Impact of Dodd-Frank Wall Street Reform and Consumer Protection Act on Broker-Dealers


On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), bringing to a close the national debate over the appropriate regulation of the financial markets that began with former Treasury Secretary Henry Paulson’s white paper in March 2008. We would like to share with you our thoughts on the likely impact of the Act on broker-dealers.

Impact on a Broker-Dealer's Relationship with Customers

Several provisions of the Act are likely to have a significant effect on the relationship between broker-dealers and their customers, particularly retail customers. However, all of these changes will first require rulemaking before they take effect. Firms interested in anticipating the impact may want to consider the following.

Please see full alert below for more information.

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