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

By Rachel Rodman

Partner | Consumer Financial Services Enforcement and 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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By Peter Y. Malyshev

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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By Daniel Meade

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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By Michael Newell

Partner | Financial Services

By Michael Sholem

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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By Jed Miller

Partner | Financial Services

By Ivan Loncar

Partner | Financial Services

By Daniel Meade

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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