This document summarizes the status of rulemaking provisions under the Dodd-Frank Act 5 years after its passage. It lists over 100 rules and studies required by Dodd-Frank across various areas such as the Financial Stability Oversight Council, asset-backed securities, credit rating agencies, executive compensation, investment advisers, and others. For each provision, it indicates whether the required rulemaking or study has been adopted, proposed, delayed, or status is unknown. The high-level goal of Dodd-Frank was to reform the financial system after the 2008 crisis and this document provides an overview of the implementation status of the various reform mandates under the Act.
Dodd Financial Financial Reform Act score card, 5 years later
1. THE STATE OF DODD FRANK FINANCIAL REFORM, 5 YEARS LATER
Rules Sections Rulemaking Provisions Status
FSOC 111 Financial Stability OversightCouncil,10votingmembersincluding Federal financial
regulatorsandindependentmemberand5nonvotingmemberswill identifyand
respondtoemergingrisksthroughoutthe financialsystem
Adopted
OFR 152 Office of Financial Research withinthe Treasury Deptwitheconomists,accountants,
lawyers,formersupervisors,andotherspecialists tosupportthe council’sworkby
collectingfinancial dataandconductingeconomicanalysis.
Adopted
404 Recordsto be maintainedandreportstobe providedbyprivate funds Adopted
406 Disclosure rulesinprivate funds Adopted
407 Exemptionof venture capital fundadvisersdefinitionof venture capital fund Adopted
408 Exemptionfromregulationbycertainprivate fundadvisersrequirementof records
for suchadvisers
Adopted
409 Familyoffice Adopted
410 State and Federal responsibilities/assetthresholdforregistrationof Federal advisers Adopted
413 Adjustmentof the accreditedinvestorstandard Adopted
418 Qualifiedclientstandard,inflationadjustment Adopted
Volcker
Rule
619 Volckerrule-prohibitiononproprietarytradingandcertain relationshipwithhedge
fundsandprivate equityfunds(jointrulemaking)
Adopted
712 JointCFTC andSEC rulemakingregardingmixedswaps Adopted
712(d) (1) JointCFTC andSEC rulemakingconcerningswapsrelateddefinitions Adopted
712(d)(2)(B) JointCFTC andSEC rulemakingregardingrecordkeepingbytrade repositionsw/
respectstosecuritybasedswapsdealersagreementtransactions
Adopted
712(d)(2)(C) JointCFTC andSEC rulemakingregardingrecordkeepingbysecuritybasedswap
dealers,swap dealers,majorsecuritybasedswapparticipantsandmajorswap
participantsforsecuritybasedswapagreementstransactions
Adopted
761(a)(6) Rulestofacilitate the identificationmajorsecuritybasedswapparticipants Adopted
761(a)(6) Exemptionfromthe definitionof securitybasedswapdealerforde-minimisactivity Adopted
763(a) Rulesprovidingprocessforclearingagenciestorequesttoclearsecuritybasedswaps Adopted
763(a) Rulesprovidingaprocessforstayinga clearingrequirement andreviewingclearing Adopted
Privatefunds
2. arrangementsforswapsapprovedbythe SEC forclearing
763(a) Rulestopreventevasionof clearingrequirement Adopted
763(b) Rulesgoverningclearingagenciesforsecuritybasedswaps Adopted
763(a) SEC transitionreportingrulesforsecuritybasedswaps Adopted
763(i) Rulesregardingthe type of data to be collectedwithrespecttosecuritybasedswap
transactions
Adopted
763(i) Dutiesof securitiesbasedswapsdatarepositories Adopted
763(i) Rulesgoverningregisteredsecuritiesbasedswapdatarepositories Adopted
764 Rulesregardingthe registrationof securitiesbasedswapdealersormajorsecurities
basedswapparticipants
Adopted
766(a) Transitionrulesregardingthe reportingof pre-enactmentsecuritiesbasedswap
transactions
Adopted
766(a) Reportingof un-clearedsecuritiesbasedswaptransactions Adopted
763(c) Data collectionandreportingrulesforsecuritiesbasedswapexecutionfacilities Proposed
763(c) Rulesgoverningsecuritiesbasedswapexecutionfacilities Proposed
763(g) Rulesgoverningsecuritiesbasedswapexecutionmarket Proposed
764(a) Reportingandrecordkeepingrulesapplicable tosecuritiesbasedswapdealersand
majorsecuritiesbased swapdealersandmajorsecuritiesbasedswapparticipants
Proposed
764(a) Rulesregardingdailytradingrecordkeeping Proposed
764(a) Rulesincludingcapital andmargingoverningsecuritybasedswapdealersandmajor
securitybasedswapsparticipants thatare not banks
Proposed
764(a) Businessconductstandardsapplicabletosecuritybasedswapdealersandsecurity
basedswapmajor participants
Proposed
