Just Enough ... or Too Much?
July 7, 2022

What started out as a scholarly review of current U.S. regulatory oversight of the digital asset space soon took on a life of its own.

Our team − partner Peter Malyshev and counsel Michael Ena − found that the burst of digital activity has forced U.S. regulatory agencies into overdrive to keep up with all the market activity. But what agencies have responsibility for what activities? And, in addition to setting regulatory policy, how are they actually enforcing both existing and new guidelines? And, at the core, what is the right balance between regulatory policy and enforcement?

In the first of our two-part “In Depth” article, Peter and Michael examine questions around jurisdiction for the digital asset space. Next week, their attention will turn toward enforcement activities − what’s currently happening and what we can expect to see in the months to come. 

There’s more to read this week, including a look at an announcement from five U.S. regulatory agencies on “assessing customer relationships and conducting customer due diligence.” 

Feel free to drop us a note on this week’s issue of Cabinet News and Views or other topics of interest. We’d love to hear from you. 

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

Partner | Financial Regulation
Special Counsel | White Collar Defense and Investigations
Associate | White Collar Defense and Investigations

On July 6, five federal agencies − FRB, FDIC, FinCEN, NCUA, and OCC − issued a Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence to “remind [banks, thrifts, credit unions and other covered institutions] of the risk-based approach to assessing customer relationships and conducting customer due diligence (CDD).”

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Partner | Financial Services

On July 4, the UK’s Financial Conduct Authority updated the “next steps” section on its webpage on the discussion paper on Sustainability Disclosure Requirements and investment labels. In its discussion paper, the FCA sought feedback on the Sustainability Disclosure Requirements for asset managers and certain FCA-regulated asset owners, together with views on a proposed labelling system for sustainable investment products. The deadline for stakeholders to submit a response was in January 2022.

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Partner | Financial Regulation
Counsel | Financial Services

As more market participants, from retail consumers to major financial institutions and central banks of various countries, become active in the digital asset space, the U.S. regulators are ramping up their oversight activity related to digital assets. In the absence of a consistent and comprehensive legislative framework for digital assets, federal and state regulators, operating within their mandates, attempt to fill that void by asserting their jurisdiction over digital assets through public policy statements, enforcement actions and investigations. In the first of our two-part “In Depth” article, we will examine jurisdiction of federal and state regulators in the digital asset space and congressional initiatives aimed at creating a federal-level framework for their regulation.

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Maurine R. Bartlett
Senior Counsel
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Brian Foster
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James Frazier
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Mark Howe
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Gregg Jubin
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Philip S. Khinda
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Ivan Loncar
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Peter Y. Malyshev
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Daniel Meade
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Jed Miller
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Michael Newell
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Alix Prentice
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Rachel Rodman
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Richard M. Schetman
Senior Counsel
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Lary Stromfeld
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Jonathan M. Wainwright
Senior Counsel
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