The Canadian wildfires that turned New York-area skies yellow and created dangerous, unhealthy breathing conditions throughout the region, reaching all the way down to Washington, D.C., where my office is located, are a great reminder on far-reaching consequences.

Take crypto industry regulation and oversight, for example. Is it really all that surprising that the biggest crypto players have been in the news headlines this week when the lack of clear supervision has been there for all to see from the outset? Perhaps unlike the wildfires, which came suddenly and will dissipate over the coming days, challenges in the crypto industry are not going anywhere. 

We will have more to say on the current crypto situation in the coming weeks. What do you think? You can reach out to me here.

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Peter Y. Malyshev

Partner | Financial Regulation

On May 30, 2023, the Division of Clearing and Risk of the Commodity Futures Trading Commission issued an advisory relating to registered, or those seeking to register as, derivatives clearing organizations that offer clearing services involving contracts for digital assets. This advisory follows DCR’s May 17, 2023 advisory to DCOs in connection with prime brokerage arrangements and trading on swap execution facilities.

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By Daniel Meade

Partner | Financial Regulation

On June 6, the three Federal bank regulatory agencies (the Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency), issued final interagency guidance on risk management associated with third-party relationships. 

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By Alix Prentice

Partner | Financial Regulation

Against a background of increasing reliance on models and scenario analysis to assess future risks, the UK’s bank regulator, the Prudential Regulation Authority, has published a supervisory statement on “Model risk management principles for banks.”

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By Sukhvir Basran

Partner | Financial Services

In April 2023, the European Central Bank published its 2022 assessment of climate-related and environmental risk disclosures of EU-based banks, finding that while most “significant institutions” “now disclose at least basic information” in most climate-related categories, an improvement relative to the ECB’s 2021 assessment, the quality of information remains “low and is unlikely to provide market participants with insights on which they can act.”

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