Associate | White Collar Defense and Investigations

The Consumer Financial Protection Bureau issued an interpretive rule on May 19, reiterating the authority that states have to pursue companies and individuals that violate federal consumer financial protection laws, including the Consumer Financial Protection Act of 2010.

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Partner | Financial Services

The U.S. Commodity Futures Trading Commission (“CFTC”) yesterday conducted a public hearing to consider a request from LedgerX, LLC, d.b.a. FTX US Derivatives (“FTX”), to amend its order of registration as a derivatives clearing organization (“DCO”) to allow direct clearing of listed futures contracts on Bitcoin and Ethereum and other digital assets by retail participants. This is a dramatic departure from a traditional clearing model where retail participants can trade and clear futures only through professional intermediaries – registered and heavily-regulated futures commission merchants (“FCMs”). 

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Partner | Financial Regulation
Partner | Financial Regulation

This week, Acting Comptroller of the Currency Michael Hsu gave remarks to the DC Blockchain Summit titled “Crypto: A Call to Reset and Recalibrate.” By speaking at the Blockchain Summit, Mr. Hsu may have gone into the so-called belly of the beast to give his self-proclaimed crypto-skeptic message. Notwithstanding his skepticism, Mr. Hsu noted that he does see cryptocurrency’s potential, but will continue along the OCC’s “careful and cautious approach to crypto in order to ensure that the national banking system is safe, sound, and fair.”  

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Partner | Financial Regulation

The G7 Finance Ministers and Central Bank Governors recently met in Petersberg, Germany, from May 18 and 20. They were joined by the heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and the Financial Stability Board. The Ukrainian Prime Minister and Finance Minister were also in attendance.

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Partner | Financial Regulation

The FDIC released a “Small Entity Compliance Guide” that provides a summary of its final rule allowing for the “simplification of deposit insurance,” which takes effect on April 1, 2024. The Compliance Guide provides an overview of how the final rule, which will be published as 12 C.F.R. §330, affects the coverage rules for trusts (revocable and irrevocable), as well as for mortgage servicing accounts.

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Cadwalader was named “Team of the Year” in the “Financial Services Regulatory” category, as part of the 2022 IFLR Americas Awards last week in New York. In addition, in recognition of the firm's market-leading LIBOR transition practice, Financial Services partner Lary Stromfeld was awarded with a prestigious “Outstanding Achievement Award” for his “Contribution to Regulatory Reform.

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Maurine R. Bartlett
Senior Counsel
T. +1 212 504 6218
maurine.bartlett@cwt.com

Brian Foster
Partner
T. +1 212 504 6736
brian.foster@cwt.com

James Frazier
Partner
T. +1 212 504 6963
james.frazier@cwt.com

Mark Howe
Partner
T. +1 202 862 2236
mark.howe@cwt.com

Gregg Jubin
Partner
T. +1 202 862 2485
gregg.jubin@cwt.com

Philip S. Khinda
Partner
T. +1 202 862 2262
philip.khinda@cwt.com

Ivan Loncar
Partner
T. +1 212 504 6339
ivan.loncar@cwt.com

Peter Y. Malyshev
Partner
T. +1 202 862 2474
peter.malyshev@cwt.com

Daniel Meade
Partner
T. +1 202 862 2294
daniel.meade@cwt.com

Jed Miller
Partner
T. +1 212 504 6821
jed.miller@cwt.com

Michael Newell
Partner
T. +44 0 20 7170 8540
michael.newell@cwt.com

Rachel Rodman
Partner
T. +1 202 862 2210
rachel.rodman@cwt.com

Richard M. Schetman
Senior Counsel
T. +1 212 504 6906
richard.schetman@cwt.com

Michael Sholem
Partner
T. +44 0 20 7170 8545
michael.sholem@cwt.com

Lary Stromfeld
Partner
T. +1 212 504 6291
lary.stromfeld@cwt.com

Jonathan M. Wainwright
Senior Counsel
T. +1 212 504 6122
jonathan.wainwright@cwt.com

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