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Cadwalader Cabinet Publishes FAQ and Offers Business Continuity Support

Note: To assist individuals in working from home during the coronavirus social-distancing period, Cadwalader is providing clients and friends free access to the Cabinet. It is our hope that this open access will aid industry members facing resource limitations and business continuity challenges during this time. To obtain free access, please send an account request to [email protected]. Please let us know your name, work email, employer and title. We will get back to you promptly with a password.

What is the Cabinet?

The Cabinet is an integrated legal research service for financial services lawyers and compliance professionals. It consists of a (i) legal library, (ii) newsletter and (iii) various other tools designed to help you keep current and do work. This video provides an overview of the Cabinet.

What is the scope of coverage?

The Cabinet is primarily focused on U.S. federal financial regulation. The Cabinet also provides extensive and ever-expanding materials on other subject areas. The principal areas of coverage include securities law (Broker-Dealer Topic Pages, Advisers, Funds and Plans Topic Pages, and Issuer and Offering Topic Pages), banking law (Topic and Regulator Pages), the Commodity Exchange Act (Topic Pages), ERISA, Sanctions, Anti-Money Laundering ("AML"), Credit and Insolvency, the Committee on Foreign Investment in the United States ("CFIUS"), the Foreign Corrupt Practices Act ("FCPA") and Intellectual Property.

Which governmental agencies and regulators do you include on the Cabinet?

The regulators covered include:

  • Federal Securities Law: the Securities and Exchange Commission ("SEC"), Financial Industry Regulatory Authority ("FINRA"), Municipal Securities Rulemaking Board ("MSRB") and the regulatory exchanges;

  • Federal Banking Law: the Federal Reserve Board ("FRB"), Office of the Comptroller of the Currency ("OCC"), Federal Deposit Insurance Corporation ("FDIC"), Federal Financial Institutions Examination Council ("FFIEC"), National Credit Union Administration ("NCUA"), Treasury, Consumer Financial Protection Bureau ("CFPB") and Federal Housing Administration ("FHA"); and

  • Commodities: the Commodity Futures Trading Commission ("CFTC"), National Futures Association ("NFA") and Chicago Mercantile Exchange ("CME").

Other regulators we follow include the Federal Crimes Enforcement Network ("FinCEN"), the Department of Labor ("DOL"), with respect to ERISA matters, the Office of Foreign Assets Control ("OFAC”) and the Patent and Trademark Office, among many others.

What types of documents are included?

The documents covered include relevant Congressional Public Laws, statutes and regulations. Within each body of law, you can also find all regulatory guidance and interpretations, no-action letters, regulatory enforcement actions and manuals, as well as lawyer-written materials.

How can I review all materials to find what I need?

To get a better sense of the scope of the materials, you can go to the Advanced Search Page. For example, let's say that you are looking for an SEC no-action letter. On the Advanced Search Page, you would select "SEC" as the Author Organization from the filters and "No-Action Letter" as the Document Type. You have the option to then further narrow your search using (i) additional filters from the drop-down menus on the left (e.g., Regulated Entity, Regulated Activity and Regulated Product), and/or (ii) a word search at the top of the page.

Another way to get a sense of the scope of the Cabinet's materials is to go to the Documents drop-down menu at the top middle of any page, and look at the materials for the various topics. Here is a link to the Securities Law Materials.

Will you expand coverage?

The scope of coverage of documents is steadily expanding. We recently added significant Intellectual Property materials and Federal Reserve Board enforcement actions. The next set of materials to be added will include the FDIC enforcement actions and the FRB interpretations other than those relating to margin, which we already have.

We are also constantly adding new Topic Pages. For example, we just added about 25 Topic Pages about SEC Regulation S-K, and another 10 or so will be published this week. We will keep you posted as we add new materials and Topic Pages.

What is a Topic Page?

Cadwalader Cabinet Topic Pages are curated legal libraries designed to improve and simplify legal research by providing access to the specific statutory provisions, rules, regulatory guidance, enforcement actions, and legal news and analysis related to a narrow area of financial services law.

Topic Pages are cross-regulatory where appropriate. The left-hand side of a Topic Page generally provides relevant statutory provisions and rules. At the top right, we provide news and events. Further down the right-hand side are curated searches for various types of regulatory guidance. Each of these searches is in date order, with the most recent at the top.

