It was certainly interesting to read our colleague Peter Malyshev's news item about the CFTC's decision to require an online prediction market operated by the University of Wellington in New Zealand to shut down its operations by next year.  

Why so interesting? Because PredictIt’s event contracts allowed participants to bet − through the trade of futures contracts − on the outcome of political elections, including U.S. presidential elections. Since this is not an isolated case, Peter tells us that the CFTC will have to come up with more definitive guidance for political event contracts.

There's more this week: An important "Dear CEO" letter from the UK's Financial Conduct Authority and, back in the U.S., a closer look at public comments on the interagency Community Reinvestment Act proposed rule. And we're very excited to introduce noted white collar defense partners Ken Breen and Phara Guberman, who joined Cadwalader earlier this week. 

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

Recent developments have put the CFTC under some pressure to determine whether political events futures contracts are gambling and not in the U.S. public interest.

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By Michael Sholem

Partner | Financial Services

On September 8, the UK’s Financial Conduct Authority published a "Dear CEO" letter setting out its strategy and supervisory priorities for overseeing benchmark administrators under the UK Benchmark Regulations and applicable FCA Principles and Rules. This form of letter is a common tool utilized by the FCA to focus the attention of firms’ senior managers on particular issues.

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By Daniel Meade

Partner | Financial Regulation

As we reported in May, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Office of the Comptroller of the Currency issued a notice of proposed rulemaking to amend and update the rules implementing the Community Reinvestment Act. The Agencies received over 600 comments on the proposal. Here we summarize a sampling of the comments representing both the banking industry and community groups.

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We are pleased to welcome partners Kenneth M. Breen and Phara A. Guberman to our White Collar Defense and Investigations Group in New York. 

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