Cadwalader Cabinet General Counsel: Recent Episodes
Cadwalader Cabinet
The Cadwalader Cabinet General Counsel podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation each business day. To learn more, visit www.cadwalader.com/thecabinet. Hosted by William Sadd and Cheryl Kuntz, Produced by William Sadd, and Engineered by Scott Teplin.
SEC proposes amendments to money market fund rules. SEC proposes updates to insider trading disclosure and affirmative defense requirements. SEC proposes amendments to enhance disclosure on share repurchases. Federal Court dismisses SEC insider trading case.
FDIC Chair blocks majority vote to begin review of Bank Merger Act rules. Senate Banking Committee considers testimony on stablecoin regulation and risks. SEC Commissioner Crenshaw raises concerns about measuring climate pledges. OCC adopts rule rescinding 2020 CRA rulemaking. Federal agencies decide not to amend provisions of credit risk retention regulations. President Biden to nominate Sandra Thompson as FHFA Director.
SEC Commissioners Peirce and Roisman criticize Chair Gensler's regulatory agenda. Financial Services Committee Chair seeks moratorium on large bank mergers and acquisitions. SEC Commissioner Peirce advocates for longer rulemaking comment periods. SEC returns to individual written response policy for proxy requests. FINRA settles cases stemming from targeted exams on UIT early rollovers. Firms settle FINRA charges for supervisory violations on UIT rollovers.
House passes LIBOR Act. Acting Comptroller advocates reform of bank overdraft programs. IOSCO recommends setting up "Innovation Facilitators." U.S. individual settles OFAC charges for Iranian sanctions violations. FINRA prohibits use of target returns in advertising. Effective date set for SEC final rule implementing "Holding Foreign Companies Accountable Act" requirements. Effective date set for SEC final rule on filing fee disclosure and payment methods. Effective date set for new FTC financial data security requirements. Comment deadline set for FTC-proposed security breach reporting requirement.
SAFE Banking Act removed from Federal Defense Spending Bill. FINRA proposes fee limits on proxy distributions. House Committee considers competing regulatory approaches to cryptocurrency. Saule Omarova withdraws nomination to lead OCC. MSRB requests information on ESG practices. FINRA updates guidance on new electronic fingerprint submission process. Comment deadline set for FinCEN ANPR on new AML requirements for real estate transactions. Comment deadline set for SEC proposal to require extensive disclosures on securities loans.
CFPB finalizes LIBOR transition rule. SEC issues statement on LIBOR transition - key considerations. FinCEN issues hotly anticipated beneficial ownership reporting requirements. FDIC establishes supervisory appeals office. EU-U.S. antitrust authorities launch joint technology competition policy dialogue. MSRB extends comment deadline on draft compliance resources for new issue pricing. CFPB reopens comment period for inquiry into big tech payment platforms. Comment deadline set for FINRA-proposed TRACE reporting and portfolio trade rule amendments. Cadwalader Clients & Friends Memo: Securities Litigation Update: Second Circuit Opines on Pleading Standards and Statutory Standing for Claims Under Section 10(b) of the Securities Exchange Act of 1934. Cadwalader Clients & Friends Memo: “Sustainable” Companies Face Increased Pressure to Justify the Sustainability Label Amid Investor Challenges and Demands for Greater Risk Assessment and Disclosure.
FinCEN seeks comment on additional AML regulations for real estate transactions. NFA adds questions on crypto and micro futures contracts to annual questionnaire. OCC reports on federal banking system risks.
FRB Governor Randal Quarles offers parting thoughts. ARRC recommends replacement benchmarks for certain 1-week and 2-month USD LIBOR contracts. Treasury details efforts to combat human trafficking. Panamanian intermediary pleads guilty in money laundering conspiracy. Broker-dealer settles FINRA charges for Form U4 disclosure failures. SEC names Office of Municipal Securities Acting Director.
SIFMA, DTCC and ICI to shorten U.S. securities settlement cycle. ISDA assesses regulatory considerations for sustainability-linked derivatives. FFIEC updates Bank Secrecy Act/AML Examination Manual. NFA reminds CPOs and CTAs to affirm registration exemptions. CFPB to increase oversight over bank overdraft fees. Effective date set for amended universal proxy rule. Comment deadline set for SEC-proposed changes to electronic recordkeeping requirements. SEC staff guidance on "spring-loaded" compensation now effective.
Treasury Secretary and Fed Chair testify on post-pandemic recovery. ARRC issues addendum addressing SOFR in ABS products. Refinitiv launches cash fallbacks for LIBOR transition. CPMI and IOSCO request feedback on access to central clearing and portability. Comment deadline set for FINRA proposal to expand TRACE reporting exemptions.
