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Summer Slowdown?
July 6, 2023

The celebration of July 4th has made this a pretty compressed week for financial regulatory news, especially in the U.S.

So here's a quick summary of what caught our eye. Even with the usual summer slowdown, we can all expect lots more in the weeks to come.

Taking a bit of editorial privilege, I wanted to take a moment in this space to give a heartfelt thank-you to Ron Brandsdorfer for his tireless efforts regarding this newsletter. Ron retired as Cadwalader’s Director of Communications at the end of June, but continues to assist us as we transition to his successor. Notwithstanding an Editor who may have pushed (or outright blown through) the envelope on time deadlines to get to press, Ron made us all look good getting this newsletter out each week. All of us in the Financial Services Department wish Ron well on his well-earned retirement.     

Daniel Meade 
Partner and Editor, Cabinet News and Views

Profile photo of contributor Daniel Meade
Partner | Financial Regulation

On June 30, the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and the National Credit Union Administration finalized their Policy Statement on Commercial Real Estate Loan Accommodations and Workouts. The Policy Statement will be effective upon publication in the Federal Register

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Profile photo of contributor Lary Stromfeld
Partner | Financial Regulation

The last publication of USD LIBOR on the basis of panel bank submissions occurred on June 30, 2023. As of July 3, 2023, 1-, 3- and 6-month USD LIBOR settings will be calculated using a synthetic methodology based on CME Term SOFR plus the relevant ISDA fixed spread adjustment. The UK Financial Conduct Authority announced that “as with other synthetic LIBOR rates, these settings are now permanently unrepresentative of the underlying markets they previously sought to measure.” The FCA is the regulator of LIBOR’s administrator, ICE Benchmark Administration.

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation

In a process that began in December 2020 with a Joint Declaration on Financial Services Regulatory Cooperation, on 27 June 2023 the UK and the EU signed a Memorandum of Understanding establishing a framework for financial services regulatory cooperation between the European Union and the United Kingdom of Great Britain and Northern Ireland.

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