To get a sense of the different types of Topic Pages within a particular body of law, take a look at our collection of Broker-Dealer Topic Pages. See our Broker-Dealer Business Continuity Topic Page to get a better understanding of a Topic Page layout on a specific topic. There are also "Rule-by-Rule" Topic Pages for FINRA, the MSRB, the Advisers Act and various other bodies of law.

How current is the Cabinet?

It is current to the business day. Generally, if any significant regulatory event happens on Day T, we will capture it immediately, and it will appear in the Cabinet's daily newsletter (titled "General Counsel") on T plus 1. The item will then be added to the Cabinet's library, and all rules and regulations will be promptly updated to reflect any changes.

At the top of every rule, there is an indicator of the rule's status. We track proposing and adopting rule changes at every juncture in the process. Here is an overview of the over 1,000 regulations currently in a state of transition. By way of specific example, here is a link to Exchange Act Rule 15c2-11, showing its status at the top of the page in red and, a little further down, a hyperlink to the Federal Register in which the rule amendment was proposed. You can also find a complete history of the rule in the drop-down menu on the right-hand side of the page under "Federal Registers," which shows all of the proposing and adopting releases.

How do I search on the Cabinet?

The Cabinet site-wide search feature uses both (i) word search and (ii) a highly developed taxonomy. Users familiar with Boolean search features can use search tricks in the Cabinet search bar. In each search result, "Related Search" terms appear under the documents that will empower users to run new, connected searches. If you are ever in need of research assistance, please email [email protected] and we will respond promptly.

How do I use the Cabinet to keep current?

In our daily news coverage, we cover all of the significant legislative and regulatory events affecting financial services and the securities and commodities markets. The general format of the news items is that we provide the published documents, along with a brief description that we intend to be plain and straightforward. For items of significant policy interest, or that may require material action or response by regulated entities, we may provide additional guidance and personal commentary. In all cases, we provide links to related news and to other related documents.

You can also set a Cabinet Alert on any statutory provision or rule to receive a weekly digest of any news affecting that particular provision or rule. Cabinet Events track comment deadlines, rulemakings, and time-limited no-action relief. Our Regulatory Change Management Tracker helps users track how regulatory deadlines might impact your business.

What is different about viewing a rule or regulation on the Cabinet?

The Cabinet will display the official version of the rule, current to the date with the date indicated at the top, along with a Cadwalader summary of the rule, and links to any proposed or forthcoming amendments. The text of the rule is formatted in clean and readable fashion, and hyperlinked throughout. The right sidebar includes expansive research materials related to the rule, including no-action letters, rule releases going back to the beginning of time, enforcement actions, studies, guidance, law firm analysis, and much more. The idea is to create an ecosystem in which the research is already done for you. See Exchange Act Rule 15c3-1 ("Net Capital Requirements for Broker-Dealers") as an example.

What are Interactive Applications/Expert Systems?

Interactive Applications are automated tools, created by market professionals, that allow you to accomplish a great variety of tasks quickly, in a standardized and controlled fashion, and that are both time- and cost-efficient. The systems also allow you to record the results of your work to demonstrate compliance. Among the tasks for which you can use Cabinet's Interactive Applications are (i) analysis of regulatory questions, (ii) checklists of work accomplished or reviews performed, (iii) paths to find particular documents, (iv) the creation of standardized contracts and certificates, (v) giving and scoring tests, and (vi) the creation of a workflow.

A few of the Interactive Applications are available for all users, but generally these are specific to particular users and are not part of the general free subscription. Try our 15a-6 (non-U.S. Broker-Dealer) models as a sample.

How does printing work?

Printing operates using Ctrl+P. What gets printed is, essentially, what you see is what you get. So, if you are looking at a rulebook and the table of contents is open and visible on your screen, then the table of contents will display when you print. If the table of contents is closed and invisible, then it will not display when you print. If "Related News" or another sidebar reference is open on the right sidebar, then those news items will display at the bottom of the page when you print. Click here to learn more.

Copyright

During the isolation period, we are not asking users to sign subscription agreements. Please respect the terms of use, and do not copy the design, taxonomy, or proprietary documents.

The Cadwalader Cabinet is presented for informational purposes only, and does not constitute and is not intended to constitute advertising, solicitation, or legal advice. By using the website, you agree that the information on the Cadwalader Cabinet does not constitute legal or other professional advice, and that no attorney-client or other relationship is created between you and CWT. The purpose of the Cadwalader Cabinet is to assist in the dissemination of general information about financial regulation.

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