SEC staff issues guidance on "spring-loaded" compensation. NY Fed launches Central Banking Innovation Center. NFA proposes amendments to financial reporting requirements for SEC-registered SDs. OFAC extends authorization of specified transactions involving sanctioned Venezuelan entity. Firm settles NYSE American charges for anticipatory hedging. Comment deadline set for SEC proposal on proxy voting advice.
Federal Reserve issues supervision guidance on LIBOR transition. Broker-dealer settles suitability charges for ETF and options trading violations. NFA proposes amendments to branch office manager examination requirement. OFAC amends Syria sanctions regulations to authorize certain NGO activities. Eurosystem approves framework for overseeing electronic payments.
Banking agencies offer roadmap on crypto-asset regulation. OCC clarifies permitted bank cryptocurrency activities. ECB issues report on climate and environmental risk management. SEC staff grants Australian SBSD relief from certain reporting requirements. FINRA proposes TRACE reporting and portfolio trade rule amendments. Oil company and founder settle SEC charges for executive compensation disclosure failures. Bad boy broker-dealer settles FINRA charges for failure to tape calls. Broker-dealer settles FINRA charges for mishandling customer limit orders. IOSCO recommends increased oversight of ESG ratings and data product providers. Deadline set for CFTC comment request on IBOR-related swap clearing requirement.
President Biden nominates Jerome Powell to continue leading Fed, taps Lael Brainard to be Vice Chair. CFTC extends Brexit-related relief to UK entities. Council of Institutional Investors weighs-in on benchmark voting recommendations for US companies. SEC staff grants Australian SBSD relief from certain reporting requirements. Deadline set for CFPB comments on regulations implementing Home Mortgage Disclosure Act. Comment deadline set for SEC-proposed amendments to EDGAR filing requirements.
SEC proposes to require extensive disclosures on securities loans. SEC proposes amendments to electronic recordkeeping requirements. SEC enforcement report touts volume of new actions and increase in penalties. SEC highlights spike in whistleblower tips in fiscal year 2021. SIFMA conducts financial sector cybersecurity exercise. Investment adviser settles charges for mishandling MNPI. FTC to expand criminal referral program. MSRB staff examines change in use of external liquidity over time. Comment deadline set for SEC proposal to expand electronic filing requirements. SEC names new Trading and Markets Director.
FRB Governor Waller supports prudential regulatory framework for stablecoins. Bank regulators adopt rule requiring prompt notification of cyber incidents. Policy-makers and key market participants share perspectives on ongoing LIBOR challenges. FinCEN highlights environmental crimes and related illicit financial activity. OFAC sanctions Iranian cyber company and associated persons. President Biden terminates Burundi sanctions program.
SEC allows voting by proxy for preferred combination of board candidates in contested elections. SEC proposal to deregulate proxy voting advice. CFTC seeks comment on IBOR-related swap clearing requirement. FCA confirms rules regarding use of synthetic sterling and Yen LIBOR. Ripple advocates for crypto regulation through existing frameworks. SEC and Treasury Officials recommend strengthening Treasury market protections. President Biden asks FTC Chair to examine gas and oil price increases. SEC Commissioner recommends companies adapt internal accounting controls to ESG risks. FinCEN holds public-private dialogue on environmental crimes. CFPB solicits input on implementation of HMDA. FINRA amends continuing education and registration requirements.
Acting Comptroller wants to "modernize the bank regulatory perimeter." Ag Committee Ranking Member offers crypto market blueprint. Financial Services Committee passes bills on SPACs and mandatory arbitration. FINRA proposes expansion of TRACE reporting exemptions for trades on an ATS. Broker-dealer settles FINRA charges for mishandling escrow account.
NYDFS issues guidance for insurers on climate change-related financial risks. FINRA proposes further delay of TBA margin requirements. SEC rejects Bitcoin ETF proposal. U.S. and Israel create joint task force on fintech and cybersecurity. IOSCO proposes revisions to Commodity Derivatives Market Principles. ISDA offers market perspectives on collateral optimization.
Representative settles FINRA charges for registration form filing deficiencies. FTC seeks comment on draft of 2022-2026 strategic plan. New York Governor signs debt collection legislation. FINRA sets financial reporting deadlines.
SEC diminishes roadblocks to proxy proposals on social policy. SEC Chair warns of enforcement "without quarter." OCC Acting Comptroller calls for regulation of crypto banking. Financial Services Subcommittee considers regulatory gaps in cybersecurity. FINRA updates FAQs on renewal program deadlines. NASAA reports minimal movement on Reg BI implementation. FHFA proposes additional public disclosure requirements for Fannie Mae and Freddie Mac.
