On July 15, 2010, after months of deliberation, Congress passed a comprehensive financial reform bill, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). President Obama is expected to sign the bill into law this week. The Dodd-Frank Act is the successor to Senator Dodd's previous bill, the Restoring American Financial Stability Act of 2010, which was discussed in the WSGR Alert entitled "Senate Set to Debate Financial Reform Bill," released on March 29, 2010.
While the central focus of the Dodd-Frank Act is aimed at regulating banks and non-bank financial institutions, it also includes provisions affecting the Securities and Exchange Commission (SEC), as well as securities law enforcement provisions that may affect all publicly traded companies. The following WSGR Alert discusses these provisions. A companion WSGR Alert on this case addresses the corporate governance and executive compensation provisions of the Dodd-Frank Act.
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