764(j) Dutiesof securitybasedswapdealersandmajorsecuritybasedswapparticipants
relatedtomonitoringof trading,riskmanagementprocedures,disclosuresof general
information,abilitytoobtaininformation,conflictsandanti-trustconsiderations
Proposed
765(a) RulemakingonConflictof interest-rulesnecessaryorappropriate toimprove the
governance of or to mitigate systemicrisk,promote competitionormitigate conflict
of interestinconnectionwithasecuritybasedswapdealerormajorsecuritybased
swapparticipants’conductof business
Proposed
766(a) Recordkeepingforcertainsecuritybasedswaps Proposed
SecurityBasedSwaps
3. 805(a)(2)(A) Authoritytoprescribe riskmanagementstandardsfordesignatedclearingentities Adopted
813 Commonframeworkfordesignatedclearingentity riskmanagement-risk
managementsupervisionprogramsfordesignatedclearingentities
806(e)(1) Changesto rulesproceduresoroperationof designatedforfinancial marketutilities Adopted
975 Municipal advisorregulation, personswhoare notemployeesof amunicipal entity
but whoprovide advice toa municipal entitywithrespecttomunicipal productsor
the issuance of municipal securities
Adopted
976 GAO studies, (1) conductstudyof the adequacyof disclosuresmade toinvestors
municipal securities,and(2) a broad reviewof the marketandrecommendationfor
potential usesof derivativesinthe municipalsecuritiesmarkets
Unknown
979 Creationof the Office of Municipal Securitieswithinthe SEC Adopted
975 (b) Municipal SecuritiesRulemakingBoardcomposition, has15 members,8 of whom
shall be publicmembers,independentof the industry
Adopted
952 10C(a) Compensation committeeindependence- commissiontodirectSROtoprohibitlisting
of certainsecuritiesunlessissuersare incompliance withcompensationcommittee
independencerequirements
Adopted
952 10C(b) Compensationcommitteeindependence- commissiontoidentifyfactorsthatmay
affectindependence
Adopted
952
10C(c)(2)
Compensationcommitteeindependence-commissiontoissue rulesrelatingtoproxy
disclosuresregardingcompensationconsultantsandoutsidelegal counsel
Adopted
952 10C(f)
Compensation committeeindependence- commissiontodirectSROtoprohibitlisting
of securitiesof anissuerthatisnotin compliance withthe requirementof the
section
Adopted
953(b) Additional executivecompensationdisclosure (payratio),disclosure shallinclude a
comparisonof the compensationof the CEOwiththe medianpayof all employeesof
the company
Adopted
972 Chairman/CEOstructure disclosure inannual proxy,statesthe reasonswhythe issuer
has chosenthe same persontoserve as chairmanof the board of directorsandCEO
or whythe companyhaschosento have differentindividualsfill thosetwopositions
Adopted
951 Shareholderapproval ordisapprovalof executivecompensation called‘sayonpay’
vote. It shall occur everyone,twoorthree yearsat the shareholderoption. Another
shareholderresolutionvote involves‘goldenparachute’paymentsorseverance pay
Adopted
inpart
MunicipalSecuritiesExecutiveCompensationClearing
Agencies
4. receivedbyexecutivesinthe eventof mergerortakeover.
971 Proxyaccess-shareholdersshall have accesstoa company’sproxysolicitation
materialstonominate theirowndirectorcandidatestoserve onthe board
unknown
957 Brokerdiscretionaryvoting- prohibitionof proxyvote bybrokerwhoare not
beneficiariesownersof the securities
unknown
953(a) Pay v.performance disclosure,rulesrequiringeachissuertodiscloseinanyproxyor
consentsolicitationmaterial foranannual meetingof the shareholdersof the issuer
a clear description of the executive compensationshowingthe relationshipbetween
executivecompensationactuallypaidandthe financial performance of the issuer
Proposed
954 Recoveryof erroneouslyawardedexecutive compensation(clawback) Proposed
955 Disclosure regardingemployee anddirectorhedging-rulesrequiringeachissuerto
disclose inanyproxyor consentsolicitationmaterial foranannual meetingof the
shareholderswhetheranyemployee ormemberof the boardof directorof the issuer
or any designee of suchemployeeormemberof the boardispermittedtopurchase
financial instrumentsthatare designedtohedge oroffsetanydecrease inthe market
value of equitysecurities
Proposed
956(a) Compensationstructure reporting(jointrulemakingof SEC,Fed,OCC,FDIC,NCUA,
and FHFA ) prohibitionof incentive basedcompensationstructuresthatencourage
inappropriate risksbycoveredfinancial institutions
Proposed
956(b) Prohibitiononcertaincompensationarrangements Proposed