Federal financial regulators support climate objectives. CII supports House bills to address risks posed by foreign issuers in U.S. markets. FDIC establishes Minority and Community Development Banking Office. NASAA extends waiver of registration system fees for state investment adviser firms.
SEC Staff provides no-action relief from SBSD financial reporting requirements. SEC Commissioners emphasize importance of careful monitoring under SBSD framework. Federal agencies urge Congressional action on stablecoins. Experts testify before Senate Banking Committee on LIBOR transition. FATF updates AML/CFT guidance on virtual assets. FATF updates list of jurisdictions with AML/CFT/CPF deficiencies. IOSCO finalizes sustainability-related recommendations for asset managers. SEC Chair highlights potential areas for reform across four markets. MSRB proposed extension on remote inspections goes into effect.
SEC Commissioner offers cybersecurity to-do list. Institutional investor organizations seek SEC rulemaking on fee reporting by private funds. SEC disapproves CAT LLC's proposed limited liability provisions. Broker-dealer settles Nasdaq charges for deficiencies in market access controls. FinCEN renews geographic targeting order for 12 metropolitan areas. Cadwalader Cabinet Clients & Friends Memo: Securities Litigation Update: Divided Ninth Circuit Permits Direct-Listing Investors to Assert Securities Act Claims, Despite Inability to Differentiate Between Registered and Unregistered Shares.
FICC settles SEC charges for liquidity policy and margin risk management violations. Financial Services Subcommittee questions experts on China-based issuers. CFTC introducing broker settles NFA charges for records and registration violations. MSRB reviews initiatives under strategic plan. CFPB appoints new Assistant Directors for supervision and for enforcement.
FTC adopts new requirements to strengthen financial data security. CFPB Director Chopra expresses concerns with big tech. SEC Chief Accountant emphasizes importance of auditor independence. Financial Services Committee passes Bill on financial exploitation of specified adults. NFA allows SDs to include SBS in initial margin calculations. SEC acts on substituted compliance for German, French, UK, and Spanish SBSDs.
SEC issues risk alert on mutual fund and ETF compliance Deficiencies. SEC specifies financial reporting conditions for non-U.S. SBSDs. MSRB proposes extension of remote inspection relief. Effective date set for FDIC amendments to real estate lending standards. Announcing the upcoming Securities Enforcement Forum 2021 on November 4, 2021, featuring Cadwalader Partner Philip Khinda as a panelist on the “Managing Internal Investigations and Advanced Government Defense” session.
BCBS, CPMI & IOSCO request comment on margin practices report. FTC restores Prior Approval Policy for merger restrictions. SEC Division of Trading and Markets issues FAQs on SBS reporting. FDIC Chair advocates for "well-tailored government oversight" of stablecoins.
Broker-Dealer settles FINRA charges for supervisory failures over mutual fund switches. DOL extends enforcement relief to ensure compliance with prohibited transactions exemption. Broker-dealer settles charges with exchanges for origin code violations. FINRA sets closing date for OTCBB. Cadwalader Clients & Friends Memo: Financial Stability Oversight Council Issues Key Report Declaring Climate Change as an Emerging Threat to U.S. Financial Stability
FSOC identifies climate change as emerging threat to financial stability. CFPB asks tech companies for information on payment platforms. FDIC adopts amendments to real estate lending standards. National bank settles redlining charges.
SEC Chair Gary Gensler considers implications of AI and crypto on finance. DOJ urges greater cooperation from private companies victimized by cyber attacks. SEC Commissioner pushes enhanced disclosure to address climate risk. FINRA revises sanctions guidelines. FRB announces new rules limiting financial activities of FRB policymakers and senior staff. New comment deadline set for 2015 proposal to establish listing standards on clawback policies. Comment deadline set for FINRA extension of pilot program on clearly erroneous transactions.
SEC Commissioner Roisman offers recommendations to improve order handling disclosure. Banking regulators set expectations for managing LIBOR transition. Broker-dealer settles FINRA charges for net capital deficiencies. Broker-Dealer settles charges for signing noncompliant arbitration settlement agreement.
SEC report on GameStop questions adequacy of trading regulations. Treasury offers recommendations to strengthen effectiveness of economic sanctions. Bank settles DOJ, SEC and FCA charges for FCPA violations. Comment period set for extending FINRA's pilot program on market wide circuit breakers. Cadwalader Finance Forum Focus Series Video on Demand: Spotlight on Libor Transition.
