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I’m not sure our readers were holding their collective breath in anticipation of the OCC’s Bank Supervision Operating Plan for Fiscal Year 2023, which was announced last week. Still, the Operating Plan always matters and is carefully reviewed − and addressed − by the big banks, and this year’s guidance will not be an exception. Take a look at my summary of the Operating Plan.  

There was, however, a very notable development from the CFTC: its published order settling charges against a registered commodity trading advisor for failing to register as a swap execution facility. According to my colleague Peter Malyshev, this “represents the CFTC’s first attempt to sanction an otherwise CFTC-registered entity under its recently expanded interpretation of what constitutes a SEF.” This is a very significant development, and Peter offers some context in his news analysis below. 

Two important developments in the UK − on EU securitization regulation and the impact on directors’ duties following the UK Supreme Court’s ruling on the Sequana case − caught our eye as well, and so our two recent Clients & Friends memos are included in this week’s Cabinet News and Views

As always, we welcome any comments or questions. Just drop me a note here.

Daniel Meade 
Editor, Cabinet News and Views

October 13, 2022
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