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Navigating Global Change
January 25, 2024

Welcome back to Cabinet News and Views. As the first month of 2024 is well underway, it is proving to be a busy start as global regulators look to tackle major challenges.

In this issue, we touch on a variety of topics including the latest developments from the financial services regulatory agencies, the UK's banking regulator priorities in 2024, the impact of the Retained EU Law and more. 

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

From January 18th to 20th, the American Bar Association’s Banking Law Committee of the Business Law Section held its winter meeting in Washington, DC. This meeting not only provides an excellent retrospective of the previous year’s regulatory developments, but also tends to be a harbinger of what is on deck for the year to come. 

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation

Rebecca Jackson, Executive Director, Authorisations, Regulatory Technology, and International Supervision at the Prudential Regulation Authority has written to international banks on the PRA’s thematic supervision priorities for 2024. 

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Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

The financial services regulatory agencies have rolled into 2024 as busy as ever. This list hits on some quick takes of developments in the last month; a summit, a meeting and a symposium involving hot topics such as artificial intelligence, tokenization and digital assets; and also the announcement of comment period extensions for proposed rules and guidance.

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Profile photo of contributor Juliette Mills
Associate | Financial Services

The Retained EU Law (Revocation and Reform) Act 2023 (the “Act”) addresses domestic law that originally derived from the European Union, known as “retained EU law”. “Retained EU law” continued to apply to the UK at the end of the Brexit transition period through the EU (Withdrawal) Act 2018, and came into effect the end of 2020. The purpose of the EU (Withdrawal) Act 2018 was to provide legal continuity by preserving the domestic legislation as it applied in the UK on 31 December 2020, including EU obligations by implementing certain EU laws into domestic legislation.

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation

On 20 December 2023, the Financial Stability Board published revised policy recommendations to address structural vulnerabilities from liquidity mismatch in open-ended funds, concurrently with the publication by the International Organisation of Securities Commissions of its final Guidance on Anti-Dilution Liquidity Management Tools. The aim of these two papers is to support regulatory and supervisory authorities to effect a framework that addresses vulnerabilities arising from liquidity mismatches and strengthens liquidity management in light of perceived deficiencies in current practices. Alongside recent publications by the FCA, the coming year looks to be one of a focus on liquidity management and resilience in the face of stressed market conditions.

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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
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brian.foster@cwt.com

James Frazier
Partner
T. +1 212 504 6963
james.frazier@cwt.com

Mark Howe
Partner
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mark.howe@cwt.com

Gregg Jubin
Partner
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gregg.jubin@cwt.com

Philip S. Khinda
Partner
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philip.khinda@cwt.com

Ivan Loncar
Partner
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ivan.loncar@cwt.com

Peter Y. Malyshev
Partner
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peter.malyshev@cwt.com

Jed Miller
Partner
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jed.miller@cwt.com

Michael Newell
Partner
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michael.newell@cwt.com

Alix Prentice
Partner
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alix.prentice@cwt.com

Rachel Rodman
Partner
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rachel.rodman@cwt.com

Richard M. Schetman
Senior Counsel
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richard.schetman@cwt.com

Lary Stromfeld
Partner
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lary.stromfeld@cwt.com

Jonathan M. Wainwright
Senior Counsel
T. +1 212 504 6122
jonathan.wainwright@cwt.com

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