NYAG takes action against five crypto lending platforms. Cabo Verde extradites Colombian National to face money laundering charges.
CFTC fines crypto companies $42.5 million. Coinbase proposes regulatory framework for digital assets. MRAC subcommittee recommends LIBOR switch to SOFR for "non-linear" derivatives. OFAC issues sanctions guidance for the virtual currency industry. OCC outlines 2022 bank supervision operating plan. CII supports draft bill on listing standards for multi-class stock companies. ICI details how funds can facilitate transition to net-zero economy. FINRA publishes 2022 holiday schedule for margin extensions. Comment deadline set for SEC proposed expansion of proxy voting disclosure reporting requirements.
FINRA proposes order routing disclosures for OTC equity securities. ARRC summarizes its fallback recommendations to date. Broker-dealer settles FINRA charges for Reg SHO miscalculations. SEC postpones decision on CAT revised funding model. DOJ establishes national cryptocurrency enforcement team. FINRA foundation finds persistent disparities in investment account ownership. Effective date set for MSRB amendments to annual customer notification requirements.
IMF Senior Executives Warn of Financial Stability Risks Posed by "Crypto Boom." SEC Chair Gensler Directs Staff to Study Complex ETP Risk. MSRB Requests Comment on Draft Compliance Resources for Supervisors. FINRA Proposes to Further Extend Pilot Program on Clearly Erroneous Transactions. SEC Grants Exemption to ETF from Tender Offer Rules. SEC Instructs SBS Entities on Document Submissions under Financial Responsibility Rules. DCO Settles CFTC Charges for Customer Protection Violations. Broker-Dealer Settles NYSE Arca Charges for Mishandling Execution of Tied Hedge Order. Comment Deadline Set for FINRA-Proposed Amendments to Rule on Customer Account Statements. Cadwalader's Finance Forum Focus Series: ‘Greeniums,’ ‘Griscounts’ and Other ESG Trends in the CMBS Market.
U.S. House Financial Services Committee considers legislation on SEC oversight. FRB Vice Chair warns of "intensified" regulatory focus on institutional LIBOR planning. Financial trade associations urge Senate leaders to exclude MODA from any budget reconciliation process. SEC approves MSRB amendments to annual customer notification requirements. NASAA seeks comment on proposed model rule addressing unpaid arbitration awards and fines. Broker-dealer settles FINRA charges for municipal security short position supervisory failures. IOSCO launches fifth annual world investor week. FinCEN provides relief to FBAR filers affected by natural disasters. Comment deadline set for FINRA-proposed fee for new municipal advisor principal exam.
SIFMA says no need for new DEP regulations. MFA responds to FINRA's proposed expansion of short interest reporting requirements. SEC seeks comment on security enhancements for EDGAR filers.
CFTC Staff provides capital, reporting relief to non-U.S. dealers. CFTC staff grants three swap dealers relief in anticipation of capital requirements final rule. ISDA CEO forms digital asset working group to standardize crypto derivatives contracts. ISDA CEO urges regulators to address proposed Basel III Market Risk Rules for Carbon Certificates. Swap Dealer settles CFTC charges for inaccurate daily large trader reports. CRS recommends actions to enhance federal cybersecurity management. MSRB breaks down budget for fiscal year 2022. NASAA reports on 2021 enforcement actions. Security Traders Association opposes proposed modernization of Derivatives Act. Senate confirms CFPB Director.
CFTC staff issues SEF Registration Advisory. CFTC charges communications company with acting as unregistered SEF. FCA consults on synthetic LIBOR, use of LIBOR post-2022. SEC Chair highlights asset management regulatory developments. FINRA board approves continuing education fee proposal. Swap dealer settles CFTC charges for counterparty disclosure violations. SEC charges compliance analyst with insider trading.
OFAC issues Iran-related FAQ.
SEC proposes expansion of proxy voting disclosure reporting requirements. FTC institutes reforms in M&A investigatory processes. SEC requests comments on PCAOB's proposed framework to implement the "Holding Foreign Companies Accountable Act." FIA outlines principles for cross-border regulation. Digital asset exchange settles CFTC charges for illegal off-exchange trading. Broker-dealer settles SEC charges for short sales violations. Swap dealer settles CFTC portfolio reconciliation, daily mark and reporting charges. FCM settles CFTC charges for supervisory lapses affecting customer accounts spurred by negative futures price event. Firm settles NYSE charges for failing to give notice of withdrawal as market maker. SEC institutes proceedings on FINRA proposed change to rule on financial exploitation of specified adults. Effective date set for FINRA rule imposing additional obligations on firms with a history of misconduct. NCUA extends comment period on use of digital assets by federally insured credit unions.
