Welcome to this week's edition of Cabinet News and Views, which we’re publishing in the wake of a flurry of U.S. agency rule proposals and final updates this month (notwithstanding the three week standstill in Congress), as well as key insights surfacing from climate transition reports across the Atlantic.
My colleagues, Peter Malyshev, Nikita Cotton and Hayden Stark, explore the CFTC’s recent proposed amendments to its Regulation 4.7, which provides exemptions to registered commodity pool operators and commodity trading advisors. My colleague, Mercedes Kelly Tunstall, and I report on Tuesday’s news of the final rule to amend and update the rules implementing the Community Reinvestment Act. Mercedes also shares her insights into two big announcements over the past week: the FRB’s proposed changes to Dodd-Frank’s Durbin Amendment, and the CFPB’s proposal addressing “personal data financial rights.” Rounding out our U.S. reporting, my colleagues, Stephen Fraidin, Richard Brand, Erica Hogan, Adam Tamzoke and Lauren Russo, weigh in on the SEC’s adoption of final rules amending beneficial ownership reporting.
Even though it won’t be Thanksgiving season here in the U.S. for another month, the federal banking agencies were so busy this week, that we will likely have leftovers that we will cover in next week’s edition or other Cadwalader newsletters, such as the Fed’s announced proposed changes to Regulation II (Debit Card Interchange Fees and Routing), which is the implementing regulation of the Durbin Amendment to the Dodd-Frank Act, and interagency principles for climate-related financial risk management for large financial institutions.
We also reprint a C&F memo from my colleagues issued earlier this week on the SEC’s adoption of final rules to amend the beneficial ownership reporting rules that accelerate the filing deadlines for Schedules 13D and 13G, provide guidance on the formation of a “group” and provide guidance on the treatment of cash-settled derivatives.
In Europe, we have two interesting developments to share. First, my colleague, Duncan Grieve, provides a look into the European Central Bank’s second economy-wide stress test and what it means for banks navigating the ongoing climate transition. On a related note, my colleagues, Simon Walsh and Sharon Takhar, summarize key findings from a joint study by the Transition Pathway Initiative and the Grantham Research Institute on Climate Change and the Environment assessing how banks are making progress in managing the same transition.
As always, we welcome your thoughts. Just drop me a note here.
Daniel Meade
Partner and Editor, Cabinet News and Views