This week, we’re featuring a diverse range of topics and insights, including financial regulation, climate action and biodiversity initiatives. My colleague Peter Malyshev discusses the latest on the U.S. District Court’s consent order and sanctions imposed on an entity that significantly broadens the scope of the definition of a commodity trading advisor. I dive in and discuss recent reactions to the U.S. prudential bank regulator’s Basel III Endgame Proposal.

Mercedes Tunstall provides insights into the National Institute of Standards and Technology’s report on stablecoins, focusing on security and stability concerns. We also discuss the UK’s approach to securitization reform post-Brexit, insights from the UK Climate Change Committee’s latest report, and the joint plan between France and the UK to launch a biodiversity credits scheme.

We’re always here for comments and questions. Just drop me a note here. 

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Peter Y. Malyshev

Partner | Financial Regulation

On August 29, 2023, the U.S. District Court for the Western District of Texas entered a consent order and imposed sanctions on Barelt Media and its owner Ryan Masten for operating an unregistered commodity trading advisor. 

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By Daniel Meade

Partner | Financial Regulation

Although comments aren’t due until November 30, industry trade associations have already come out swinging against the Basel III Endgame proposal. 

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By Mercedes Kelley Tunstall

Partner | Financial Regulation

The National Institute of Standards and Technology, a non-regulatory governmental agency that focuses upon the technological aspects of a wide variety of products and services, mostly non-financial in nature, published a final Internal Report titled, “Understanding Stablecoin Technology and Related Security Considerations” on September 5, 2023. 

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By Alix Prentice

Partner | Financial Regulation

By Assia Damianova

Special Counsel | Capital Markets

Since leaving the European Union on Jan. 31, 2020, the UK has been in a position to choose whether or not to mirror future EU rules and regulations and when to adopt new domestic requirements. 

You can read our most recent article exploring the framework’s potential implications for market participants here.

By Sukhvir Basran

Partner | Financial Services

By Simon Walsh

Special Counsel | Global Litigation

The UK Climate Change Committee recently released its 2023 statutory report, evaluating the UK’s progress towards reducing greenhouse gas emissions and meeting carbon reduction targets. This report, mandated by the Climate Change Act, offers a comprehensive analysis of the nation’s efforts in tackling climate change.

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By Sukhvir Basran

Partner | Financial Services

In June 2023, the UK and France announced a joint plan to launch a new biodiversity credits scheme. Through the Global Biodiversity Credits Roadmap, the two countries have pledged to support private sector biodiversity efforts and mobilize financing towards preventing biodiversity loss and conserving nature. The initiative was launched at the Summit for a New Financial Pact held in Paris. The Roadmap supports the COP15 Global Biodiversity Framework, which, among other things, aims to protect 30% of the world’s land and oceans and restore 30% of degraded ecosystems by 2030.

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