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The Dodd-Frank Act
‘Neither Admit Nor Deny’: Practical Implications of SEC’s New Policy
In a move that appears at once to be shrewd, savvy and largely symbolic, the SEC has modified its longstanding policy that it will not require a defendant to admit or deny liability, or facts that might establish its liability,
SEC Adopts Bad Actor Disqualifications for Private Placements under Regulation D
The following post comes to us from Bradley Berman, Of Counsel at Morrison & Foerster LLP.
On July 10, 2013, the Securities and Exchange Commission (the “SEC” or “Commission”) adopted amendments to rules promulgated under Regulation D to implement Section …
The Marketplace of Ideas: Kathryn Judge takes on Katharina Pistor’s Legal Theory of Finance
The CLS Blue Sky Blog presents the second installment of our new series, entitled “The Marketplace of Ideas.” Earlier installments are available here. The intent is to present different perspectives on the same subject by two or more authors.…
Systemic Stability and Fairness: An Analysis of Pistor’s Legal Theory of Finance
In A Legal Theory of Finance, Katharina Pistor introduces a provocative new theory about the relationship between law and finance and the role of law in producing and addressing financial instability. Pistor shows that law plays a constitutive role …
Addressing the Regulatory Sine Curve
A common denominator of regulatory responses to crises is the use of stable and presumptively optimal rules. The term “stable and presumptively optimal rules” refers to rules that, once in place, do not change other than through other rules and …
Davis Polk discusses U.S. Basel III Final Rule
The U.S. Basel III final rule is the most complete overhaul of U.S. bank capital standards since the U.S. adoption of Basel I in 1989 – nearly a quarter of a century ago. The final rule comprehensively revises the regulatory …
Downgrading Rating Agency Reform
The financial crisis starkly exposed the need for rating agency reform, yet the most important questions of how to enhance rating agency competition, accuracy, and accountability remain largely unanswered. My article, Downgrading Rating Agency Reform, assesses the shortcomings in …
Chapman and Cutler discuss CFTC No-Action Relief for End-Users from the Swaps Clearing Requirement
The Division of Clearing and Risk (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”) recently issued no-action relief for certain treasury affiliates within non-financial companies from the clearing requirements of Section 2(h)(1) of the Commodity Exchange Act (“CEA”).
Paul Weiss discusses ISDA’s March 2013 Dodd-Frank Protocol
Since the effectiveness of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), the Commodity Futures Trading Commission (the “CFTC”) has finalized many of the rules that implement the detailed regulatory regime outlined by the
CFTC Adopts Long-Awaited Rule on Swap Execution Facilities (SEFs) and Other Swaps Trading Rules
The US Commodity Futures Trading Commission (CFTC), on May 16, 2013, took long-awaited action to approve four separate rules and guidance. The rulemakings, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) concern:
• Core …
Sullivan & Cromwell on Dodd-Frank Stress Tests
[In May], the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued summary instructions for the 2013 company-run, mid-year stress tests required by Section 165(i)(2)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). Under …
SEC Proposes Cross-Border Security-Based Swap Rules
On May 1, 2013, the Securities and Exchange Commission took long-awaited action to propose rules governing cross-border activities in security-based swaps. The SEC’s proposal, developed over the course of more than two years, reflects a holistic approach that differs in …
Cross-Border at the Crossroads: The SEC’s “Middle Ground”
The following post comes from a speech delivered by John Ramsay, Acting Director of the Division of Trading and Markets at the SEC. These remarks were delivered at the New York City Bar Association on May 15, 2013.
Thank you …
Taking Gatekeeping Seriously: Financial Product Approval as a Form of Systemic Risk Regulation
One of the key lessons of the recent financial crisis, and the greatest challenge facing post-crisis regulatory reforms, is the need to control and reduce systemic risk associated with financial innovation, complexity, and the growing interconnectedness of global financial markets. …
Sullivan & Cromwell discusses Foreign Banks and the Swap-Push Out Rule
Federal Reserve Issues Rule to Classify Uninsured U.S. Branches and Agencies of Foreign Banks as Insured Depository Institutions for Purposes of the Swaps Push-out Provision of the Dodd-Frank Act and Explain the Process for Obtaining Transition Period Relief
On June
Morrison and Foerster Summarizes the Status of Dodd-Frank as it approaches three years
If Aesop were still in the fable-writing business, and he had been watching the last three years of Dodd-Frank Act rulemaking, we would probably be reading the Snail and the Tortoise to our kids. In this issue of Dodd-Frank at …
Shearman & Sterling Discusses how the FSOC’s Annual Report Suggests Potential Paths Forward
The recently issued annual report of the Financial Stability Oversight Council (“FSOC” or “Council”) indicates that the members continue to review the major unfinished business of financial regulatory reform and ramp up the process by which they determine where to …
Davis Polk’s Dodd-Frank Progress Report June 2013
On June 3, Davis Polk & Wardwell LLP released its June 2013 Dodd-Frank Progress Report, which can be found here. Davis Polk issues these Progress Reports monthly to update the market on the progress of the rulemaking required under …
Financial Services in 2013 and Beyond: Adapting to the New Regulatory Climate
The following comes to us from Charles M. Horn, a partner at Morrison & Foerster LLP.
The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act,” or “Dodd-Frank”) in 2010 was a watershed moment in the …