CFTC Commissioner Dan Berkovitz to join SEC as General Counsel. SEC Advisory Committee focuses on digital engagement practices. Two subsidiaries of Dutch Oilfield Services company settle separate OFAC charges. SEC charges two individuals with wash trading in "meme stocks." FINRA, NASAA and OIEA launch investor initiative to promote the designation of "trusted contacts." Treasury Secretary and FRB Chair testify on pandemic relief efforts. SEC awards whistleblower approximately $36 million. SEC names Division of Corporation Finance Deputy Director.
SEC Commissioners consider implications of different paths for going public. Two entities settle SEC charges for sales of unregistered oil and gas securities. FINRA proposes fee for new municipal advisor principal exam. Swap dealers settle CFTC charges for LEI-related reporting violations. Office of Advocate for Small Business reports on capital-raising policy recommendations. SIFMA urges BCBS to develop "clear" cryptoasset framework.
Senators seek information on SPAC conflicts. SEC grants time relief on the application of the "Quote Rule" to debt securities. ISDA addresses FRB and FCA concerns on credit sensitive rates fallbacks. NASAA President identifies priorities for the year ahead. President Biden nominates Saule Omarova to be Comptroller of the Currency. SEC Chair Gensler puts China on notice. Coinbase cancels launch of crypto lending program. OFAC authorizes humanitarian assistance to Afghanistan.
SEC issues sample letter on climate change disclosures. House Subcommittee considers pandemic-related FRB emergency lending programs. SEC denies exchanges' application for stay of market data plan. SEC grants exemptive relief to three ETFs from tender offer rules. CFPB charges software provider with assisting in unlawful fee collection. MFA seeks clarification as to SECR due diligence obligations. FinCEN seeks comment on regulations to implement BSA provisions on antiquities trading. SEC charges quantitative analyst with $8.5M front-running scheme. SEC charges company executives with conducting a fraudulent securitization scheme. NASAA President announces Board of Directors, sets priorities. Effective date set for NFA amendments to compliance rule on swap dealer trade execution.
Acting OCC Comptroller identifies financial crisis lessons for the crypto industry. OFAC updates ransomware advisory. NASAA examinations report highlights senior investor protection policy deficiencies. Broker-dealer settles NYSE charges for order routing violations. NASAA approves diversity, equity and inclusion statement. Effective date set for NFA late fee amendment and interpretive notice on certain IM model-related filings.
House Financial Services taskforce considers risks from developments in consumer data sharing. In first case involving Regulation Crowdfunding, SEC charges funding portal and issuer for involvement in fraudulent distribution. SEC warns investors of risks of investments in companies operating in China. Global trade associations caution BCBS against "overly conservative" cryptoasset regulation. Comment deadline set on FINRA proposed extension for remote inspections. Updated Swaps Chapter in Commodities Regulation Guide.
FINRA proposes amendments to rules on customer statements. President Biden declares national emergency to address threat posed by the humanitarian crisis in Ethiopia. CFTC EEMAC recommends formation of subcommittee on carbon markets. SEC charges former IT manager with insider trading. SEC, MSRB and FINRA to offer compliance outreach program. MSRB outlines strategic plan for next four years. Effective date set for NFA amendments to reporting requirements for swap dealers using capital models. Cadwalader Clients & Friends Memo: FTC Rescinds Vertical Merger Guidelines.
Massachusetts brings enforcement actions against "Roaring Kitty's" employer. FINRA adopts amendments to filing requirements for quotations of non-exchange-listed securities. FINRA to review firms' use of social media channels to acquire customers. DTCC DLT initiative to shorten the settlement cycle moves forward. FINRA urges members to prepare for OTCBB cessation. SEC grants exemption to ETF from tender offer rules. Firm settles SEC charges for prioritizing "flippers" in municipal offerings. Broker-Dealer settles FINRA charges for failing to repair rejected OATS submissions.
FTC approves new compulsory process resolutions. FDIC sets up new mission-driven bank fund. NASAA offers recommendations on implementing Model Act to protect seniors from financial exploitation. Coinbase applies for FCM registration. SEC awards whistleblower for independent analysis; Total payouts since 2012 surpass $1 Billion. Effective date set for FTC amendments to affiliate marketing rule. SEC approves MSRB extension for municipal advisor principal qualification examination. Effective date set for NFA amendments to definition of "branch office."
Alternative data company settles SEC charges for failure to anonymize data. Treasury and FHFA suspend certain requirements for Fannie Mae and Freddie Mac. SEC to continue telework operating status through January 3.
