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Dodd-Frank: New Authority for SEC Enforcement

As SEC Enforcement savors its settlement in Goldman and continues to retool into a new and more aggressive program, Congress is giving it new tools. The Dodd-Frank Wall Street Reform and Consumer Protection Act has a number of provisions which enhance the authority of SEC Enforcement. These include...

Dodd-Frank Wall Street Reform Act Includes Immediate Change to Securities Act of 1933 "Accredited Investor" Definition for Natural Persons

by Kristy T. Harlan and Vincent J. Pisano On July 21, President Obama signed the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). A change to the definition of "accredited investor" under the Securities Act of 1933, takes effect immediately and may impact issuers...

The First Attack on the Accredited Investor Standard

Many of the provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act merely provide for future regulatory framework. That it is in part true for the changing definition of "accredited investor" under the Securities Act. The other part is that the definition changed once...

Dodd-Franks, The SEC and Executive Compensation

Prior articles have reviewed the provisions of Dodd-Frank which focus on SEC Enforcement ( here ) and rule making ( here ). Other provisions of the Act impact the Commission's authority regarding executive compensation. In part, these are discussed by Chairman Schapiro in her remarks at the Center...

Dodd – Frank: Credit Rating Agencies, Part II

Dodd-Frank focuses on the structure of credit rating agencies, requiring revisions and imposing other requirements in an effort to resolve the conflicts of interest and other difficulties many believe were at the center of the market crisis. The article on Monday focused on the new SEC office which...

Dodd–Frank: Hedge Funds

Hedge funds were a key subject of debate during the passage of Dodd-Frank. While the funds were not tied to the causes of the market crisis, they do represent large pools of assets which can impact the market. Regulators frequently note that they have inadequate information about the funds. Accordingly...

The SEC’s Busy Rule-Making Agenda for Implementation of Dodd-Frank

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...

The Chairman Outlines a Timetable for Dodd-Frank Rules

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a sprawling piece of legislation. It is also very much a work in progress, requiring hundreds of new rules to be written and dozens of studies. The burden imposed on the SEC is considerable. There are 95 sections requiring the Commission...

Defining “Financial Institution” Under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act

by Robert J. Pile, Jennifer D. Lambert, and Heather J. Howdeshell Third-party service providers to financial institutions have often taken the position that they are not "financial institutions" for purposes of federal law and thus are typically not subject to regulation in the same manner...

SEC Targets Use of Side Pockets by Hedge Funds

The Securities and Exchange Commission's Asset Management Unit has been investigating whether hedge fund managers have overvalued assets in "side pockets" and then charged investors higher fees based on those inflated values. A side pocket is a type of account that hedge funds use to...

The View from the Board in the Wake of Dodd-Frank

Dodd-Frank has been described as the most comprehensive overhaul of the financial regulatory system since the great depression. Since it was crafted to address the most significant market crisis since the one which spawned the Federal Securities Laws, many may find that more than appropriate. ...

The Dodd-Frank Whistleblower Provisions: Some Other Things to Worry About

Among the many innovations introduced in the massive Dodd-Frank Wall Street Reform and Consumer Protection Act enacted this past July are the new whistleblower provisions, designed to encourage employees and others to report securities law violations to the SEC. The bounty award provided for in the...