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Regulatory Roundup
February 8, 2024

In the latest issue of Cabinet News and Views, we delve into the multifaceted landscape of regulatory oversight, where authorities address a spectrum of issues spanning from international equivalency rulings to consumer protection advisories. From the UK government's confirmation of EEA UCITS equivalency under overseas funds regulation to the Consumer Financial Protection Bureau's directives on Fair Credit Reporting Act compliance, this edition underscores the broad purview of regulatory bodies. Join us as we explore the diverse remits and proactive measures of regulatory authorities within financial markets.

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

When the Consumer Financial Protection Bureau took over responsibilities for interpreting the Fair Credit Reporting Act from the Federal Trade Commission in 2011, the agency seemed to take a good amount of time figuring out the importance of this original privacy legislation dating all the way back to 1970. But, in the last two years, the CFPB has come into its own regarding the FCRA and accordingly has issued guidance, advisories and even updated the implementing regulation for the FCRA, Regulation V.  And so 2024 started off with not one, but two, new advisories touching on FCRA issues and concerns.

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Profile photo of contributor Christian  Larson
Special Counsel | White Collar Defense and Investigations
Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

On December 21, 2023, the Financial Crimes Enforcement Network published its final rule setting forth the circumstances under which beneficial ownership information reported to FinCEN pursuant to the Corporate Transparency Act may be disclosed to authorized recipients, and how that information must be protected.

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Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

In January 2024, the Consumer Financial Protection Bureau issued two proposed rules that, if implemented as written, would result in further whittling down overdraft or non-sufficient funds fees charged by financial institutions.   

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Profile photo of contributor Grace Ncube
Associate

To address the limitations of the current temporary marketing permission regime, which permits EEA funds marketed in the UK before Brexit to continue to access the UK market, the UK government introduced the overseas funds regime (“OFR”). The OFR allows for investment funds domiciled overseas to be offered to UK retail investors following the end of TMPR.

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation

Following up on a consultation in July 2023 (see here for our note on this), the post-Brexit replacement of Regulation (EU) 2017/2402 of the European Parliament and of the Council, the UK Securitisation Regulations 2024 (SI 2024/102), was made final on 29 January 2024.

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Profile photo of contributor Peter Y. Malyshev
Partner | Financial Regulation
Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

On January 25, 2024, the Commodity Futures Trading Commission released a customer advisory warning about AI scams and initiated a Request for Comment on regulating AI use by CFTC-regulated entities, following on the heels of Biden's Executive Order on AI. This marks the CFTC's inaugural regulatory steps in AI, aiming to assess its current use, associated risks, regulatory responses, and alignment with existing frameworks.

 

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation

In edition 76 of Market Watch, its newsletter on market conduct and transaction reporting issues, the UK’s Financial Conduct Authority has shared its observations and issued some warnings about the risk of harms involved in ‘flying’ and ‘printing’ on a variety of markets and platforms. 

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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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