It's unclear how much of the 24/7 news cycle has been devoted to the SVB and Signature Bank receiverships, with the added news about reverberations in Europe. Let's just say: a lot.

We're working very closely with our clients to address current challenges and to consider longer-term issues as the smoke clears. We also continue to track recent developments and to provide timely thought pieces on these matters in real time. Case in point: In this week's Cabinet News and Views, we address SVB and Signature in a couple of our articles, and you can find additional information by visiting our Financial Markets Resource Center.

There are several other news items worth reading this week, including  some ESG-related climate news items. 

As always, please reach out here if there’s anything on your mind.   

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Daniel Meade

Partner | Financial Regulation

After the failure of Silicon Valley Bank, the FDIC is operating the Silicon Valley Bridge Bank, N.A. in many ways as if it’s business as usual to help preserve as much value as it can for the resolution of SVB. Given the speed of SVB’s failure, the FDIC did not have the time it usually does to arrange for the sale of assets and assumption of deposits that you typically see on a Friday evening when a bank is usually closed. Numerous press outlets reported that the FDIC did not obtain adequate bids on the first weekend after the closure of SVB. This past Monday, the FDIC announced that it was extending the bid window for the Bridge Bank.

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By Ingrid Bagby

Partner | Financial Restructuring

By Kathryn M. Borgeson

Partner | Financial Restructuring

By Anthony L. Greene

Associate | Financial Restructuring

This Clients & Friends Memo provides a general overview of the SVB Financial Group chapter 11 case, the first day hearing, and certain issues that may arise in connection with the bankruptcy proceedings. The memo highlights potential complications that may arise among SVB Financial Group (the Debtor), the Bridge Bank, and the FDIC, particularly due to the interrelatedness of the Bridge Bank and SVB Financial Group.

Read it here.

By Daniel Meade

Partner | Financial Regulation

The Federal Reserve Board announced last Sunday that it was coordinating with the Bank of Canada, Bank of England, Bank of Japan, the European Union Central Bank, and the Swiss National Bank to “enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.” The coordinated actions will mostly be through daily operations of the various swap lines instead of the weekly frequency before this announcement. 

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Under the Future Regulatory Framework (the legislative structure for a post-Brexit UK regulatory system proposed under the Financial Services and Markets Bill currently before Parliament) the UK’s Financial Conduct Authority is going to become responsible for retained European laws that set requirements for firms.

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By Jason M. Halper

Partner | Global Litigation

By Kya Henley

Associate | Global Litigation

Between February 23 and March 3, three leading global financial institutions announced updated environmentally linked targets aimed at reducing by 2030 their financed emissions in carbon intensive sectors, including oil & gas, cement, iron, steel and aluminum.

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By Sukhvir Basran

Partner | Financial Services

On February 28, the Council of the European Union and the European Parliament reached a deal to draw up European Green Bonds Standards. 

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