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Turning Towards Tuesday
November 3, 2022

We will all be closely watching the results of the U.S. midterm elections on Tuesday − and for a lot of reasons. For those of us in the financial services industry, the big question is how the vote will impact Congressional initiatives going forward. Simply put: Will the Democrats be emboldened by a strong showing and look to implement additional elements of their agenda or will a so-called "red wave" by the Republicans enable them to reassert their power and determine the legislative agenda for financial services going forward? Or maybe, as many prognosticators suggest, we end up with split control of the legislative agenda, with Republicans in the majority in the House of Representatives and Democrats in the majority in the Senate. Clearly up in the air, pending Tuesday's results, are future policies on crypto-assets, climate, bank regulatory, and so much more. 

While we wait for election results to come in, let's focus on what is happening now − the almost-every day developments in the crypto-assets and climate spaces, as well as in consumer banking protection. There was also a significant development in the continued fallout from the Archegos matter. And be sure to read here this week about important developments in the UK surrounding both sustainable disclosure and funds regulation.  

I'm always interested in our readers' perspectives. Please feel free to drop me a note here.

Daniel Meade 
Editor, Cabinet News and Views

Partner | Financial Regulation

On October 21, Commodity Futures Trading Commission Commissioner Caroline D. Pham issued a concurring statement to the CFTC’s amended complaint originally filed on April 27, 2022 in the U.S. District Court for the Southern District of New York against Archegos Capital Management, LP and certain related individuals. A parallel enforcement action was filed on the same day by the Securities and Exchange Commission.

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Partner | Financial Regulation

The CFPB took the first step last week to put into place a comprehensive privacy rule that would significantly impact how consumers can manage their financial data.

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Partner | Financial Regulation

Martin Gruenberg, Acting Chair of the Federal Deposit Insurance Corporation, gave remarks yesterday to the National Association of Affordable Housing Lenders.  

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Partner | Financial Services

The UK Financial Services Authority has published its long-awaited consultation paper in relation to the proposed UK Sustainability Disclosure Requirements and investment labels regime, which is designed to tackle greenwashing and retain trust in sustainable products (and is largely a tailored response to the EU’s Sustainable Finance Disclosure Regulation and Taxonomy).

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Partner | Financial Services

The EU has published its final text for the proposed revision of the European Long-Term Investment Fund regime by means of the European Long-Term Investment Funds Regulation.

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Partner | Global Litigation

Sylvie Goulard, Deputy Governor of the Banque de France, the French central bank, stated in a speech on October 24 that central banks need to take more aggressive action regarding nature-related risk.

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A big "thank you" to the more than 500 industry leaders who participated at last week's 2022 Cadwalader Finance Forum in Charlotte. And a special acknowledgment to the nearly 50 speakers – both industry experts and Cadwalader attorneys – whose perspectives made the Forum so valuable for all attendees. See our full list of speakers here

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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