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New Year, New Changes
January 11, 2024

Welcome back to Cabinet News and Views! We trust you enjoyed a rejuvenating holiday season, and we're thrilled to rejoin you in the exciting year ahead.

In our first issue for 2024, we are diving into what we think promises to be a busy year for the industry and regulators alike.

As always, your comments and questions are valued. Feel free to reach out to us anytime by dropping a note here

Mercedes Tunstall and Alix Prentice 
Partners and Co-Editors, Cabinet News and Views

Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

Earlier this week, the Consumer Financial Services Law Subcommittee of the American Bar Association’s Business Law Section met in Santa Barbara for its winter meeting. This conference brings together practitioners in consumer financial services law from all sectors – private practice, in-house and government.

The following summary provides highlights and trends that came from the many substantive sections of the meeting and begin to answer the question as to what topics will be most important for anyone working in consumer financial services in 2024.

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation
Profile photo of contributor Jack Andrew Kelly
Special Counsel | Financial Regulation
Profile photo of contributor Grace Ncube
Associate

This article features some of our key focus items across Europe and the UK as we enter a New Year. There are, of course, others, but these represent the most important themes – a regulatory focus on the non-bank credit market, risk management and prudential provisioning, a developing post-Brexit legislative landscape, the treatment of consumers and the customer journey and diversity and inclusion in financial services.

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Profile photo of contributor Peter Y. Malyshev
Partner | Financial Regulation
Profile photo of contributor Kenneth Breen
Partner | White Collar Defense and Investigations

On December 14, 2023, the Commodity Futures Trading Commission and Department of Justice Fraud Section announced the settlement of insider trading fraud charges and Foreign Corrupt Practices Act charges, respectively, against Freepoint Commodities LLC. This note focuses on the CFTC charges which involved trading on material non-public information improperly obtained from a foreign state-owned enterprise in connection with physically deliverable fuel oil trades. As a result of this fraudulent scheme, the CFTC alleges that Freeport was able to generate approximately $30 million over a period of 6 years. The CFTC order requires Freeport to pay more than $91 million in civil and monetary penalties and disgorgement.  

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation
Profile photo of contributor Juliette Mills
Associate | Financial Services

In scale and scope, 2023 saw the most significant systemwide
banking stress since the 2008 global financial crisis. The collapse of four regional and global banks coupled with significant rises in interest rates, inflation and seismic geopolitical instability have raised questions around the adequacy of prudential and regulatory frameworks.

This article, featured in Law360, looks at the major themes emanating from the consequent period of self-reflection by regulators across the world. It will examine the U.K. perspective while drawing on the universal
themes that have, understandably, been reiterated across the major
global economies.

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Profile photo of contributor Michael Ena
Counsel | Financial Services
Profile photo of contributor Ivan Loncar
Partner | Financial Services

On December 20, ISDA published the tokenized collateral model provisions for inclusion in ISDA 2016 Credit Support Annexes for Variation Margin.  The Model Provisions comprise two sets of provisions, one for the English Law ISDA 2016 Credit Support Annexes for Variation Margin and the other for the New York Law ISDA 2016 Credit Support Annexes for Variation Margin.

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Profile photo of contributor Peter Y. Malyshev
Partner | Financial Regulation
Profile photo of contributor Jason M. Halper
Partner | Global Litigation
Profile photo of contributor Jeffrey Nagle
Partner | Corporate Finance

During 2023 the Commodity Futures Trading Commission engaged in several regulatory actions aimed at further clarifying its jurisdictional reach over environmental commodity markets generally and the voluntary carbon credit markets in particular. First, on June 20, 2023, the CFTC issued an alert seeking whistleblower tips relating to carbon market misconduct. CFTC noted that many VCCs serve as the underlying commodity for futures contracts that are listed on CFTC designated contract markets over which the CFTC has full enforcement authority as well as the regulatory oversight. Importantly, the CFTC also noted that it has anti-fraud and anti-manipulation enforcement authority over the related spot markets for VCCs as well as carbon allowances and other environmental commodities products that are linked to futures contracts. 

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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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