Welcome to the latest edition of Cabinet News and Views, where we delve into the latest regulatory updates and pivotal developments shaping the financial services landscape.

This week Alix Prentice discusses some breaking news in the latest changes to Basel 3.1 as well as a new joint consultation regulatory framework on diversity and inclusion from the UK’s Financial Conduct Authority and Prudential Regulation Authority. Alix also covers the FCA and PRA’s consultation on regulatory framework on diversity and inclusion. 

I discuss the recently released results of the Federal Deposit Insurance Corporation’s annual Summary of Deposits survey for all FDIC-insured institutions as of June 30, 2023.

We also highlight the consultation launch on the proposed International Standard on Sustainability Assurance 5000, which covers the general requirements for sustainability assurance engagements and the proposed regulations by the IRS addressing digital asset broker reporting requirements and more details on the 2021 changes to the Internal Revenue Code.

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

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Alix Prentice

Partner | Financial Regulation

The UK’s banking regulator, the Prudential Regulation Authority has announced its intention to move the implementation date of the final Basel 3.1 policies by six months.

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By Alix Prentice

Partner | Financial Regulation

The UK’s Financial Conduct Authority and Prudential Regulation Authority have released a joint consultation on new regulatory framework on diversity and inclusion. This article focuses on the FCA’s Consultation Paper CP23/20.

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By Daniel Meade

Partner | Financial Regulation

Last week, the Federal Deposit Insurance Corporation released its annual Summary of Deposits data, as of June 2023.   

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By Jason M. Halper

Partner | Global Litigation

By Sukhvir Basran

Partner | Financial Services

In August 2023, the International Auditing and Assurance Standards Board issued its proposed International Standard on Sustainability Assurance 5000, “General Requirements for Sustainability Assurance Engagements.” ISSA 5000 is described as a comprehensive sustainability assurance framework designed to enhance the trust that investors, regulators and other stakeholders can place in corporate sustainability information.

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On August 29, 2023, the IRS published detailed proposed regulations addressing digital asset broker reporting requirements. The Proposed Regulations elaborate on the 2021 changes to the Internal Revenue Code that expanded the definition of broker to include “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”

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