Cadwalader Cabinet General Counsel
363 episodes - English - Latest episode: over 2 years ago - ★★★ - 1 ratingThe 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.
Homepage Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Episodes
Dec 16: Fast Money
December 16, 2021 22:14 - 5 minutes - 7.14 MBSEC 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.
Dec 15: You Can't Make Me
December 15, 2021 20:38 - 5 minutes - 7.1 MBFDIC 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.
Dec 14: By Split Decision
December 14, 2021 22:36 - 4 minutes - 6.61 MBSEC 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.
Dec 10: By Operation of Law
December 10, 2021 20:24 - 5 minutes - 8.21 MBHouse 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 fina...
Dec 9: Cash and Carry
December 09, 2021 21:58 - 4 minutes - 6.98 MBSAFE 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 ext...
Dec 8: Letting Go of LIBOR
December 08, 2021 20:47 - 6 minutes - 8.54 MBCFPB 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-pro...
Dec 7: Paying with Clevelands and Jacksons
December 07, 2021 20:07 - 2 minutes - 3.91 MBFinCEN 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.
Dec 6: A Fed Farewell
December 06, 2021 22:03 - 5 minutes - 7.7 MBFRB 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.
Dec 2: Quick Like a Bunny Rabbit
December 03, 2021 01:06 - 5 minutes - 7.4 MBSIFMA, 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" comp...
Dec 1: It's All Good
December 01, 2021 17:32 - 5 minutes - 7.49 MBTreasury 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.
Nov 30: Fall Back, Spring Forward
November 30, 2021 20:54 - 4 minutes - 6.12 MBSEC 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.
Nov 29: What's New, What's Not
November 29, 2021 19:21 - 3 minutes - 5.59 MBFederal 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.
Nov 24: Crypto Clarity
November 24, 2021 20:38 - 7 minutes - 10.8 MBBanking 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-dea...
Nov 23: The More Things Change...
November 23, 2021 21:28 - 5 minutes - 7.18 MBPresident 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.
Nov 22: Records of Rebate Reports
November 22, 2021 22:16 - 7 minutes - 11 MBSEC 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. ...
Nov 19: Stabilizing Stablecoins
November 19, 2021 22:19 - 4 minutes - 5.87 MBFRB 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.
Nov 18: Early and Often
November 18, 2021 22:44 - 8 minutes - 12.5 MBSEC 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. ...
Nov 17: A Bank by Any Other Name
November 17, 2021 23:01 - 5 minutes - 7.6 MBActing 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.
Nov 16: What's the Risk?
November 16, 2021 21:55 - 5 minutes - 7.12 MBNYDFS 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.
Nov 15: Money Problems
November 15, 2021 18:22 - 3 minutes - 5.01 MBRepresentative 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.
Nov 5: Lets Have Big Fights Over Small Things!
November 05, 2021 21:32 - 6 minutes - 9.43 MBSEC 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.
Nov 4: Zero or Bust; or Zero and Bust
November 04, 2021 15:33 - 2 minutes - 3.91 MBFederal 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.
Nov 3: Extra! Extra! Relief All about It!
November 03, 2021 17:42 - 7 minutes - 10.7 MBSEC 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 highl...
Nov 2: By Preparation or by Regulation
November 02, 2021 18:20 - 4 minutes - 6.63 MBSEC 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 Se...
Nov 1: The Risk Was Clear
November 01, 2021 17:36 - 3 minutes - 5.41 MBFICC 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.
Oct 29: Insecure Security
October 29, 2021 16:58 - 3 minutes - 5.6 MBFTC 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.
Oct 28: Please Avoid These Common Mistakes
October 28, 2021 17:38 - 3 minutes - 5.22 MBSEC 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.
Oct 27: March Margin
October 27, 2021 19:29 - 5 minutes - 7.68 MBBCBS, 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.
Oct 26: The Old Switcherooni
October 26, 2021 18:26 - 3 minutes - 4.53 MBBroker-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
Oct 25: Cloudspotting
October 25, 2021 19:44 - 3 minutes - 5.32 MBFSOC 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.
Oct 22: AI Generated this Headline to Maximize Clicks
October 22, 2021 20:12 - 5 minutes - 7.84 MBSEC 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 pi...
Oct 21: If A Precedes B, Did A Cause B?
October 21, 2021 16:49 - 4 minutes - 6.15 MBSEC 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.
Oct 20: Lights, Camera, Analysis
October 20, 2021 16:53 - 4 minutes - 6.64 MBSEC 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.
Oct 19: More Shots Fired
October 19, 2021 15:43 - 3 minutes - 5.21 MBNYAG takes action against five crypto lending platforms. Cabo Verde extradites Colombian National to face money laundering charges.
Oct 18: Crypto Critics
October 18, 2021 17:40 - 5 minutes - 8.13 MBCFTC 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 e...
Oct 8: Where Did It Go?
October 08, 2021 15:33 - 4 minutes - 6.87 MBFINRA 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.
Oct 7: To a Hammer, Everything Is a Nail
October 07, 2021 18:32 - 5 minutes - 7.34 MBIMF 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. Bro...
Oct 6: House Moves to Address Shortage of Laws
October 06, 2021 17:40 - 5 minutes - 7.94 MBU.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 securit...
Oct 5: Just Old Wine in New Bottles
October 05, 2021 16:31 - 3 minutes - 4.42 MBSIFMA 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.
Oct 4: The Sun Never Sets on the Swaps Markets
October 04, 2021 18:41 - 5 minutes - 7.58 MBCFTC 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. MS...
Oct 1: SEF, Know Thy Sefness
October 01, 2021 17:51 - 5 minutes - 7.48 MBCFTC 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.
Sep 30: Vote for ESG! (Or Pay the Price?)
September 30, 2021 21:47 - 6 minutes - 9.38 MBSEC 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 mar...
Sep 29: Haven't I Seen You Someplace Before?
September 29, 2021 17:55 - 5 minutes - 7.12 MBCFTC 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. SE...
Sep 28: Two Paths Diverged in the Financial District
September 28, 2021 17:51 - 5 minutes - 8.03 MBSEC 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.
Sep 27: SPAC Attack
September 27, 2021 17:17 - 6 minutes - 9 MBSenators 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.
Sep 24: Different Disclosures for Different Degrees
September 24, 2021 17:01 - 6 minutes - 9.66 MBSEC 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 cha...
Sep 23: Tales from the Crypt(o)
September 23, 2021 17:00 - 4 minutes - 6.67 MBActing 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.
Sep 22: You Are an Open [Check] Book
September 22, 2021 18:27 - 5 minutes - 7.13 MBHouse 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 Co...
Sep 21: Here's What You Got, What You Owe
September 21, 2021 16:24 - 4 minutes - 6.44 MBFINRA 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....
Sept 20: Not with a Roar but with a Meow
September 20, 2021 18:02 - 5 minutes - 7.77 MBMassachusetts 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....