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Making a Difference
February 9, 2023

The financial regulatory news never ends, and this week is no exception, as we look at an important speech on financial inclusion, the CFTC's regulatory agenda, the recent SEC conflict of interest rule announcement and UK developments.

But it’s hard to think “business as usual” as we follow the tragic events in Turkey and Syria − a rising death toll, a growing humanitarian crisis and social and economic devastation everywhere following the powerful earthquakes from earlier this week. 

As we all know, there are many international aid organizations that have mobilized to provide support. Many news organizations, including USA Today and Yahoo!, have compiled lists of vetted aid organizations. While it’s not going to change the tragic circumstances, we do send thoughts and prayers, as well as a big thank-you to everyone on the ground trying to make a difference.

Daniel Meade 
Editor, Cabinet News and Views

Profile photo of contributor Daniel Meade
Partner | Financial Regulation

Federal Reserve Board Vice Chair of Supervision Michael Barr gave remarks to the Banking on Financial Inclusion Conference at Jackson State University early this week. 

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

Much like taxes and mortality, it is certain that during 2023 the U.S. Commodity Futures Trading Commission will promulgate new rules, issue interpretation and guidance, issue no-action letters, engage in investigations and pursue enforcement cases to police its markets and participants. The direction, however, does change from year to year and depending on the Administration.

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Profile photo of contributor Maurine R. Bartlett
Senior Counsel | Capital Markets
Profile photo of contributor Michael S. Gambro
Partner | Capital Markets
Profile photo of contributor Philipp von Pelser Berensberg
Associate | Securitization & Asset Based Finance

On January 25, 2023, the Securities and Exchange Commission issued a release proposing Rule 192 under the Securities Act of 1933, as amended, a rule that is designed to prohibit “material conflicts of interest” in certain securitizations. Proposed Rule 192 is intended to implement Section 621 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was codified as Section 27B of the Securities Act. Subject to certain exceptions, Section 27B prohibits certain participants in asset-backed securities securitization transactions from engaging in transactions within a designated time period that would involve or result in any “material conflict of interest.” Section 27B directs the Commission to issue rules implementing this prohibition no later than 270 days after the enactment of Dodd-Frank (i.e., within 270 days of July 21, 2010).

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Profile photo of contributor Sara Bussiere
Special Counsel | Global Litigation

On January 24, the European Central Bank announced the publication of “new experimental and analytical indicators” that are intended to help analyze climate-related risks in the finance sector and monitor green transition.

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The UK Government (Treasury) has published a consultation and call for evidence on a “Future financial services regulatory regime for cryptoassets” which sets out what is being called “phase 2” of the UK’s approach to regulating crypto. This Clients & Friends Memo sets out regulatory measures to date, and discusses significant proposals for an extension of regulated cryptoasset activities.

You can read it here.

Cadwalader, Wickersham & Taft LLP announced that partners Martin J. Weinstein and Jeffrey D. Clark have joined the firm’s Global Litigation Group in Washington, DC.

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Mercedes Kelley Tunstall
Co-Editor, Partner
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mercedes.tunstall@cwt.com

Alix Prentice
Co-Editor, Partner
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alix.prentice@cwt.com

Maurine R. Bartlett
Senior Counsel
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Sukhvir Basran
Partner
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Brian Foster
Partner
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James Frazier
Partner
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Mark Howe
Partner
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Gregg Jubin
Partner
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Philip S. Khinda
Partner
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Andrew Karp
Partner
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Ivan Loncar
Partner
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Peter Y. Malyshev
Partner
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philip.khinda@cwt.com

Jed Miller
Partner
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Michael Newell
Partner
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Richard M. Schetman
Senior Counsel
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Lary Stromfeld
Partner
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Jonathan M. Wainwright
Senior Counsel
T. +1 212 504 6122
jonathan.wainwright@cwt.com

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