941(b) Creditriskretention(general) (jointrulemaking of SECand bankingregulators
includingFed,OCCandFDIC)
Adopted
941(b) Creditriskretention(residential mortgages) (jointrulemakingof SECand banking
regulatorsincludingFed,OCCandFDIC)
Adopted
942(b) ABS disclosures Adopted
943 ABS representationsandwarrantieswhichare essentiallypromisesbyoriginatorsto
securitizersthatassetsmeetcertaincreditstandards
Adopted
945 ABS due diligence reviewof the underlyingassetsandtodisclose the nature of that
review
Adopted
939F Rulesandmechanismswherebythe selectionof anNRSROto rate an ABS issue is
made on a random or semi-randombasis
Unknown
621 Conflictsof interestregardingcertainsecuritizations Proposed
932(a)(2)(B) Internal control governingthe implementationof the adherence topolicies Adopted
AssetBacked
Securities
5. proceduresandmethodologiesfordeterminingcreditratings
932(a)(4) Separationof ratingfromsalesandmarketing Adopted
932(a)(4) Policiesandproceduresrelating tolookbackreviews Adopted
932(a)(8) Finesandpenalties Adopted
932(a)(8) Transparencyof ratingsperformance Adopted
932(a)(8) Creditratingmethodologies Adopted
932(a)(8) Form andcertificationtoaccompanycreditratings Adopted
932(a)(8) 3rd
party due diligence servicesforABS Adopted
936 Standardsof training,experience andcompetence necessarytoproduce accurate
ratingsand to be testedforknowledge of creditratingprocessforcreditratings
analysts
Adopted
938 Universal ratingsymbolsandaddressesconcernsthatratingsymbolscanmean
differentthingsindifferentclassesof securities
Adopted
939 Removal of statutoryreference creditratings Adopted
inpart
932 RequirementsforNRSROstohave boardsof directorswithaleasthalf the members
independentof the NRSROs
Adopted
933 Liabilityinaprivate lawsuitseekingmoneydamagesfromacreditratingagency Unknown
933 Statescreditratingsare not‘forwardlookingstatements’soare notprotectedbya
safe harbor rules.
Unknown
939B Removal of ratingagenciesfromexemptionof the SECfairdisclosuresrules
(RegulationFD)
Adopted
939G Nullificationof Rule 436(g) underthe SecuritiesActof 1933, whichexemptedNRSROs
fromcertainliabilitywhenratingsare includedinthe SECregistrationstatementora
securitiesofferingprospectus.
Unknown
939C Studyon strengtheningcreditratingagencyindependence Adopted
939E Studyon the creationof an independentprofessionalanalyst organization Adopted
939F Studyand rulemakingonassignedcreditrating Unknown
939A Reviewof reliance oncreditratings Adopted
inpart
Specialized
disclosures
1502 ConflictMineral Rules(CMR) Adopted
1504 Disclosure tothe SEC of paymentsmade to the US and foreigngovernmentsrelating
to the commercial developmentof oil,natural gasandminerals
Delayed
execution
CreditratingAgencies
6. 915 Office of InvestorAdvocate,assistretail investorsinresolvingsignificantproblems
investorsmayhave withthe SECor SRO
Adopted
911 InvestorAdvisoryCommittee (IAC),advisesandconsultswiththe SECon(1)
regulatorypriorities,(2) regulationof securitiesproducts,(3) initiativestoprotect
investors,and(4) initiativestopromote investorconfidence andmarketintegrity
Adopted
919 Ombudsmanpositioninthe office of the InvestorAdvocate(IA),appointedbyIA to
act as a liaisonbetween the SECandretail investorsinresolvingproblemsthe retail
investorsmayhave withthe SECor SROs
Adopted
342 Office the MinorityandWomeninclusion Adopted
932 Office of Creditratinginthe SEC, Adopted
924/922 SEC whistleblowerprogram,apaidprogramto encourage people toreportsecurities
violations
Adopted
961 Certificationof internal supervisorycontrols,annual reporttoCongressshall include
certificationsignedbythe directorof the Divisionof Enforcement,the Divisionof
CorporationFinance andthe office of ComplianceInspectionsandExaminations
statingthat the SEC has adequate internal supervisorycontrolstocarryout itsduties
Adopted
962 GAO shall submittoCongressevery3yearsan evaluationof the effectiveness of
personnel managementatthe SEC
Unknown
963 Annual GAOauditof SEC financial controls-GAOshall submitannuallytoCongressa
reportthat describesthe responsibilityof the managementof the SECfor
establishingandmaintaininganadequate internal control
Unknown
964 GAO reviewof SECOversightof national SecuritiesAssociations,GAOshall submit
every3 yearsan evaluationof SECoversightof the national securitiesassociations
Unknown
965 SEC compliance Examiners- theyworkinthe OCIE(office Compliance,Inspectionsand
