Cabinet News & Views

This is a busy time of year for a lot of reasons.

There are the holidays, of course, but this is also a great time to take stock of the year that was and to do some crystal ball-gazing into the future. So this week’s issue does a bit of “looking back” at 2022 and “looking ahead” to 2023, including a look at the FTX situation that will likely feature prominently in the weeks and months to come.

Mentioned several times as we’re looking back and looking ahead is sustainability, and along those lines, we’re excited to welcome ESG finance and investment partner Sukhvir Basran to Cadwalader. Sukhvir is based in London and has established a global profile as a market-leading ESG attorney.

But even with the anticipation of the new year, there are still very important developments in the news every day − none more prominent than continued and intensified discussion around crypto asset regulation. My colleagues Philip Khinda and Kendra Wharton take a look at important new SEC guidance following recent developments.

This will be our final issue of 2022. Thank you for your loyal readership over the past year, and we hope we were able to provide some helpful insights and analysis. We’ll aim to do more of the same in 2023.

Happy holidays, all.

Daniel Meade
Editor, Cabinet News and Views

DOJ, SEC and CFTC Announce Parallel Criminal and Civil Charges Against Sam Bankman-Fried, FTX Trading and Alameda Research

By Jodi L. Avergun

Partner | White Collar Defense and Investigations

By Peter Y. Malyshev

Partner | Financial Regulation

By Kendra Wharton

Associate | White Collar Defense and Investigations

On December 13, the U.S. Attorney’s Office for the Southern District of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission announced parallel criminal and civil actions against FTX co-founder and former CEO Sam Bankman-Fried.

By Philip Khinda

Partner | White Collar Defense and Investigations

By Kendra Wharton

Associate | White Collar Defense and Investigations

In the wake of mounting crypto bankruptcies and federal investigations into the alleged misappropriation of crypto assets, among other possible wrongdoing by market participants, the U.S. Securities and Exchange Commission’s Division of Corporation Finance announced new guidance on December 8 for public company disclosures about the impact of these and other developments.

By Daniel Meade

Partner | Financial Regulation

As we are coming to a close on 2022, we’re taking a look back at some of the important developments of 2022 and what lies ahead for 2023.

By Peter Y. Malyshev

Partner | Financial Regulation

Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced in the U.S. Senate a new bipartisan bill, titled “Digital Asset Anti-Money Laundering Act of 2022,” intended to curb the use of digital assets for money laundering and to counter the financing of terrorism.

By Michael Newell

Partner | Financial Services

By Nick Shiren

Partner | Capital Markets

On the 9th of December, the UK’s Chancellor, Jeremy Hunt, set out a “collection of announcements” aimed at reforming the UK’s financial services ecosystem to maximise its position outside the EU while aligning still with those European regulatory requirements and processes that make sense given the UK’s status as a third country that needs to do business in the EU.

What's Next for the UK and the EU?

By Michael Newell

Partner | Financial Services

As we make the transition from 2022 to 2023, this is a good time to look ahead to developments in the UK and the EU that will likely impact the financial services industry. Here are some observations.

By Nick Shiren

Partner | Capital Markets

On 12 December 2022, the three European Supervisory Authorities (EBA, EIOPA and ESMA) published a joint advice on the review of the securitisation prudential framework.

We are delighted to announce the addition of ESG finance and investment partner Sukhvir Basran in the firm’s London office.