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Federal Reserve Board Issues Proposed Rule Amending Regulation E, As Required by Dodd-Frank

by Edmund D. Harllee On Monday, May 23, the Federal Reserve Board (the "Board") issued proposed revisions to its Regulation E (Electronic Fund Transfers) in order to implement changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). The Electronic...

SEC to Revise Investment Adviser Rules under the Dodd-Frank Act?

The SEC announced yesterday that it will be holding an open meeting on June 22, 2011, evidently to discuss new proposed changes to the new Advisers Act rules pending under Dodd Frank. For fund managers concerned about becoming subjected to Advisers Act registration once Dodd-Frank becomes effective...

Cadwalader Clients & Friends Memo: Two Dodd-Frank Problems--the Effective Date and the Definitions

Contingency Planning in the Absence of a Regulatory Structure This memorandum first explains the July 16, 2011 problem that will arise because the Dodd-Frank derivatives legislation (Title VII of the statute) goes into effect without either a ready regulatory plan or an operating market structure....

Sometimes You Get Stuck and Can’t Get Out

Finally, the SEC is going to take some action today on the regulation of investment advisers, venture capital funds, and private fund managers. For years, they've been trying to get regulatory control of private funds. Now they are going to get it. Do they really want it? Sometimes what...

Williams Mullen Alert: Dodd-Frank--Federal Reserve Board Issues Final Rules Modifying the Official Staff Commentary to Regulations M and Z to Adjust the Exemption Threshold

by: Edmund D. Harllee On Monday, June 20, 2011, the Board of Governors of the Federal Reserve System (the "Board") issued final rules modifying the Official Staff Commentary to its Regulation Z (Truth In Lending) and Regulation M (Consumer Leasing) to implement certain of the requirements...

Dodd-Frank: One Year Later

The Dodd-Frank Wall Street Reform and Consumer Protection Act represents the most comprehensive financial regulatory reform measures taken since the great depression. So, one year after enactment, what do we know? By the time you read this, we will have commemorated the first anniversary of the passage...

Williams Mullen: FDIC Issues Final Rule Permitting Interest on Demand Deposits of State Non-Member Banks per Dodd-Frank

by Edmund D. Harllee Section 627 of the Dodd-Frank Wall Street Reform and Consumer Protection Act repeals the prohibition against the payment of interest on demand deposits, effective July 21, 2011. On Thursday, July 14, 2011, the Federal Deposit Insurance Corporation (the "FDIC") issued...

SEC Proposes Amendments to the Qualified Client Standard

by Kay Gordon and Joshua M. O'Melia Excerpt: I. Introduction On May 10, 2011, as required by Section 418 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), the U.S. Securities and Exchange Commission (the "SEC") proposed to amend Rule...

Foreign Fund Manager Exemption (under $25M AUM in US) from Registration under the Advisers Act (Final Dodd-Frank Act Rules)

The SEC has now finalized the rules implementing the Investment Advisers Act of 1940 (the " Advisers Act ") changes, which had been issued in proposed form near the end of 2010 following passage of the Dodd-Frank Act earlier that summer. These rules went into effect July 21, 2011. Fund...

McNees Wallace & Nurick LLC: Dodd-Frank Wall Street Reform Act: Changes and Challenges for the Municipal Market

By: Veronica Johnson In the aftermath of the financial collapse of 2008, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). The Act is potentially the largest overhaul of financial regulation since the Great Depression, though many provisions must...

Deciphering the SEC’s New Definition of a “Venture Capital Fund”: Part 1 – An Overview

This is the first post in a series exploring the recent SEC regulations which define the term "venture capital fund" for the purposes of determining whether a fund's manager is exempt from SEC registration requirements under Dodd-Frank. The Dodd-Frank Act excluded from its registration...

Financial Institutions: How Dodd-Frank's Orderly Liquidation Authority for Financial Companies Violates Article III of the United States Constitution

36 Iowa J. Corp. L. 869, Summer 2011 Author: Brent J. Horton Excerpt: I. Introduction In 2008 the housing bubble burst, and those financial companies that invested in mortgage-backed securities (MBS) faced insolvency as their MBS became worthless. Secretary of the Treasury Henry Paulson recalls...

