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In many instances, the Dodd-Frank Wall Street Reform and Consumer Protection Act merely set a framework for financial reform and left much of the heavy lifting to the financial regulatory agencies. The SEC published their agenda for the implementation of Dodd-Frank.
It is a long list. Compliance leaders are going to very busy keeping track of the new regulations. The hard part is then figuring out how to implement them and get in compliance by the July 21, 2011 deadline set by the law.
Here is what the SEC wants to address in the next three months:
October - December 2010 (planned)
Diversity
Oversight of Investment Advisers
Exempt Offerings
Derivatives
Clearing & Settlement
Investor Advocate
Market Oversight
Enforcement
Credit Ratings
Asset-Backed Securities
Corporate Governance & Disclosure
Administrative/Internal
Municipal Securities
Auditing
Hopefully there won't be a sacrifice of quality giving that they need to deal with such a large quantity of new regulations.
Sources:
For additional commentary on developments in compliance and ethics, visit Compliance Building, a blog hosted by Doug Cornelius.