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
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...
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...
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...
A key goal of Dodd-Frank is to increase transparency.
The market crisis centered, in part, on trading in derivative markets with
little regulation and virtually no transparency. For this reason, a key focus
of the legislation is transparency. This emphasis is so strong that Congress is
Credit rating agencies, and in particular, nationally recognized statistical rating organizations ("NRSRO"), have been thought by many to be at the center of much of what went on with the market crisis, particularly in the area of structured products. The agencies have come under significant...
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...
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...
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 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
by Robert J. Pile, Jennifer D. Lambert, and Heather J.
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
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...
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
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...