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Dodd-Frank Wall Street Reform and Consumer Protection Act › Conflicts of Interest

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 -
Alston & Bird

New SEC Rule 192: Prohibition Against Conflicts of Interest in Certain Securitizations

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Our Finance Group summarizes the Securities and Exchange Commission’s finalized Rule 192 that prohibits conflicts of interest among participants in asset-backed securitizations. - The Dodd–Frank Act prohibits conflicts...more

Proskauer Rose LLP

Under The Hood Of The SEC Securitization Conflict Rule

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Following the financial crisis of 2007-2009 and congressional investigations into the securitization market, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 prohibited securitization participants from...more

WilmerHale

CFTC Year in Review: 23 Takeaways From 2023 and Predictions for 2024

WilmerHale on

At an industry event in early 2023, Commodity Futures Trading Commission (CFTC or the Commission) Chairman Rostin Behnam set out a comprehensive agenda to include nearly three dozen rulemaking proposals as well as “business...more

Cadwalader, Wickersham & Taft LLP

SEC Adopts a Rule Prohibiting Conflicts of Interest in Certain Securitizations

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On November 27, 2023, the Securities and Exchange Commission (the “Commission”) adopted Rule 192 under the Securities Act of 1933 (the “Securities Act”), a rule that is designed to prohibit “material conflicts of interest” in...more

Morgan Lewis

A Guide to the Securitization Conflicts of Interest Rule

Morgan Lewis on

More than a decade after its initial proposal,1 the US Securities and Exchange Commission (SEC) has at long last adopted a final rule2 under the Securities Act of 1933, as amended (the Securities Act), prohibiting material...more

Dechert LLP

SEC Proposes New Regulatory Framework for Use of AI by Broker-Dealers and Investment Advisers

Dechert LLP on

The SEC has proposed new rules designed to regulate potential conflicts of interest associated with broker-dealers’ and investment advisers’ use of certain AI-related technologies in their interactions with investors. The...more

Latham & Watkins LLP

In Practice: Conflicting signals? Potential impacts of the SEC’s proposed conflicts of interest rule on UK and EU CLO managers

Latham & Watkins LLP on

On 25 January 2023, the US Securities and Exchange Commission (SEC) proposed a far-reaching rule (Rule 192) to prohibit securitisation transactions involving or resulting in a material conflict of interest between certain...more

King & Spalding

Rule 192

King & Spalding on

On January 25, 2023, the Securities and Exchange Commission (“SEC”) issued a release reproposing new Rule 192 (the “Proposed Rule”) under the Securities Act of 1933 (the “Securities Act”), which is intended to prevent the...more

Goodwin

Financial Services Weekly News Roundup - February 2023

Goodwin on

Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act - On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more

Patterson Belknap Webb & Tyler LLP

SEC Re-Proposes Conflicts of Interest Rule Mandated by the Dodd-Frank Act

Patterson Belknap Webb & Tyler LLP on

On January 25, 2023, the Securities and Exchange Commission (the Commission) voted unanimously to re-propose new Securities Act Rule 192. The proposed rule would prohibit securitization participants from engaging in...more

Dechert LLP

The Return of Dodd-Frank Rulemaking: SEC Proposes Expansive Prohibition on Conflicts of Interest in Securitization

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After a decade of regulatory inaction on the matter, the SEC recently re-proposed regulations implementing the Dodd-Frank Act’s prohibition on material conflicts of interest in securitization transactions. The proposed...more

Morgan Lewis

Everything Old Is New Again: SEC Re-Proposes Securitization Conflicts of Interest Rule

Morgan Lewis on

More than a decade after its initial proposal,1 the US Securities and Exchange Commission (SEC) has re-proposed a new rule 2 under the Securities Act of 1933, as amended (the Securities Act), prohibiting material conflicts...more

Cadwalader, Wickersham & Taft LLP

SEC Re-Proposes Dodd-Frank Act Section 621 Conflicts of Interest Rule

Cadwalader, Wickersham & Taft LLP on

The Securities and Exchange Commission (“SEC”) unanimously voted yesterday to re-propose a rule to prohibit conflicts of interest in certain securitization transactions. The SEC previously proposed, but never finalized, this...more

Mayer Brown Free Writings + Perspectives

Dodd-Frank Act Era Conflicts Rule Reproposed

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Yesterday, the Securities and Exchange Commission proposed a rule to implement Section 27B of the Securities Act.  This section was added as a result of the addition of Section 621 of the Dodd-Frank Act, which was a late...more

Mayer Brown Free Writings + Perspectives

Chair Gensler Congressional Testimony Sheds Light on Potential Regulation

Mayer Brown Free Writings + Perspectives on

Yesterday, for the first time as Chair of the Securities and Exchange Commission, Gary Gensler appeared before Congress to provide testimony regarding the market disruptions and volatility witnessed in January 2021 relating...more

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

Bracewell LLP

Second Circuit Upholds Regulation BI

Bracewell LLP on

As we reported in a previous alert, Regulation Best Interest (“Regulation BI”) was recently challenged in the Second Circuit by seven states and the District of Columbia, as well as two groups of investment advisors. On...more

Proskauer - Whistleblower Defense

Pennsylvania Magistrate Judge Recommends Dismissal of SOX Whistleblower Claim for Lack of Protected Activity

Proskauer - Whistleblower Defense on

On May 5, 2020, a Magistrate Judge in the U.S. District Court for the Western District of Pennsylvania issued a report and recommendation recommending that a defendant-employer’s motion for summary judgment dismissing a SOX...more

WilmerHale

SEC’s Final Rules and Guidance on the Standards of Conduct for Broker-Dealers and Investment Advisers

WilmerHale on

On June 5, 2019, the Securities and Exchange Commission (“SEC” or “Commission”) in a divided 3-1 vote, approved a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’...more

Allen Matkins

Will Regulation "Best Interest" Preempt State Law?

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Yesterday's post concerned possible arguments that federal law preempts Nevada's fiduciary standard for broker-dealers. At present, any preemption would have to be based on the National Securities Markets Improvement Act...more

Jones Day

Regulation Best Interest: The Next Big Thing for Broker-Dealer Cross-Border Private Wealth

Jones Day on

In April 2018, the U.S. Securities and Exchange Commission ("SEC") released Regulation Best Interest, or Reg BI, a proposed rule that will require broker-dealers to operate in the best interest of their customers. Under Reg...more

Womble Bond Dickinson

Recent Developments Toward A Fiduciary Standard For Brokers

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Much has happened since we last reported on the Department of Labor’s Fiduciary Rule. The compliance deadline was extended 18 months to July 1, 2019. A federal appellate court vacated the Fiduciary Rule in its entirety. The...more

Burr & Forman

SEC Returns to the Fiduciary-Rule Arena

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On June 1, new SEC Chair Clayton returned the SEC to the arena in the policy debate surrounding the DOL’s Fiduciary Rule. Clayton’s public statement responded to a direct invitation for SEC participation by DOL Secretary...more

Skadden, Arps, Slate, Meagher & Flom LLP

No Further Delay on Implementation Date of DOL Conflict of Interest Rules

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In a May 23, 2017, op-ed in The Wall Street Journal, Secretary of Labor Alexander Acosta indicated that the conflict of interest regulation (commonly referred to as the fiduciary rule) issued by the Department of Labor (DOL)...more

Ballard Spahr LLP

Labor and Employment Regulations Potentially Affected by Trump Regulatory Freeze

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The Trump administration's "Regulatory Freeze Pending Review" (Freeze Memo) instructs the heads of federal executive departments and agencies to send no regulation to the Office of Federal Register (OFR) until a presidential...more

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