Our theme this week is change − well, actually, lots of changes. New regulations mean a change in the way of doing things, and revised regulations are, at their core, changes. We take a closer look at changes to the U.S. Department of Labor’s QPAM Exemption and from the FCA in London, as well as important clarifications from the FDIC. 

We also examine a new Senate bill, sponsored by Sens. Debbie Stabenow (D-Mich.) and John Boozman (R-Ark.), that would give the CFTC lead responsibility for overseeing the two largest cryptocurrencies and the platforms on which they are traded.

Whether you are in the office, working remotely or enjoying some beach, farmhouse or cabin time, we hope you will make today’s Cabinet News and Views part of your reading. And, as always, we welcome your thoughts. Just write to us here.

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

By Peter Y. Malyshev

Partner | Financial Regulation

On August 3, Senate Agriculture Committee Chairwoman Debbie Stabenow, a Democrat from Michigan, and John Boozman, the top Republican on the committee, introduced a bipartisan bill aimed at regulating digital assets.

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By James Frazier

Partner | Executive Compensation, Benefits & ERISA

On July 26, the United States Department of Labor issued proposed amendments to Prohibited Transaction Class Exemption 84-14, the so-called “QPAM Exemption.” The QPAM Exemption is an important prohibited transaction class exemption widely utilized by asset managers to provide relief for potential prohibited transactions that could arise in transactions between plans subject to ERISA and/or Section 4975 of the Code and financial services and other firms that are “parties in interest” under ERISA or “disqualified persons” under the Code (e.g., fiduciaries, plan sponsors, service providers and entities related to the foregoing by ownership) to such plans. 

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By Daniel Meade

Partner | Financial Regulation

Last week, the Federal Deposit Insurance Corporation was part of two releases clarifying that only insured banks and thrifts enjoy FDIC insurance, notwithstanding what some non-banks may say in their marketing materials.

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By Michael Sholem

Partner | Financial Services

On August 1, the UK’s Financial Conduct Authority published a policy statement on strengthening its financial promotion rules for high-risk investments and firms approving financial promotions.

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Cadwalader’s financial services team will host the fourth and final installment of its webinar series on capital relief trades on Wednesday, August 10. Part 4, titled “CRT Structuring in the United Kingdom and EU,” will feature Cadwalader partner Nick Shiren and special counsel Assia Damianova, who will examine relevant UK and EU considerations for capital relief trades. 

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