SEC Chair Gary Gensler testifies on regulatory Priorities. SIFMA and SIFMA AMG urge 18-month implementation for TBA margin proposal. Three media companies settle SEC charges for unregistered stock and digital assets offerings. New York Supreme Court shuts down digital asset trading company. Broker-dealer settles NYSE and NYSE Arca charges for failing to maintain continuous quotations. FINRA proposes extension of remote inspection relief. ISDA provides reporting guidance on 2021 interest rate definitions. Comment deadline set for FINRA proposal to further delay TBA margin requirements. Cadwalader Clients & Friends Memo: One-Two Punch: FTC Does About-Face on Treatment of Debt for HSR Purposes and Casts Doubt on Informal Interpretation Program.
President Biden to nominate CFTC and FTC commissioners. Firm settles charges for supervisory failures over partial tender offers. Broker-dealer settles FINRA charges for failing to properly register traders. Effective date set for FTC amendments to prescreen opt-out notice requirements.
CRS considers implications of a CFPB rulemaking on consumer-authorized access to financial data. Broker-dealer settles Nasdaq options market charges for intra-day quotation violations. SEC updates COVID-19 telework operations status. SEC OIEA cautions investors on investment scams related to Hurricane Ida. FINRA EVP of Member Supervision to retire. OFAC further delays effective date for authorization of transactions related to Petróleos de Venezuela, S.A.
SEC Chair Gensler and Commissioner Peirce offer contrasting views on market regulation. FINRA publishes Supplemental Liquidity Schedule for FOCUS reporting. CFTC Commissioner Dan Berkovitz to leave agency on October 15. Media company settles OFAC charges for Iranian sanctions violations. Former account manager charged in bribery and money laundering scheme.
Coinbase says SEC may sue to stop its lending program. OCC proposes rescission of 2020 CRA rulemaking. Broker-dealer settles FINRA charges for research disclosure violations. FTC approves Fair Credit Reporting Act rule changes.
IOSCO issues guidance on artificial intelligence and machine learning. Manufacturer and former executives settle SEC charges for expense management misconduct. Banking agencies extend comment period for proposed risk management guidance on third-party relationships.
Cboe Europe notifies SEC of intent to "familiarize" U.S. investors with its options. NFA proposes amendments to filing requirements for swap dealers using capital models. NFA proposes amendments to swap dealer regulations. MSRB proposes extension for municipal advisor principal qualification examination. Cadwalader Clients & Friends Memo: COVID-19 Update: New York Governor Signs New Moratorium Effective until January 15, 2022.
SEC Chair Gensler considers investor protection implications of evolving financial technologies. Treasury's Federal Insurance Office seeks feedback on approach to climate-related financial risks. Deadline set for SEC comment request on "digital engagement practices." CFPB debt collection regulations will go into effect on November 30. Comment deadline set for MSRB-proposed amendments to annual customer notification requirements. FINRA elects and appoints members to its board of governors.
SEC Chair Gensler raises the possibility of banning payment for order flow. CFTC staff provides temporary financial reporting relief to bank swap dealers. CFTC extends Brexit-related relief to UK entities. SEC awards nearly $2.6 million to five whistleblowers. New York Governor nominates new NYDFS superintendent.
CII urges SEC to act on clawbacks, insider trading and the proxy process. Eight firms settle SEC charges for customer PII exposures. FINRA provides guidance to investors on SPAC warrants. Cadwalader Clients & Friends Memo: COVID-19 Update: U.S. Supreme Court Holds that CDC Exceeded its Authority in Issuing Eviction Moratorium.
SEC seeks comment on broker-dealer and investment adviser "digital engagement practices." Banking agencies provide FinTech due diligence guidance. MSRB compares ATS and broker's broker trading platforms. Bank and parent company settle OFAC charges for Iranian and Syrian sanctions violations.
SEC proposes SBS substituted compliance for Spain. FINRA proposes further delay of TBA margin requirements. NFA proposes Interpretive Notice on certain IM model-related filings. NFA proposes amendments to Branch Office Interpretive Notice. Underwriter settles SEC charges for failing to disclose conflicts. UK bank settles OFAC charges for Sudanese sanctions violations.
CRS discusses cryptocurrency policy considerations. FINRA provides technical guidance for OATS retirement. Broker-dealer settles FINRA charges for failing to monitor private transactions.
Healthcare services company and executives settle SEC charges for accounting and disclosure violations. OFAC authorizes educational exports to Iran.
CFTC Commissioner Stump explains CFTC's authority over digital assets. Treasury and Singapore Monetary Authority sign cybersecurity MoU. SEC sets registration fee rate for fiscal year 2022.