Williams Mullen Alert-Federal Reserve Board and FDIC Issue Final Rules to Require Certain Companies to Submit “Living Wills,” as Required by Dodd-Frank

by Edmund D. Harllee On Tuesday, November 1, 2011, the Board of Governors of the Federal Reserve System (the "Board") and the Federal Deposit Insurance Corporation (the "FDIC") each issued a final rule to implement the requirement, under Section 165(d) of the Dodd-Frank Wall Street...

Morrison & Foerster-Enhanced Prudential Standards: The Federal Reserve’s Proposal

Shortly before year-end, the Federal Reserve Board ("FRB") proposed several rules to manage systemic risks presented by bank holding companies with consolidated assets of $50 billion or more and by nonbank financial institutions that are designated as systemically important by the Financial...

Dodd-Frankenstein

You would expect that a publication with a libertarian tilt like The Economist would not look favorably at the Dodd-Frank Wall Street Reform and Consumer Protection Act . They call it Too big not to fail . Being The Economist , the article argues with the facts on its side. Dodd-Frank: 848 pages...

Proposed Identity Theft Red Flags Rules

Identity theft is a serious problem. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act increased the scope of firms that would be subject to federal regulatory requirements on identity theft rules. The Securities Exchange Commission and the Commodities Futures Trading Commission...

Regulatory Focus on Hedge Funds Continues

The regulatory focus on hedge funds continued during the first quarter of 2012, as new initiatives continued to roll out, and milestones in the implementation of rules put on the books last year were hit. For "large" hedge funds, we see the summer deadline for filing the Form PF looming...

Favorable Treatment of Mortgage Loans Under Dodd-Frank: A Comparison

In the wake of the financial crisis, mortgage-related reforms enacted as part of the Dodd-Frank Act or established under the Basel capital process have created four different classes of residential mortgage loans that are entitled to some kind of favorable treatment. These classes are (i) "qualified...

Federal Reserve Board Approves Final Rules Defining When Significant Nonbank Firms are “Predominantly Engaged in Financial Activities”

On April 3, the Federal Reserve Board ("Board") published a final rule ("Rule") specifying when a financial company that may be made subject to systemic regulation under Title I of the Dodd-Frank Wall Street Accountability and Consumer Protection Act ("Dodd-Frank Act"...

Dodd-Frank at 3

Please click on the Attachment: link at the top of the post to view or download the entire article. If Aesop were still in the fable-writing business, and he had been watching the last three years of Dodd-Frank Act rulemaking, we would probably be reading the Snail and the Tortoise to our kids. In...

Which One of Us Is the Service Provider? The Dodd-Frank Act's Infinite Loop of Oversight

by Valerie L. Hletko and Sarah E. Hager A centerpiece of CFPB supervision is service provider oversight but assigning roles is not always straightforward. A lack of clarity may lead to duplicative, simultaneous oversight. While there is substantial guidance as to the what in service provider oversight...

Are You Ready? New Dodd-Frank Mortgage Rules Set for Early 2014

In the 1970s, the expression “future shock” made its way into common use. It started, of course, with Alvin Toffler’s hugely successful book with that phrase as its title. Like others, Toffler had observed the overwhelming effects on post-industrial societies that were experiencing...

Dodd-Frank Affects Private Companies Too: Practice Points to Note

by Andrew L. Weil , Alexander G. Fraser , and Bradley E. Phipps The Dodd-Frank Act – signed by President Barack Obama more than three years ago, and since then advanced with a host of rules and regulations – has been widely viewed as a law that addresses systemic risk in the financial...

Volcker Rule Implemented by SEC, Four Other Federal Agencies

Five federal regulatory agencies — the SEC, CFTC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller and the FDIC — implemented the 900 plus page Volcker Rule. Many consider the Volcker Rule to be the center piece of the Dodd-Frank Wall Street Reform Act....

CFPB Issues Final Rules Regulating Automobile Financing, as Permitted by Dodd-Frank

by Edmund "Ed" D. Harllee & Alan B. Clark On Tuesday, June 30, the Consumer Financial Protection Bureau (the “Bureau”) published its final rule in the Federal Register to expand the definition of “larger participants” in the financial product and service markets...