Email from Cadwalader

From

To

Subject

Email
Many of the transactions involving qualified financial contracts (“QFC”) with Silicon Valley Bank (“SVB”) and Signature Bank constitute Commodity Futures Trading Commission (“CFTC”) jurisdictional transactions that may be affected by recent SVB and Signature Bank failures. Note that under the authority of the Federal Deposit Insurance Act (“FDIA”) practically all obligations and transactions with SVB and Signature Bank have been transferred to new entities that are not in Federal Deposit Insurance Corporation (“FDIC”) receivership: Silicon Valley Bridge Bank, N.A. (“SVB Bridge”) and Signature Bridge Bank, N.A. (“Signature Bridge”), respectively.  https://www.cadwalader.com/resources/articles/svb-and-signature-bank-resolution--cftc-related-implications