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Taking a Gamble
September 15, 2022

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

Partner | Financial Services

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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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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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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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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