President Biden sanctions Russian pipelines. FINRA proposes to delay expiry date of SBS rules. FINRA proposes conforming amendments to its Continuing Member Application Form. Clearing firm settles charges for short sale buy-in failures. Cadwalader Clients & Friends Memo: COVID-19 Update: CDC Issues New Eviction Moratorium while U.S. Supreme Court Grants Injunction against Enforcing the Eviction Moratorium in New York.
CFTC Commissioner Brian Quintenz Moves On. FTC Files Amended Complaint Against Leading Social Networking Technology Company. SEC Offers Enhanced Financial Statement Data through EDGAR.
Broker-Dealer settles FINRA charges for short sale violations. Hedge fund adviser settles SEC charges for short sale and registration violations. SEC charges video streaming service employees with insider trading. SEC names Division of Enforcement Deputy Director.
G30 recommends improvements in U.S. treasury market. FINRA requests comment on regulatory implications of cloud computing. SEC charges biopharmaceutical executive with insider trading.
SEC and ECB sign MOU on cross-border supervision of SBS entities. UK education company settles SEC charges for misleading disclosures concerning cyberattack. FINRA warns firms on phishing email campaign. FINRA proposes extension of temporary pandemic-related relief. Broker-dealer settles FINRA charges for supervisory failures on EB-5 activities. NYDFS superintendent to step down. Comment deadline set for NCUA board proposed leverage ratio for complex credit unions.
FINRA cautions firms on outsourcing. SEC to reconsider whistleblower award policies. FTC recommends prohibiting routing-based incentives on debit card fees. FDIC requests information regarding supervisory approach to examinations during pandemic. SEC Division of Enforcement Chief Counsel leaves SEC.
MSRB offers remote municipal advisor principal exam. SEC awards nearly $6 million to two whistleblowers.
FFIEC updates guidance on authentication management. ARRC supports Refinitiv's USD IBOR cash fallbacks prototype publication. OFAC and Commerce Department detail measures supporting Internet freedom in Cuba. Access to today’s version and previous versions of the Cabinet’s General Counsel daily podcast summarizing the newletters’ stories.
Three individuals settle charges for misrepresentations in a digital assets scheme. Crypto-products exchange settles CFTC and FinCEN Violations. Cadwalader memorandum discusses sec approves Nasdaq’s proposed rule changes to increase corporate board diversity.
SEC approves Nasdaq proposals supporting board diversity. FINRA adopts new requirements for inter-dealer quotation systems, shuts down OTC bulletin board service. President Biden expands prohibitions on persons undermining democracy in Belarus. DeFi company and executives settle SEC charges for unregistered securities offering. Trading platform settles SEC charges for operating as an unregistered digital asset exchange.
SEC grants no-action relief from initial margin requirements.
FRB releases large bank capital requirements. Firm settles NYSE Arca and NYSE American charges for notification failures on securities offerings. Firm settles FINRA charges for systems compliance and integrity violations. Cadwalader’s Fund Finance Newsletter; “The ABCs of ESG.” Cadwalader’s Clients & Friends Memo; “Securities Litigation Update: First Circuit Holds That Future-Focused Risk Disclosures Are Not Misleading Absent “Grand Canyon”-Level Threat to Company.”
FRB Governor Waller challenges purported benefits of U.S. CBDC. ISDA, ICMA, ISLA to collaborate on "Common Domain Model." Broker-Dealer settles FINRA charges for registration violations. Rescission of OCC True Lender rule goes into effect.
SEC Chair Gensler highlights gaps in crypto regulation. Firm settles FINRA charges for notification failures on securities offerings. Firm settles NYSE charges for routing violations. MSRB appoints new board members.
SEC tables proposed exemption for expert market. Senate Committee considers testimony on banking agency priorities. CFPB withdraws proposal to extend effective date of debt collection regulations. Comment deadline set for FDIC proposal on deposit insurance coverage for trusts and mortgage accounts. MSRB proposes amendments to annual customer notification requirements.
SEC adopts rule imposing additional FINRA obligations on firms with a history of misconduct. Accounting firm settles SEC charges for unprofessional conduct in auditor selection process.
SEC Chair asks staff to ensure offshore issuers accurately disclose relationship to China-based operating companies. FDIC provides guidance on impact of LIBOR transitions under regulatory capital rule. Deadline set for NCUA comment request on use of digital assets by federally insured credit unions.
ARRC recommends term SOFR rate. House Financial Services Committee advances LIBOR Act. Senator Warren urges FSOC to address cryptocurrency risks. NYDFS to collect and publish diversity data.
