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We Remember and Honor
May 25, 2023

There has certainly been a lot going on in recent months with regard to the U.S. financial system and the global implications of recent bank failures, and we cover several recent developments in this week's Cabinet News and Views.

So in both the U.S. and the UK, it will be nice to enjoy a long weekend, with Memorial Day and late May bank holiday, respectively. 

It is tempting in the U.S. to view the holiday as the unofficial start of the summer season, with a long weekend of outdoor activities, picnics and barbecues, and shopping. But let's step back for a moment and remember that Memorial Day reminds us of the heroic men and women of the U.S. Armed Forces who sacrificed their lives for our freedom. Earlier today, soldiers of the 3rd U.S. Infantry Regiment – the oldest active-duty infantry unit in the Army, dating back to 1784 – began to carry out a decades-old tradition, placing American flags at each of the 400,000 gravesites at Arlington National Cemetery in Virginia. And on Monday, at 3 p.m. local time, musicians all across the country will participate in "Taps Across America" – playing the traditional 24-note melody for fallen heroes on bugles and other musical instruments. 

As we honor the true meaning of Memorial Day in the U.S., let's remember these words: “Our flag does not fly because the wind moves it. It flies with the last breath of each soldier who died protecting it.”

Daniel Meade 
Partner and Editor, Cabinet News and Views

Profile photo of contributor Daniel Meade
Partner | Financial Regulation

Federal Deposit Insurance Corporation Chair Martin Gruenberg gave remarks to the Cities for Financial Empowerment Fund 2023 Bank On National Conference yesterday in which he said that the FDIC “shares the Bank On movement’s commitment to advancing Americans’ economic inclusion in the banking system.”

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

On May 17, 2023, the staff of Commodity Futures Trading Commission Division of Clearing and Risk issued an advisory that encourages entities using prime brokerage arrangements that provide credit substitution on a centralized basis on swap execution facilities to assess whether these activities qualify as those of a derivatives clearing organization and are therefore subject to registration with the CFTC.

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Profile photo of contributor Michael Newell
Partner | Financial Services

On 23 May 2023, the European Securities and Markets Authority published a consultation paper on draft regulatory technical standards under the Regulation on European Long-Term Investment Funds as amended by Regulation (EU) 2023/606, which comes into force in its amended form on 10 January 2024.

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation
Profile photo of contributor Carl Hey
Associate | Real Estate

Given recent stresses in the global financial system and the
associated high-profile bank failures, there has understandably been
much attention focused on bank liquidity.

While this attention is clearly justified, the significant work to address
issues surrounding prudential liquidity provisioning on foot since the
global financial crisis of 2007/2008 should not be overlooked.
In this Law360 article, we examine some of the prudential liquidity
reforms implemented following the global financial crisis and the
current status of the ongoing regulatory review in the UK.

We will also look at how, while the purpose of these measures is to
ensure that banks create a "rainy day" fund to tap into in times of
emergency, deploying these funds in times of stress is possibly easier
said than done.

Read the article here.

Maurine R. Bartlett
Senior Counsel
T. +1 212 504 6218

Sukhvir Basran
T. +44 0 20 7170 8620

Brian Foster
T. +1 212 504 6736

James Frazier
T. +1 212 504 6963

Mark Howe
T. +1 202 862 2236

Gregg Jubin
T. +1 202 862 2485

Philip S. Khinda
T. +1 202 862 2262

Ivan Loncar
T. +1 212 504 6339

Peter Y. Malyshev
T. +1 202 862 2474

Jed Miller
T. +1 212 504 6821

Michael Newell
T. +44 0 20 7170 8540

Alix Prentice
T. +44 0 20 7170 8710

Rachel Rodman
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Richard M. Schetman
Senior Counsel
T. +1 212 504 6906

Lary Stromfeld
T. +1 212 504 6291

Jonathan M. Wainwright
Senior Counsel
T. +1 212 504 6122

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