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THE STATE OF DODD FRANK FINANCIAL REFORM, 5 YEARS LATER
Rules Sections Rulemaking Provisions Status
FSOC 111 Financial Sta...
arrangementsforswapsapprovedbythe SEC forclearing
763(a) Rulestopreventevasionof clearingrequirement Adopted
763(b) Rulesg...
805(a)(2)(A) Authoritytoprescribe riskmanagementstandardsfordesignatedclearingentities Adopted
813 Commonframeworkfordesig...
receivedbyexecutivesinthe eventof mergerortakeover.
971 Proxyaccess-shareholdersshall have accesstoa company’sproxysolicit...
proceduresandmethodologiesfordeterminingcreditratings
932(a)(4) Separationof ratingfromsalesandmarketing Adopted
932(a)(4)...
915 Office of InvestorAdvocate,assistretail investorsinresolvingsignificantproblems
investorsmayhave withthe SECor SRO
Ado...
991 SEC matchingfund,itusestwometrics,percentage of the proceedsfromall salesof
corporate stock and percentage of the valu...
filed
929Y Crossborderscope of the private rightof actionunder10b of the SEA of 1934 Adopted
913 Fiduciarydutytobrokerdeal...
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Dodd Financial Financial Reform Act score card, 5 years later

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Securities Regulation, SEC reporting

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Dodd Financial Financial Reform Act score card, 5 years later

  1. 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. 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. 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. 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. 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. 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. 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. 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

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