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A Flurry of Activity
December 8, 2022

What a busy few weeks!

In this issue of Cabinet News and Views we cover several important developments from key U.S. agencies − including the DOL, FRB, CFPB and SEC − as well as some news from the UK's Financial Conduct Authority.  

Speaking of news, I am delighted to welcome back to our firm Alix Prentice, a fellow financial regulatory partner who started last week in our London office. Alix knows Cadwalader very well, having been here as a special counsel from 2008-2012 before moving to King & Woods Mallesons, and she knows the financial regulatory space as well, with experience advising on regulatory requirements across a range of industries and asset classes. You'll be seeing Alix's thought leadership regularly in the weeks to come.  

I always appreciate your feedback on our coverage and analysis and any thoughts you may have. Please reach out to me.

Daniel Meade 
Editor, Cabinet News and Views

Partner | Financial Regulation

Federal Reserve Board Vice Chair of Supervision Michael Barr gave a recent speech at the American Enterprise Institute on Bank Capital. Vice Chair Barr noted that the FRB’s holistic review of capital standards continues and that they “hope to have more to say about that review early in the new year.”

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Partner | Executive Compensation, Benefits & ERISA

On November 22, the United States Department of Labor released its final rule adopting certain revisions to its investment duties regulation under ERISA at 29 CFR Section 2550.404a-1. The revisions in the Final Rule are intended to clarify the application to ERISA plan fiduciaries of the ERISA duties of loyalty and prudence in respect of investments and the use of written proxy voting guidelines and policies. The Final Rule clarifies that ERISA plan fiduciaries may consider climate change and environmental, social and corporate governance factors when making investment decisions and exercising shareholder rights for plans.

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Partner | Financial Regulation

Last week, the Federal Reserve Board proposed principles for climate-related financial risk management for large financial institutions. The proposed guidance is open for comment until 60 days after publication in the Federal Register.  

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Partner | Financial Regulation

The Consumer Financial Protection Bureau announced a proposed consent order on December 1 intended to address a scam engaged in by a company called Loan Doctor, as well as by the company’s founder, Edgar Radjabli.

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Associate | Corporate

The Financial Conduct Authority has banned and fined three bond traders for placing large-sized orders for future contracts in relation to Italian government bonds that they did not intend to execute, while concurrently placing smaller orders on the opposite end of the order book over the period from June 1 to July 29, 2016.

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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

Alix Prentice
Partner
T. +44 0 20 7170 8710
alix.prentice@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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