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Coming Down the Homestretch
December 1, 2022

The December sprint to year-end has begun. 

Most of the talk these days is on closing out '22 on a positive note, especially with some promising economic signs, and heading into '23 with confidence. 

The "living wills" reports from the FRB and the FDIC will certainly help, as the eight G-SIBs came through the regulatory exercise generally unscathed. On the other hand, continued uncertainty around crypto assets will likely be a big theme in the months to come.

Speaking of '23, the new year marks the beginning of the end for LIBOR, but there's still much to come before June 30 when LIBOR goes away for good. My colleague Lary Stromfeld, who has been advising the Federal Reserve Board's Alternative Reference Rates Committee (ARRC) and a number of major financial institutions, provides an important LIBOR update in this week's issue. Lary will have much more to say on LIBOR in the coming weeks, so stay tuned.  

Hope you find this week's issue helpful.

Daniel Meade 
Editor, Cabinet News and Views

Partner | Capital Markets
Senior Counsel | Capital Markets

The SEC’s Division of Trading and Markets issued a new no-action letter yesterday that removes the requirement that Rule 144A information be made publicly available prior to a broker-dealer publishing a quotation or submitting a quotation for publication on a fixed income Rule 144A security. 

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Partner | Financial Regulation

Last week, the Federal Reserve Board and the Federal Deposit Insurance Corporation released their feedback to the eight global systemically important banking institutions headquartered in the United States on their resolution plans, more commonly called living wills. 

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Partner | Consumer Financial Services Enforcement and Litigation
Associate | White Collar Defense and Investigations

U.S. Senator Ron Wyden (D-OR), Chairman of the Senate Finance Committee, sent requests for information to the CEOs of six of the largest crypto exchanges. The requests seek information about the safeguards each exchange has put in place to protect customers’ assets in the event they file for bankruptcy or otherwise experience financial distress.

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Partner | Financial Regulation

On November 23, the UK’s Financial Conduct Authority released its further consultation to require the administrator of LIBOR to publish a synthetic version of 1-, 3-, and 6-month U.S. dollar LIBOR settings for a temporary period until end-September 2024. Overnight and 12-month USD LIBOR settings will cease permanently at end-June 2023.

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Partner | Financial Services

On 18 November, the European Securities and Markets Authority published a consultation paper containing draft guidelines on funds’ names using ESG or sustainability-related terms.

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Maurine R. Bartlett
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Brian Foster
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James Frazier
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Ivan Loncar
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Daniel Meade
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Jed Miller
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Richard M. Schetman
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Lary Stromfeld
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Jonathan M. Wainwright
Senior Counsel
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