The Wall Street Reform and Consumer Protection Act, more commonly referred to as the Dodd-Frank Act, is now four years old, and like many youth, it remains to be seen as to what will be when it reaches its full growth.
Dodd-Frank was passed in 2010 in response to the 2008 financial crisis. The Act requires numerous regulatory agencies, including the Securities Exchange Commission (SEC), Commodities Futures Trading Commission (CFTC) and others, to create rules that will have the effect of revamping the U.S. financial system and impacting all federal regulatory agencies and the majority of the country’s financial services industry. Due to the all-inclusive nature of this legislation, only half of the rules required by the law have been completed.
It has been reported that of the 398 rules mandated by the Dodd-Frank Act, only 206 finalized rules have been completed. The law has been a source of contention and rulemakers have met with opposition from well-funded industry leaders and lobbyists. Not to mention, the Act requires multiple federal agencies with sometimes conflicting views to steer the legislation into final rules.
One of the accomplishments under the law is the “Volcker rule,” which restricts securities trading by U.S. banks. Additionally, the CFTC has completed a large portion of the rules reshaping the market for the complex financial instruments known as swaps.
Unfortunately, the SEC’s regulations covering swaps markets tied to loans and other securities remains incomplete. According to the SEC, the “Act contains more than 90 provisions that require SEC rulemaking, and dozens of other provisions that give the SEC discretionary rulemaking authority. Of the mandatory rulemaking provisions, the SEC has proposed or adopted rules for more than three-quarters.”
Agencies and regulators are continuing to work to meet their Dodd-Frank obligations, so it will be interesting to see what progress is made in this next year.
If you have any questions about the Dodd-Frank Act or would like to discussother corporate, securities and investment banking matters, please contact me, Dan Brecher, or the Scarinci Hollenbeck attorney with whom you work.
How Understanding Bankruptcy Trends Can Benefit Your Business
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
SEC Takes Actions Against Issuers for Failure to File Form D
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Redefining Labor Relations: NLRB's Pivot from Abruzzo’s Memoranda
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