SEC Chair Gary Gensler directs staff to prepare climate risk disclosure rule. CFTC grants CPO conditional relief from quarterly statement distribution requirement. Firm settles charges for supervisory and risk management control violations.
SEC grants substituted compliance determination for France. House Financial Services Subcommittee considers national security implications of CBDCs. Senate Banking Committee debates merits of cryptocurrency. IOSCO seeks comment on ESG ratings and data providers. Twenty-seven firms settle SEC charges for Form CRS failures. MSRB issues guidance on primary offering disclosure form. OCC takes steps to act on climate change goals.
SEC Commissioner Peirce offers recommendations to increase participation in the financial markets. Ninth Circuit affirms CFTC authority in issuing preliminary injunction. FINRA updates guidance on financial and operational rules. NCUA seeks comment on use of digital assets by federally insured credit unions. Firm settles FINRA charges for refusing to produce documents and information. SEC appoints International Affairs Director.
House Financial Services Subcommittee considers new requirements for rating agencies. House Financial Services Subcommittee considers proposals to expand access to banking services. ARRC recommends SOFR term rates best practices. SEC Commissioner Peirce makes the case against mandating ESG disclosure. Firm settles SEC charges for accounting, reporting and control failures. OFAC delays effective date for transactions related to Petróleos de Venezuela, S.A.
OCC to propose rescission of 2020 CRA rulemaking, will collaborate with FRB and FDIC on new rule. FDIC proposes simplified, expanded deposit insurance for trusts and mortgage accounts. President's working group to issue stablecoin recommendations. NFA extends relief from on-site inspection requirements. Firm settles FINRA charges for AML program deficiencies. President Biden will nominate Jonathan Kanter to lead DOJ antitrust division.
Company subsidiaries settle OFAC charges for violating Iran sanctions regulations. Investment adviser settles SEC charges for unsuitable investments in volatility-linked exchange-traded products. The President’s competition order – one week on.
Congressional task force hears from experts on digital identity infrastructure. U.S. government advises on risks associated with Hong Kong business operations. SEC Chair Gensler names policy advisors. Comment deadlines on rule proposals.
U.S. government launches new on-line resource to combat ransomware. FINRA adds retail communications to private placement filing requirements. Firm and principle settle FINRA charges for failing to retain business-related text messages. SEC Division of Examinations Director to depart, Acting Director named. NY Fed appoints new Head of Supervision.
SPAC parties settle SEC charges for misrepresentations and diligence failures. Website operator settles SEC charges for unlawfully touting digital assets. Firm settles SEC and NYAG charges for undisclosed conflicts of interest when recommending retirement program. Broker-dealer settles FINRA charges for systemic supervisory failures. CFTC staff follow-up on bank regulator LIBOR cessation guidance.
FRB, FDIC and OCC propose risk management guidance on third-party relationships. CFTC MRAC adopts "SOFR First" recommendation. U.S. warns businesses of potential risks for engaging with Xinjiang human rights violators. FinTech company settles CFPB charges for originating unauthorized loans. SEC OASB outlines strategic plan for 2021-2025. Delaware Supreme Court chides chancery for turning away stockholder’s claims without considering whether board’s interference with stockholder vote triggered Blasius’s compelling justification test.
FSB Chair Quarles and Treasury Secretary Yellen push for development of climate-related risk disclosure. Secretary Yellen says consensus is near on international corporate tax agreement. DOJ and Federal Maritime Commission to cooperate on antitrust enforcement. OFAC authorizes petroleum gas transactions involving Venezuelan Government, PdVSA.
Warren writes SEC on regulation of crypto exchanges, cites need to close gaps. SEC charges three with insider trading in connection with company "pivot" to blockchain. CFTC compliance deadline for amendments incorporating electronic trading risk principles. Federal Reserve Board comment deadline for debit card interchange fees and routing.
FINRA asks firms to disclose activities in digital assets. CFPB highlights findings from supervisory examinations. Comments are due on proposed FDIC rule prohibiting false advertising, misrepresentation of insured status, and misuse of the FDIC's name or logo.
SEC Chair Gensler questions marketing terms used for ESG funds. Firm settles NYSE charges of supervisory failures over “Market on Close” orders. CFPB warns CRAs on eviction data accuracy.
SEC Commissioner and CFTC Commissioner oppose new regulations on family offices. FINRA updates interpretations on minimum equity requirements for margin accounts. FDIC updates resources for revised brokered deposits regulation. Firm settles FINRA charges for supervisory violations. OCC reorganizes. FinCEN appoints first Chief Digital Currency Advisor.