Information you need from those in the know

Cadwalader regularly publishes materials, including newsletters and news alerts of interest to our clients. Our communications portfolio also includes articles authored by our attorneys, as well as information about events in which our personnel will participate.

Articles & Books

Bye-bye BSBY?

September 14, 2023

Earlier this week, Bloomberg Information Services Limited (“BISL”) announced that it is seeking feedback on a proposal to cease the publication of the Bloomberg Short-Term Bank Yield Index (“BSBY”) “following a review of commercial opportunities for BSBY.” BSBY was originally developed by BISL as an alternative to the secured overnight financing rate (“SOFR”), the rate widely endorsed as the replacement for USD LIBOR. Unlike SOFR, BSBY was designed as an index of  credit sensitive reference rates that reflects bank credit spreads and a forward term structure. 

Related Attorney(s): Lary Stromfeld
Related Practice(s): Financial Regulation
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FDIC Issues Bank Failure Post Mortem Report

September 14, 2023

Last week, the Federal Deposit Insurance Corporation (“FDIC”) issued a report from its Chief Risk Officer entitled FDIC’s Supervision of First Republic Bank. The FDIC was First Republic Bank’s primary federal banking agency, as First Republic was a state-nonmember bank. The report is basically a post-mortem of the FDIC’s supervision of First Republic leading up until its failure in May.

Related Attorney(s): Daniel Meade
Related Practice(s): Bank Regulation, Financial Regulation
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The UK Introduces Repayment Concessions for Residential Mortgages

September 14, 2023

In June of this year, the UK’s Financial Conduct Authority (“FCA”) introduced rules to allow mortgage lenders to more easily vary contracts in order to allow borrowers to make reduced capital payments or switch to an interest-only loan for a period of up to six months. 

Related Attorney(s): Alix Prentice
Related Practice(s): Financial Regulation, Securitization & Asset Based Finance
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LMA Syndicated Loans Conference 2023

September 26, 2023

Cadwalader partners Sukhvir Basran (Financial Services and ESG) and David Quirolo (Capital Markets) will be speaking at the Loan Market Association’s Syndicated Loans Conference 2023. 

Related Attorney(s): Sukhvir Basran, David Quirolo
Related Practice(s): CLOs, Environmental, Social & Governance (ESG), Financial Regulation
Related Office(s): London
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The Crypto Revolution: A dive into the world of cryptocurrencies, blockchains and NFTs

September 28-30, 2023

Cadwalader associate Charlotte Glaser will speak at AIJA's "The Crypto Revolution: A dive into the world of cryptocurrencies, blockchains and NFTs" seminar in Vaduz.

Related Attorney(s): Charlotte Glaser
Related Practice(s): White Collar Defense and Investigations
Related Office(s): London
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Developments in the Regulation of Financial Products Conference

September 29, 2023

Cadwalader partner Peter Malyshev will be a featured speaker at the Developments in the Regulation of Financial Products Conference.

Related Attorney(s): Peter Malyshev
Related Practice(s): Commodities & Futures Regulation, Derivatives & Structured Products
Related Office(s): Washington
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Clients & Friends Memos

SEC Adopts Extensive New Rules for Investment Advisers to “Private Funds,” but Excludes CLOs and Other “Securitized Asset Funds” from Those Rules

August 25, 2023

In February 2022, the Securities and Exchange Commission (the “SEC” or the “Commission”) proposed sweeping new regulatory requirements under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) for investment advisers that provide advisory services to “private funds.”  At a meeting this past Wednesday, the Commission adopted those rules, with certain key changes, by a three to two vote.

Related Attorney(s): Maurine Bartlett, Sophie Cuthbertson, Gregg Jubin, Adam Risell
Related Practice(s): Financial Regulation
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Does WeWork’s Going Concern Warning Signal a Potential Bankruptcy Filing?

August 17, 2023

Three years have passed since the COVID-19 pandemic reached the United States and its effects are still being felt today.  Even though lockdown measures have largely disappeared and many workers have returned to the office, flexible work has become a fixture in the workplace.

