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Alphabet Soup
June 16, 2022

There's lots to cover in this week's issue − news from the alphabet soup of U.S. regulatory agencies (in this case, the CFTC and CFPB), as well as important updates from the UK and Europe. 

We also encourage you to read the comprehensive analysis of capital relief trades and, especially, to register for our upcoming webinar series. 

As always, we welcome your thoughts on this week's issue of Cabinet News and Views and other timely topics. Just write to us here.

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

Partner | Global Litigation

On May 24, the CFPB launched a new office, the Office of Competition and Innovation. The stated purpose of the new office is to promote competition and innovation that benefits consumers in the financial products and services market. Specifically, the Office of Competition and Innovation will (1) explore ways to reduce barriers to consumers’ ability to switch accounts and providers, (2) research market-structure problems that create obstacles to innovation, and (3) work with stakeholders to identify and challenge existing market structures that harm consumers.

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Partner | Financial Regulation

On June 10, the CFTC issued advisory No 22-06 clarifying how correction reports must be submitted to the SDRs and, if they cannot be submitted timely, to the CFTC with the remediation plan.

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Partner | Financial Regulation

On June 15, the Basel Committee on Banking Supervision issued its Principles for the effective management and supervision of climate-related financial risks. In its release, the BCBS stated that it “aims to promote a principles-based approach to improving both banks’ risk management and supervisors’ practices related to climate-related financial risks.”

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Partner | Financial Services
Partner | Financial Services

On 1 June 2022, the French Presidency published its “final” compromise text in relation to the revision to the EU Alternative Investment Fund Managers Directive (known as “AIFMD2”). Here is a closer look at the requirements of the latest Proposal.  

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Partner | Financial Services
Partner | Financial Services
Partner | Financial Regulation

Over the last 18 months, we’ve seen a sharp uptick in inquiries from U.S. banks about how to use capital relief trades to manage regulatory capital constraints. Here, we set out our responses to some of the frequently asked questions we’ve received on this topic.

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Cadwalader’s financial services team invites you to join us on June 22 for the first of a four-part webinar series focused on capital relief trades.

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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

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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