Holidays and spring break vacations couldn't slow down the news this week, especially when it comes to the continuing focus on the crypto industry.

But there was also lots to talk about on the ESG front, as well as an important development in LIBOR, a key CFPB directive and significant regulatory activity in the UK − all of which deserve attention.

Best holiday wishes to all celebrating ... and happy reading. Please reach out here if there’s anything you'd like to talk about.   

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Peter Y. Malyshev

Partner | Financial Regulation

On March 29, the National Futures Association promulgated Compliance Rule 2-51, setting forth Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities, which includes both derivatives and commodities traded on spot.

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By Peter Y. Malyshev

Partner | Financial Regulation

On March 27, the Commodity Futures Trading Commission, the U.S. derivatives regulator, charged three Binance entities and its founder and chief compliance officer with numerous violations of the Commodity Exchange Act and CFTC regulations.

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By Mercedes Kelley Tunstall

Partner | Financial Regulation

In an Opinion and Order issued on February 22, 2023, Judge Denise Cote of the Southern District of New York permitted class action plaintiffs to survive a motion to dismiss and proceed against Uphold HQ, Inc. on a variety of claims, including that cryptocurrency is subject to the Electronic Fund Transfer Act and Uphold failed to comply with the disclosure and other requirements of the EFTA.

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By Lary Stromfeld

Partner | Financial Regulation

After USD LIBOR stops being published on June 30, 2023, “synthetic” USD LIBOR will continue to be published for a limited period, according to the UK’s Financial Conduct Authority.

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By Mercedes Kelley Tunstall

Partner | Financial Regulation

Resulting from a lawsuit by the California Reinvestment Coalition against the Consumer Financial Protection Bureau in 2019 for its failure to promulgate a small business lending data rule in compliance with the Consumer Financial Protection Act sections of Dodd-Frank, and in order to comply with the resulting court order, the CFPB announced that it had finalized a rule regarding small business lending data.

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By way of diversion from the current crisis mode of regulators the world over, here we discuss positive regulatory initiatives on bank liquidity, CDS clearing and the development of Long Term Asset Funds.

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By Jack Andrew Kelly

Special Counsel | Financial Regulation

Substantial efforts are underway in the UK to promote board diversity and inclusion among both UK-listed companies and large private companies, with the UK’s Financial Conduct Authority introducing new Listing Rules aimed at increasing disclosure obligations for in-scope listed companies as well as the Parker Review Committee setting new targets for all FTSE 350 companies and the 50 largest private companies in the UK.

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By Duncan Grieve

Special Counsel | White Collar Defense and Investigations

On March 15, the UK’s Chancellor of the Exchequer, Jeremy Hunt, announced that nuclear power will be classified as “environmentally sustainable” in UK’s green taxonomy, “giving it access to the same investment incentives as renewable energy.”

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