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No Break on Spring Break
April 6, 2023

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

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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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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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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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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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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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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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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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
T. +1 202 862 2485
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

Daniel Meade
Partner
T. +1 202 862 2294
daniel.meade@cwt.com

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

Michael Newell
Partner
T. +44 0 20 7170 8540
michael.newell@cwt.com

Alix Prentice
Partner
T. +44 0 20 7170 8710
alix.prentice@cwt.com

Rachel Rodman
Partner
T. +1 202 862 2210
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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