Signed into law on July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) is the most significant piece of financial legislation since the Great Depression. At over 880 pages for its 16 titles, this massive new law fundamentally changes financial services law. PLI’s Financial Services Regulation Deskbookwalks you through all the significant changes made by the Act and subsequent implementing regulations. It is organized by subject matter and is accompanied by commentary on the practical effects of the legislation on industry practice, including pointing out areas of legal ambiguity that must be solved only by advocacy with the relevant regulators.
created two new significant federal agencies, the Financial Stability Oversight FSOC (Council) and the Consumer Financial Protection Bureau (CFPB);
require significant heightened prudential standards for systemically significant financial companies;
prohibit, subject to exceptions, banks from engaging in proprietary trading and sponsoring and investing in hedge funds and private equity funds;
require U.S. banks and other entities that receive federal “financial assistance” to push-out much of their derivatives businesses to nonbank affiliates;
create a new “Orderly Liquidation Authority” for systemic financial firms;
impose increased prudential regulation on banks and their holding companies; and
for the first time, comprehensively regulate derivatives activities.
Written by Arthur Long, a partner at Davis Polk who is a member of the firm’s Financial Institutions Group, theFinancial Services Regulation Deskbook includes a full discussion of the context surrounding the changes made by Dodd-Frank, including a discussion of the Senate and House legislative history, the specific issues during the economic crisis period that many of the changes were meant to address, as well as the impact of the steady flow of implementing regulations that have been issued since the Act went into effect.
If you would like to order a copy or need more information, please contact Library Relations (877-900-5291; firstname.lastname@example.org).
The 2012 PLI Treatise Catalog is now available. View it online here. If you would like a print copy mailed to you, please email us at email@example.com.
New additions to the catalog include:
– Insider Trading Law and Compliance Answer Book 2011-2012
– Corporate Legal Departments: Practicing Law in a Corporation (4th Edition)
– The Securities Law of Public Finance (3rd Edition)
– Asset-Based Lending: A Practical Guide to Secured Financing (7th Edition)
– Corporate Whistleblowing in the Sarbanes-Oxley/Dodd-Frank Era (2nd Edition)
PLI and LLAGNY have teamed up to offer a free one-hour audio briefing to librarians, researchers, attorneys, and allied professionals. The program is entitled Where in the World is Dodd-Frank? A Guide for Researchers.
The session will cover:
An overview of the Dodd-Frank Act & the best available tools for getting up to speed on the law
How the regulatory structure has changed, and changes still in the offing
The best resources for tracking the ongoing regulatory process
This briefing, featuring instruction from noted law librarians Craig Eastland and Lisa A. Junghahn, was conceived and created in cooperation with the Practising Law Institute (PLI) and the Law Library Association of Greater New York (LLAGNY). This briefing is chaired by Janice E. Henderson, Gitelle Seer, and Patricia Barbone.
As part of the Dodd-Frank Act, many of the proposed rules have been written and are be available for public comment. Most recently, the Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers was posted here. Imagine my pleasant surprise to see two PLI treatises cited in the proposed rules: Exempt and Hybrid Securities Offerings and Private Equity Funds: Formation and Operation.
In addition, the PLI Securities Law Practice Center set up some resources to help you keep up with the rulemaking.
1. Dodd-Frank Rulemaking Tracker: Through this handy tool you can search for rulemaking by agency and by topic area within an agency.
2. This Week’s Rulemaking: This calendar feature shows the latest rulemaking announcements with agency, type of announcement, and links to the Federal Register.
3. Dodd-Frank News: This is an up-to-the-minute news feed devoted solely to Dodd-Frank news.
These three helpful tools are available here (they appear on the right-hand side).
The Bernie Madoff scandal shed light on the shortcomings of the SEC’s whistleblower policies. Some have suggested that their whistleblower policy should more closely mirror the program of the IRS, which many find to be a successful tool in combating tax fraud. The Dodd-Frank Act has provisions to enhance the SEC’s whistleblower protections. It also adds incentive for anyone who has something to report by expanding the bounties whistleblowers can receive. The SEC outlined their new rules and the public can comment on the proposed rules until December 17th. If you are interested in commenting on these rules you can do so at the SEC’s Public Comment page.
The Wall Street Journal reported on this yesterday and pointed out that “companies fear the program, created by the Dodd-Frank financial law, will undermine the anonymous hotlines and other processes they have put in place following the 2002 Sarbanes-Oxley law to encourage employees to report problems internally.” To address this, the proposed rules do add provisions for people who initially report wrongdoing internally and contact the SEC within 90 days.
And as a reminder, if you are looking for timely and up-to-date information about the Dodd-Frank Act, you should check out PLI’s one hour briefings on the subject. Early next year we will be publishing a treatise dealing with the Dodd-Frank act. Check back here; I will post information as it becomes available.
Since the Dodd-Frank Act was passed this summer, everyone is trying keep up with it. Librarians and practitioners need to understand what the legislation means to their organization. Here at PLI, our program attorneys have created a series of 1-hour briefings on the Dodd-Frank Act. If you are looking for timely and up-to-date information you should check out these briefings.
Also, our PLI Securities Law Practice Center has been providing valuable insight. For example, the Dodd-Frank Act increases whistleblower protections and outlines the bounty a whistleblower may receive. This will encourage citizens to report wrongdoing and help shield them from retaliation. The plan models similar IRS whistleblower protections which have proved successful. Interested in learning more? PLI’s Securities Law Practice Center blog addressed this topic.