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The Verdict Is In
May 4, 2023

Much-anticipated reports from the FRB, the FDIC and the GAO on the Silicon Valley Bank and Signature Bank failures have been released, and the bottom line is exactly what we anticipated: subpar governance and risk management practices and serious issues around managing liquidity risk, with a little bit of self-criticism on how supervision could have been better. 

We also take a look this week at an important development: considerations for counterparties whose swaps are transferred from First Republic to J.P. Morgan.

Our London financial services regulatory partner Alix Prentice provides important coverage of the FCA’s new consultation paper on equity listing rules − a direct response to what Alix calls “a precipitous decline in the number of listed companies in the UK of around 40% from a 2008 peak.” 

A good "listen" this week is the podcast featuring our ESG Finance and Investment partner Sukhvir Basran on sustainability-linked loans. 

As always, 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
Associate | Financial Regulation

Last Friday, the Federal Reserve Board and Federal Deposit Insurance Corporation released reports evaluating their supervision of the failed Silicon Valley Bank and Signature Bank, respectively. On the same day, the Government Accountability Office released its preliminary review of the actions taken by relevant federal agencies, including the FRB and FDIC, relating to the bank failures.

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Partner | Financial Regulation
Partner | Financial Regulation
Associate | Financial Regulation

On May 1, 2023, the Federal Deposit Insurance Corporation seized control of First Republic Bank and then, as receiver of First Republic, entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic, including qualified financial contracts. The asset transfer was thus carried out via the P&A Agreement, in accordance with the Federal Deposit Insurance Act and became effective without the consent of counterparties under those QFCs.

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On 3 May, the UK’s Financial Conduct Authority issued Consultation Paper CP23/10 setting out significant proposals to reform equity listing rules.

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Partner | Financial Services
Associate | Corporate Finance

Cadwalader recently hosted a breakfast discussion with the Loan Market Association and LSTA with the aim of “Unlocking Sustainability-Linked Loans.” During the session, Cadwalader ESG Finance and Investment partner Sukhvir Basran was joined by the LMA’s Gemma Lawrence-Pardew and the LSTA’s Tess Virmani in a conversation addressing some of the most frequently asked questions raised by market participants in respect of sustainability-linked loans.

Click here to listen to the discussion.   

Click here to read a summary.

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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