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Back in Time
January 26, 2023

While regulatory developments around climate remained in the headlines, both the SEC and the CFPB reached back in time a bit for important announcements this week.

The SEC voted unanimously to return to some unfinished business since the Dodd-Frank Act in 2010 (and a follow-up proposal in 2011) with its consideration of a rule to prohibit conflicts of interest in certain securitization transactions.

And the CFPB restated its strong position on “negative option” programs, specifically targeting subscription services that trick or mislead consumers. As CFPB Director Rohit Chopra put it, “The CFPB has made it clear that misleading consumers about products or subscription services they don’t want is not only dishonest, but also a violation of law.” 

We also look at the UK's new rules on Packaged Retail and Insurance-based Investment Products and, thanks to our Tax colleagues, offer some insights on cryptocurrency tax reporting. 

This makes for quite an eclectic issue, and I welcome you to drop me a note here if there is anything you want to discuss.

Daniel Meade 
Editor, Cabinet News and Views

Profile photo of contributor Daniel Meade
Partner | Financial Regulation

The Securities and Exchange Commission unanimously voted yesterday to re-propose a rule to prohibit conflicts of interest in certain securitization transactions.

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Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

This week, the Consumer Financial Protection Bureau issued a Consumer Financial Protection Circular reminding financial institutions that are covered persons that negative option marketing, when not done correctly, can be a violation of the Consumer Financial Protection Act, pursuant to the CFPB’s authority to address unfair, deceptive or abusive acts or practices.

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Profile photo of contributor Peter Y. Malyshev
Partner | Financial Regulation

On January 23, Commodity Futures Trading Commission chairman Rostin Behnam announced in his keynote speech at the Commodity Markets Council’s annual conference that the CFTC “can play a role in voluntary carbon markets.” This is not the first time the CFTC has looked at voluntary carbon markets or the compliance carbon markets, but it is the first time that the chairman of the CFTC has articulated a clear action plan. 

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Profile photo of contributor Daniel Meade
Partner | Financial Regulation

Last week, the Federal Reserve Board announced additional details on its pilot climate scenario analysis involving six of the largest U.S. banks.

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The transitional period for the implementation of new scope rules and amendments to regulatory technical standards for Packaged Retail and Insurance-based Investment Products came to an end on 31 December 2022, meaning that the new rules and guidance set out in Policy Statement PS22/2 by the Financial Conduct Authority are now in force. PRIIPs rules, guidance and technical standards are aimed at protecting retail investors in these packaged products, largely through the prescription of the content and form of pre-investment disclosures, which has proved problematic for product providers and distributors.

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The IRS recently issued guidance effectively postponing the effective date for certain cryptocurrency broker and reporting rules.

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Maurine R. Bartlett
Senior Counsel
T. +1 212 504 6218
maurine.bartlett@cwt.com

Sukhvir Basran
Partner
T. +44 0 20 7170 8620
sukhvir.basran@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
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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

Jed Miller
Partner
T. +1 212 504 6821
jed.miller@cwt.com

Michael Newell
Partner
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michael.newell@cwt.com

Alix Prentice
Partner
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alix.prentice@cwt.com

Rachel Rodman
Partner
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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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