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Winter Regulatory Insight
December 7, 2023

Welcome to this week's newsletter, where we delve into crucial developments shaping the financial landscape.

There was plenty going on this week, like the big bank CEOs appearing at the Senate Banking Committee, or the OCC’s guidance on Buy Now, Pay Later Lending for National Banks and Federal thrifts that we could have highlighted, but seem well covered elsewhere. Instead, I wanted to highlight the important speech Fed Vice Chair of Supervision Michael Barr gave at the end of last week on liquidity risk management and his encouragement for firms to test their access to the discount window through test transactions in good times.

My colleague Mercedes Tunstall discusses the final segment of her four part series covering the Consumer Financial Protection Bureau's proposed rule on personal financial data rights.

Maurine Bartlett and Michael Gambro dive into the SEC's finalization of their rule prohibiting conflicts of interest in securitizations. Plus, Alix Prentice explores the UK's Financial Conduct Authority and how they are considering rule changes allowing overseas funds to market to UK retail customers, and Sukhvir Basran comments on the EU Council’s new green bond standard.

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

Daniel Meade 
Partner and Editor, Cabinet News and Views

Profile photo of contributor Daniel Meade
Partner | Financial Regulation

Last Friday, Michael Barr, the Federal Reserve Board’s Vice Chair for Supervision, delivered remarks to the ECB Forum on Banking Supervision in Frankfurt, Germany entitled The Importance of Effective Liquidity Risk Management.  

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Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

This final installment of our coverage on the Consumer Financial Protection Bureau’s proposed rule regarding “personal financial data rights” builds upon concepts and concerns covered in our earlier posts. For an overview of the rule, read our first installment. To understand what entities would need to comply with the proposed rule, read our second installment. To better understand the obligations and technology requirements of the proposed rule, read our third installment. Read on for the fourth and final installment. 

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Profile photo of contributor Maurine R. Bartlett
Senior Counsel | Capital Markets
Profile photo of contributor Michael S. Gambro
Partner | Capital Markets

On November 27, 2023, the Securities and Exchange Commission adopted Rule 192 under the Securities Act of 1933, a rule that is designed to prohibit “material conflicts of interest” in certain securitizations. Rule 192 implements Section 621 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was codified as Section 27B of the Securities Act.

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation

The UK’s Financial Conduct Authority is consulting on changes to its rules to allow funds domiciled outside the UK to market to UK retail customers.

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Profile photo of contributor Sukhvir Basran
Partner | Financial Services

On October 25, 2023, the European Council adopted the European Green Bond Standard (EU GBS), a new voluntary regime for green bonds that aims to solidify the EU's position as a leader in sustainable finance, reduce greenwashing, and enhance investor protections. The EU GBS is intended to be the "gold standard" for green bonds and requires that all bond proceeds be allocated in alignment with the EU Taxonomy for sustainable activities. Issuers from both within and outside the EU can issue and market their bonds as “European green bonds” (EuGBs) if they adhere to the requirements of the EU GBS.

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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

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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