Examinations) ,Divisionof TradingandMarkets(regulatorsof broker-dealersand
securitiesexchange)andDivisionof InvestmentManagement(regulatorsof
investmentadvisersandmutual funds)
Adopted
967 SEC organizational studyandReform- SECmusthire anindependentconsultantwith
expertiseinorganizational restructuringandthe operationsof capital marketsto
examine the internal operation,structure,funding,andthe needforcomprehensive
reformof the SEC
Adopted
989D IG: IG may be removedonlywiththe writtenconcurrence of twothirdsof the
commissioners
Adopted
915 Regulationof InvestorAdvocate Delayed
SECMANAGEMENT
7. 991 SEC matchingfund,itusestwometrics,percentage of the proceedsfromall salesof
corporate stock and percentage of the value of all newsecuritiesregisteredforpublic
sale to fundthe SEC and the restwill goto the US Treasurygeneral fund
Unknown
981 The authorityof PCAOBto exchange informationwithforeignauditor oversight
authorities
Unknown
982 Rulesrequiringall auditorsof registeredbroker-dealerstobe regulatedand
examinedbythe PCOABwhetherornotthe broker-dealerisa publiccompany
Unknown
921 Mandatory Arbitrationof Securities disputes,rulesprohibitingorrestrictingthe use
of agreementsthatrequire customersorclientsof anybroker,dealer,adviseror
municipal securitiesdealertoarbitrate anyfuture dispute betweenthemarising
underfederal securitieslaworregulation orSROrulesfor the protectionof investors
Unknown
916 Streamline of filingproceduresforSROssetstimetablesforSECconsiderationof
proposedSROrules,SECmustact within45 daysbut extensionispossible
Adopted
926 Disqualifyingfelonandother‘badactors’fromReg D, personswhohave been
convictedof violatingsecuritieslawfromissuingsecuritiesusingthe exemption
providedunderRule 506
Adopted
929W Notice tomissingsecuritiesholders Adopted
939B Eliminatingof exemptionfromFDrule Adopted
989G ExemptionfromSection404(b) of the SOXAct- Exemptionfornon- acceleratedfilers
withmarketcapitalizationof lessthan$75 million
Adopted
1088(a)(8) Redflagguidelinesandregulation(jointrules) Adopted
165 Stresstest Delayed
165 Riskcommitteesatcertainnon- bankfinancial companiesandbankholdingcompany
withassetsof $10 Billionormore
unknown
205(h) Orderlyliquidationof coveredbrokers(jointrulemaking) Delayed
929X(a) Short sale reform Delayed
984(b) Increasedtransparencyof informationavailable tobrokers,dealers,investors,with
respectstoloanor borrowingof securities
Delayed
929 ClarifyingSECauthorityoverunlawful marginlending Unknown
914 Studyenhancinginvestmentadviserexamination Adopted
929B Amendmentstofairfundprocedurestohelpdefraudedinvestorstorecoversome of
theirlosses
Unknown
929E SEC authoritytoserve subpoenasnationwide,regardlessof where aparticularcase is Unknown
PCAOBOthers
8. filed
929Y Crossborderscope of the private rightof actionunder10b of the SEA of 1934 Adopted
913 Fiduciarydutytobrokerdealerandinvestmentadvisersthatapplytobrokersdealers
and investmentadvisers
Adopted
929M/N expansionof SECauthority topunishaidersandabettorsof securitiesfraud Unknown
929H/V Amendmentstothe SecuritiesInvestorProtectionActwhichreimbursesinvestors
whentheirbrokersfail.
Unknown
502 Office inFederal Insurance tofocusoninsurance Adopted
978 GASB funding,authorizesSECtorequire FINRA tocollectreasonableaccounting
supportfeesfromitsmembersandtoremitsuch feestothe Financial Accounting
Foundation(GASB’sparentorganization)
Unknown
983 PortfolioMargininginSIPCAccounts,customersof failedbrokerdealers maybe
reimbursedupto$500,000. Also,Customerscaninclude bothsecuritiesandrelated
futuresproductsina single ‘portfoliomarginingaccount’
Unknown
987 Material loanlossreviews- InspectorGeneral’ssemiannual reportsonnonmaterial
lossesof the banksshouldbe available toall membersof congress
Unknown
989A SeniorInvestorProtections- granttostate up to$500,000 bythe Bureau of
ConsumerFinancial Protectionforinvestigationandprosecutionof misleadingand
fraudulentmarketingof financial productstowardseniors
Unknown
989J Regulationof FixedIndex Annuities Unknown
Legend of status
Adopted- SEC did acknowledge the adoption of these rules
Proposed- SEC did acknowledge a proposed rule of this Dodd Frank financialrule
Delayed or Delayed execution- SEC did acknowledge their remaining statuswith no future plan
of adoption
Unknown- Dodd Frank financialreform ruleswithouta clear SEC status or recognition