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Resolutions and Revolutions
August 17, 2023

From a noteworthy week at the FDIC to groundbreaking developments in sustainability reporting, we’ve got a diverse range of topics to explore this week.

I discuss FDIC Chair Martin Gruenberg’s intriguing insights into “The Resolution of Large Regional Banks,” where his remarks shed light on their resolution strategies and the implications for the industry at large.

My colleague Mercedes Tunstall discusses the FDIC incorporating crypto risks into its annual Risk Review, a major milestone in recognizing the influence of cryptocurrencies.

Peter Malyshev and Nikita Cotton dissect the recent DC Court ruling that recharacterized futures contracts as security futures. 

Plus, we’ve included key industry updates, including the CFTC’s appeal to potential whistleblowers in the carbon markets, and more from my UK colleagues Alix Prentice, Sukhvir Basran and Duncan Grieve.

Daniel Meade 
Partner and Editor, Cabinet News and Views

Partner | Financial Regulation

On Monday, Federal Deposit Insurance Corporation Chair Martin Gruenberg gave remarks to the Brookings Institution on “The Resolution of Large Regional Banks.”

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Partner | Financial Regulation

The Federal Deposit Insurance Corporation published its annual Risk Review this past Monday, providing an overview of banking conditions for 2022 through early 2023.

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Partner | Financial Regulation
Associate | Financial Regulation

Earlier this summer, in Cboe Futures Exchange, LLC v. Securities and Exchange Commission, the United States Court of Appeals for the District of Columbia issued an order vacating an exemptive order granted by the Securities and Exchange Commission in November 2020 that provided exemptive relief to the Minneapolis Grain Exchange, Inc. in respect of its listing of SPIKES Volatility Index Futures.

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Partner | Financial Regulation

In Policy Statement 23/4 on “Improving Equity Secondary Markets,” the UK’s Financial Conduct Authority sets out its final proposed amendments. 

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Partner | Global Litigation
Partner | Financial Regulation

The Whistleblower Office of the Division of Enforcement of the Commodity Futures Trading Commission issued an alert on June 20, 2023 advising the public on how to identify and report potential violations connected to fraud or manipulation in the carbon markets.

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Partner | Financial Services
Special Counsel | White Collar Defense and Investigations

On July 11, 2023, the European Securities and Markets Authority issued a Public Statement outlining its expectations for sustainability-related disclosures to be incorporated into prospectuses. In its statement, ESMA recognized that sustainability-related matters are of importance to investors but as it currently stands, incoming legislation is either too far from being implemented (i.e., the Listing Act) or “is not expected to give details of the sustainability-related disclosures that should be included in prospectuses drawn up under the Prospectus Regulation.” 

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Partner | Financial Services

Earlier this summer, the European Commission announced its adoption of the European Sustainability Reporting Standards for companies subject to the Corporate Sustainability Reporting Directive. The long-awaited ESRS represent a significant milestone in the implementation of the CSRD, which aims to update the existing EU sustainability reporting framework and expand the number of companies required to report on sustainability-related impacts, opportunities and risks.

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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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