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Senator Dodd Releases Financial Regulatory Reform Legislation: The Home Stretch?

Excerpt: On Monday, March 15, 2010, Senate Banking Committee Chairman Chris Dodd (D-CT) released a Chairman's Mark of the "Restoring American Financial Stability Act of 2010" (the "Bill"). The Bill, which has been in development for months, is intended to replace the Discussion...

The Dodd-Frank Wall Street Reform and Consumer Protection Act's Effect on the Insurance Industry

This commentary reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that are pertinent to the insurance industry and opines on what those provisions portend for the regulation of the insurance industry in the future. Excerpt: On July 21, 2010, President Obama signed...

Part 2: Financial Reform Legislation: Are You Prepared?

Passage of the landmark Dodd-Frank Act, the most far-reaching financial regulatory legislation since the Great Depression, has set the stage for major adjustments in the financial services industry. In a second Roundtable discussion, Arnold & Porter attorneys discuss the Act's impact on executive...

Financial Reform Legislation: Are You Prepared for What's Coming?

Passage of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act, the most far-reaching financial regulatory legislation since the Great Depression, has set the stage for major adjustments in the financial services industry. The Act impacts regulation, supervision, and in some cases...

Senator Dodd Releases Financial Regulatory Reform Legislation: The Home Stretch?

Excerpt: On Monday, March 15, 2010, Senate Banking Committee Chairman Chris Dodd (D-CT) released a Chairman's Mark of the "Restoring American Financial Stability Act of 2010" (the "Bill"). The Bill, which has been in development for months, is intended to replace the Discussion...

Approaching the Home Stretch: Senate Passes "Restoring American Financial Stability Act of 2010"

On May 20, 2010, the Senate passed the "Restoring American Financial Stability Act of 2010" as amended ("Senate Bill"). Congressional leadership has indicated that conference committee proceedings will take place in June, making it likely that the legislation will be passed by the...

House Passes Financial Regulatory Reform Legislation

by Dan Crowley, Karishma Shah Page, Bruce Heiman, Collins R. Clark and Justin D. Holman Excerpt: On December 11, the House of Representatives passed H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009 (see H.R. 4173 as introduced), by a vote of 223 to 203. Twenty-seven Democrats...

K&L Gates on Dodd-Frank Wall Street Reform: Future Rulemaking and Congressional Activity

Excerpt: On June 30, 2010, the House adopted the conference report on H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Bill" or "Bill"). The Senate is expected to follow suit when it returns from recess later in July. This alert provides a high...

Podcast: Richard Phillips of K&L Gates and Professor Meyer "Mike" Eisenberg Discuss the Dodd-Frank Act and Its Impact on Private Fund Advisors

On this edition, Richard Phillips of K&L Gates and Professor Meyer "Mike" Eisenberg, Visiting Professor of Law at Willamette University College of Law, discuss the Dodd-Frank Act, focusing on the impact of the legislation on private fund advisors. They talk about the highlights, significant...

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...

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...

Is this a Brave New World? Implications of the CFPB and the FTC for Nonbank Financial Services Providers

The Dodd-Frank Act contemplates the creation of a new Consumer Financial Protection Bureau (CFPB) within the Federal Reserve. CFPB would be responsible for consumer protection over financial products and services offered by both banks and nonbanks, including mortgage lenders, captive finance companies...

It’s Time to Bring a New Transparency to Enforcement

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 now considering...

Dodd-Frank Impact on Credit Rating Agencies

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: 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 SEC’s Busy Rule-Making Agenda

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...