Cadwalader Logo Cabinet News & Views - Informed analysis for the financial services industry
Subscribe
Staying Active
July 27, 2023

It was quite the busy day for the SEC yesterday (and for my financial regulatory colleague Mercedes Tunstall, who was actively monitoring and analyzing), with two major developments: More formalized SEC guidance on cybersecurity incident disclosure and a proposed rule to “evaluate and determine” whether the use of certain technologies could create a conflict of interests with investors. 

Keeping up with the SEC’s breakneck pace were several other U.S. and European regulatory bodies, with a week of much-anticipated guidance, which we cover this week along with several other important developments. 

Additionally, as we go to press, the Federal Reserve Board and the FDIC have announced that they will meet today to consider issuing proposals to implement the Basel III endgame regulations (aka “Basel IV”). The Office of the Comptroller of the Currency is likely to act today as well. We have our reading glasses ready, and will be providing our analysis on the proposals in the next week.    

For now, we hope you find this issue valuable. We’re happy to discuss anything on your mind. You can reach us here.

Daniel Meade 
Partner and Editor, Cabinet News and Views

Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

The Securities and Exchange Commission has admonished companies to report material cybersecurity incidents in their public filings since 2011, but yesterday the SEC announced a new rule actually requiring disclosure of cybersecurity incidents and providing a standardized means and timeline for how and when companies should report such incidents.

Read More »

Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

Spurred by the prevalent use of predictive data analytics by broker-dealers and investment advisers to direct their recommendations to investors and to ensure that investor interests remain paramount, the Securities and Exchange Commission announced yesterday that it has proposed a rule that purports to provide a means by which firms may “evaluate and determine whether its use of certain technologies in investor interactions involves a conflict of interest that results in the firm’s interests being placed ahead of investors’ interests.”

Read More »

Profile photo of contributor Daniel Meade
Partner | Financial Regulation

The Federal Deposit Insurance Corporation issued a Financial Institution Letter earlier this week regarding banks’ errors in reporting estimated uninsured deposits.

Read More »

Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation
Profile photo of contributor Daniel Meade
Partner | Financial Regulation

The Federal Reserve Bank announced last week that its instant payments system, FedNow, is now live with 35 banks and credit unions, which means that “[b]anks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.”

Read More »

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

On July 12, Senator Kirsten Gillibrand, a Democratic senator from New York who sits on the Senate Banking Committee, and Senator Cynthia Lummis, a Republican senator from Wyoming who sits on the Agriculture Committee, joined forces again to propose a comprehensive bill that seeks to organize and operationalize the Federal Government’s response to crypto activities in the United States.

Read More »

Profile photo of contributor Peter Y. Malyshev
Partner | Financial Regulation
Profile photo of contributor Zack Schrieber
Associate | Global Litigation

In a recently published white paper, JPMorgan outlined its approach to improving and strengthening voluntary carbon markets to promote scalable decarbonization efforts.

Read More »

Profile photo of contributor Rachel  Rodman
Partner | Consumer Financial Services Enforcement and Litigation
Profile photo of contributor Keith M. Gerver
Associate | White Collar Defense and Investigations
Profile photo of contributor Kathleen Comerford
Law Clerk | Global Litigation

The Consumer Financial Protection Bureau, the federal financial watchdog, is facing an existential challenge at the U.S. Supreme Court next term. The uncertainty surrounding the outcome of that case is impeding the agency’s enforcement efforts as lower courts wait for Supreme Court guidance.

Read More »

Profile photo of contributor Jason M. Halper
Partner | Global Litigation
Profile photo of contributor Timbre Shriver
Associate | Global Litigation

Consumers’ Research, a nonprofit organization claiming to challenge “companies that have chosen to put woke politics above consumer interests,” announced in June 2023 that it was launching a publicity campaign against a global U.S.-based financial institution.

Read More »

Profile photo of contributor Michael Newell
Partner | Financial Services

On 20 July 2023, the Council of the EU announced that it has reached political agreement with the European Parliament on the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) and the UCITS Directive (2009/65/EC) relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds (2021/0376 (COD)).

Read More »

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

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

© 2024 | Notices | Manage Subscription | Contacts