Related Attorney(s): Ingrid Bagby, Gregory Petrick, Thomas Curtin
Related Practice(s): Financial Restructuring
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Next Steps in the Proposed Replacement of the UK Securitisation Regulation

August 10, 2023

Following closely behind the consultation paper from the Prudential Regulation Authority (“PRA”) (for more discussion see our briefing of 1 August), the UK’s Financial Conduct Authority (“FCA”) has published its proposed new rules relating to securitisations in Consultation Paper CP23/17 (the “FCA CP”). As with the PRA’s consultation, the FCA CP sets out the firm-facing provisions of the UK Securitisation Regulation (Securitisation Regulation (EU) 2017/2402 as onshored) (the “UK SR”) currently in force as retained EU law and for which the FCA has supervisory responsibility. 

Related Attorney(s): Alix Prentice, Suzanne Bell, Robert Cannon, Alexander Collins, Stephen Day, Matthew Duncan, Sabah Nawaz, Claire Puddicombe, David Quirolo, Nick Shiren, Daniel Tobias, Assia Damianova
Related Practice(s): Financial Regulation, Securitization & Asset Based Finance
Related Office(s): London
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Brass Tax

BrassTax is a monthly newsletter that provides clear and concise insights on important tax developments.

Related Attorney(s): Linda Swartz, Mark Howe, Adam Blakemore, Gary Silverstein
Related Practice(s): Corporate Taxation, Mergers & Acquisitions Taxation, Restructurings & Bankruptcies Taxation, Securitization & Structured Products Taxation, Tax, Tax Controversy

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Cabinet News & Views

Cabinet News & Views is a weekly newsletter covering news in the financial services industry. 

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Cadwalader Climate

Cadwalader Climate is a twice-weekly newsletter that summarizes and provides the legal implications of climate-related developments.

Related Attorney(s): Jason Halper, Duncan Grieve, Simon Walsh, Sara Bussiere, Elizabeth Moore, Timbre Shriver, Sharon Takhar, Jayshree Balakrishnan
Related Practice(s): Environmental, Social & Governance (ESG)

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Fund Finance Friday

Fund Finance Friday is a weekly market intelligence update for the fund finance market from Cadwalader. 

Related Attorney(s): Wesley Misson, Tim Hicks, Kurt Oosterhouse, Samantha Hutchinson, Brian Foster
Related Practice(s): Fund Finance

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REF News & Views

REF News & Views is a monthly newsletter comprised of news and commentary around legal matters concerning mortgage finance, mezzanine finance, loan sales and construction finance.

Related Attorney(s): Duncan Hubbard, Fredric Altschuler, Alan Lawrence, Holly Chamberlain, Bonnie Neuman, Steven Herman, Melissa Hinkle, Matthew Robertson, Christopher Dickson
Related Practice(s): Construction Finance, Joint Ventures, Loan Sales, Management & Leasing, Mezzanine Finance, Mortgage Finance, Real Estate, Real Estate Acquisitions & Dispositions, Real Estate Restructuring, Real Estate Workouts & Restructurings

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State Attorney General Insider

State Attorney General Insider is a newsletter on the latest notable cases and updates from within the State Attorneys General community.

Related Attorney(s): Douglas Gansler, Jodi Avergun, Jason Halper, Ellen Holloman, Joel Mitnick
Related Practice(s): Global Litigation, State Attorneys General Practice

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Our podcasts delve into the legal trends shaping global business – from financial regulations to fund finance, investigations and more.

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Implementing the LIBOR Act: The Federal Reserve’s Final Rule

January 13, 2023

With the pending cessation of panel LIBOR on June 30, 2023, the LSTA’s Tess Virmani and Meredith Coffey recorded a video with Cadwalader partners Lary Stromfeld and Jeff Nagle that discusses the LIBOR transition, synthetic LIBOR, how the LIBOR Act and Final Rule may fit into remediation plans, and how LSTA members might consider analyzing their credit agreements for remediation. You can access the video and slides here.

Related Attorney(s): Lary Stromfeld, Jeffrey Nagle
Related Practice(s): LIBOR Transition Team

LIBOR Before Labor Day (2022 Edition)

August 26, 2022

Cadwalader partner Jeff Nagle discusses the latest in LIBOR transition in another installment of FFF: Industry Conversations. 

Related Attorney(s): Jeffrey Nagle
Related Practice(s): LIBOR Transition Team

Finance Forum Focus Series: Spotlight on LIBOR Transition

October 20, 2021

In this installment of our Finance Forum Focus Series, Cadwalader partners Lary Stromfeld and Jeffrey Nagle discuss the latest LIBOR transition developments.

Related Attorney(s): Lary Stromfeld, Jeffrey Nagle
Related Practice(s): LIBOR Transition Team