It was certainly interesting to read our colleague Peter Malyshev's news item about the CFTC's decision to require an online prediction market operated by the University of Wellington in New Zealand to shut down its operations by next year.  

Why so interesting? Because PredictIt’s event contracts allowed participants to bet − through the trade of futures contracts − on the outcome of political elections, including U.S. presidential elections. Since this is not an isolated case, Peter tells us that the CFTC will have to come up with more definitive guidance for political event contracts.

There's more this week: An important "Dear CEO" letter from the UK's Financial Conduct Authority and, back in the U.S., a closer look at public comments on the interagency Community Reinvestment Act proposed rule. And we're very excited to introduce noted white collar defense partners Ken Breen and Phara Guberman, who joined Cadwalader earlier this week. 

As always, we welcome your thoughts. Just write to us here.

Daniel Meade and Michael Sholem
Co-Editors, Cabinet News and Views