President To Sign Financial Overhaul Bill: Corporate Governance and Executive Compensation Update

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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. President Obama is expected to sign the Dodd-Frank Act into law this week. It 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 corporate governance and executive compensation provisions that will affect all publicly traded companies. This WSGR Alert discusses the corporate governance and executive compensation provisions of the Dodd-Frank Bill, as well as other provisions of note for private companies, venture capital firms, and smaller public companies. Two companion WSGR Alerts address the Securities and Exchange Commission and securities law enforcement provisions of the Dodd-Frank Act: “Enhanced Whistleblower Bounty Provisions of New Financial Reform Law May Prompt Increased SEC Enforcement Activity” and “President to Sign Financial Overhaul Bill—SEC Update.”

Please see full alert below for more information.

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Published In: Business Organization Updates, Elections & Politics Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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