Dodd-Frank Wall Street Reform and Consumer Protection Act Compliance

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
News & Analysis as of

Court of Appeals asked to clarify scope of Dodd-Frank Act whistleblower protections

A federal court of appeals has been asked to clarify the scope of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010’s (“Dodd-Frank” or “Act”) whistleblower protections. Specifically, the court has been...more

Lead Director Network: Viewpoints: A dialogue with Keith Higgins, Director of the SEC’s Division of Corporation Finance

On July 16, 2014, as part of a joint meeting between the Lead Director Network (LDN) and the Compensation Committee Leadership Network (CCLN), members of both networks met with Keith Higgins, director of the Division of...more

500 Days and Counting – Where Are the Crowdfunding Rules? Bipartisan Disappointment

On August 8, 2014, Representatives Darrell Issa, Jared Polis, Scott Peters and Vern Buchanan, co-chairs of the House Innovation and Entrepreneurship Caucus, along with a bipartisan group of 26 other representatives, sent a...more

Happy Birthday Dodd-Frank: The Whistleblower Program Milestones and How They’ve Impacted Business Ethics Training

Did you have some cake? Break out the balloons? While it’s hard to believe, it is true. Our little Dodd-Frank, signed into law by President Obama in 2010, is already four years old and about ready for pre-school. Although we...more

What’s Happening with Whistleblowing?

This summer the SEC and the Wall Street Journal have reported several noteworthy items concerning the SEC’s whistleblower program, one of the most controversial components of the Dodd-Frank Act of 2010....more

Can You Hear the Whistle Blowing?: SEC Punishes Company that Did Not Address Fraud Allegations by Whistleblower

The U.S. Securities and Exchange Commission recently announced the latest whistleblower bounty awarded under the Dodd-Frank Act, which authorizes rewards for original information about violations of securities laws. ...more

House Passes Nonbank Examination Bill; House Committee Approves Mortgage-Related Bills

On July 29, the U.S. House of Representatives passed by voice voteH.R. 5062, a bipartisan bill that would amend the Consumer Financial Protection Act with respect to the supervision of nondepository institutions, to require...more

GAO issues report on CFPB civil penalty fund

The Government Accountability Office (GAO) has issued a report on the results of its review the CFPB’s Civil Penalty Fund (CPF). The review was requested by Representative Shelley Moore Capito, who chairs the House Financial...more

A Compilation of Enforcement and Non-Enforcement Actions

Renewed Call for Investment Adviser User Fees - As we reported in previous editions of our Investment Management Newsletter, various persons have proposed that a user fee be imposed on SEC registered investment...more

SEC Waives Rule and Reverses Course to Grant Whistleblower Windfall

In August 2013 the SEC whistleblower claims review staff issued a preliminary determination and recommended a whistleblower claim be denied. Although the record demonstrated that the claimant provided original information to...more

SEC Finalizes Partial Framework for the Cross-Border Application of its Derivatives Regulations

The SEC Final Rule is the SEC’s first major step toward implementing its final regulatory regime under Title VII of the Dodd-Frank Act. On June 25, 2014, the Securities and Exchange Commission (SEC) approved a final...more

Hearing on Oversight of the SEC’s Division of Corporation Finance

As we previously reported, the Director of the SEC’s Division of Corporation Finance, Keith Higgins, testified before the House Financial Services Committee on a broad range of matters, including the SEC’s progress in...more

U.S. Brokers Doing Business Overseas

Recently, regulators have made inquiries about the lawfulness of U.S. brokerage firms soliciting foreign clients. The regulators want to know under what exemptions or rules U.S. firms can do business overseas. This is a new...more

Updated: CFTC FORM 40/40S Reporting Requirements

Note: This version includes an additional section on cross-border considerations. Significant amendments to the CFTC’s large trader reporting program will apply as of August 15, 2014. The U.S. Commodity...more

SEC Adopts First Installment of Rules for Cross-Border Security-Based Swap Activity

On June 25, 2014, the Securities and Exchange Commission (SEC) re-started its rulemaking for security-based swaps (SBS) under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act")...more

PCAOB Issues Guidance to Auditors of Broker-Dealers

On June 24, 2014, the Public Company Accounting Oversight Board (PCAOB) released staff guidance to help auditors of brokers and dealers registered with the Securities and Exchange Commission (SEC) plan and perform audits in...more

Counsel to the Company: A Framework for Corporate Governance

As a threshold matter, counsel must identify, and remain clear as to, the identity of its client, which may be the company or a subsidiary, the Board or Board committee, or one or more executives. The identity of the client...more

House Approves CFTC Reauthorization, Changes to Dodd-Frank

After a nearly two year process, on June 24, 2014, the U.S. House of Representatives voted 266-144 to pass H.R. 4413, the Customer Protection and End-User Relief Act, which would reauthorize the Commodity Futures Trading...more

The Impact of New SEC Municipal Advisors Registration Requirements on Investment Bankers and Their Clients

On September 18, 2013, the Securities and Exchange Commission (“SEC”) voted to adopt its final rule establishing registration requirements for municipal advisors in accordance with the Dodd-Frank Act. This final rule went...more

What Private Equity Fund Managers Need to Know About SEC Examinations

Prior to the passage of the Dodd-Frank Act, a private equity manager was exempt from federal regulation under the Investment Advisers Act of 1940 (the “Advisers Act”) so long as it managed fewer than 15 private equity funds....more

Regulation: The New Normal for Hedge Funds?

By all accounts, hedge funds are having a great year. According to the Wall Street Journal, fund managers added a net $26.32 billion of new cash in the first quarter, the highest in almost three years. Better yet, many...more

What Are the Regulators Thinking?

Recently the New England Chapter of the National Association of Corporate Directors presented a distinguished panel of current and former securities regulators discussing enforcement and governance issues facing boards of...more

SEC's Enforcement Action Against Hedge Fund Adviser for Retaliation Against a Whistleblower Highlights Challenges Employers Face

After repeated warnings over the last few years that it had both the authority and willingness to do so, on June 16, 2014, the SEC brought its first enforcement action for retaliation against a whistleblower under the...more

CFTC Issues No Action Letter On Application Of Swap Rules To Longevity Reinsurance Transaction

There has been considerable concern in the insurance and reinsurance industries that certain hedging and reinsurance activities that companies have engaged in for a number of years, particularly with respect to life insurance...more

For Wall Street Fraudsters, Business As Usual

John F. Kennedy once quoted Dante: “The hottest places in hell are reserved for those who, in times of great moral crisis, maintain their neutrality.” Unfortunately, on Wall Street, maintaining neutrality — or feigned...more

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