Dechert LLP


The Dodd-Frank Wall Street Reform and Consumer Protection Act (Act) is one of the most comprehensive pieces of legislation reforming federal financial institutions regulation in U.S. history. The Act affects a wide range of providers of financial products and services, as well as business and consumer customers. Among the main features of the Act are: ■ Imposing federal regulation on systemically important nonbanks ■ Requiring new regulatory standards for large bank holding companies and systemically important nonbanks ■ Imposing restrictions under the “Volcker Rule” on banking entity proprietary trading and sponsorship of, and investment in, hedge funds and private equity funds ■ Authorizing federal takeovers of nonbanks and bank holding companies that pose a significant threat to U.S. financial stability ■ Establishing a new federal regulatory agency focused on consumer protection in regard to financial products and services ■ Overhauling the mortgage lending industry, including strong incentives for originators to offer mortgage loan products that meet certain federal standards ■ Developing a new regulatory structure for swaps and derivatives ■ Changing the legislative structure related to credit rating agencies and requiring risk retention in connection with certain asset-backed securities ■ Imposing new requirements involving investor protection, the registration of investment advisers, securities disclosures and securities enforcement ■ Creating a federal office focused on the insurance industry, potentially leading to broad federal regulation of the insurance industry The Act, in many respects, is only a first step in achieving an enhanced federal regulatory structure. In many instances, the impact of the Act will ultimately be determined by a rulemaking process or the results of a congressionally-mandated study. Dechert attorneys are focused on helping clients chart their course through this new and evolving regulatory structure. Dechert attorneys prepared an extensive summary of all 16 titles of the Act for the American Bankers Association. Click here to read the American Bankers Association summary. In addition, Dechert attorneys are preparing a series of legal updates to discuss important aspects of the Act, which will be compiled here. This site is designed to serve as a one-stop destination for those seeking to stay informed of the developments and implications related to financial services reform through legal updates, publications, webinars, conferences and other programs.
RELATED AREAS Title I: Regulation of Systemically Significant Companies Title II: Orderly Liquidation Authority Title IX: Asset Securitization Title X: Bureau of Consumer Financial Protection
For questions about the information on this page or market developments in the United States generally, please contact any of the Dechert attorneys listed below, or the Dechert attorney with whom you regularly work. Banking and Financial Institutions David L. Ansell David J. Harris Robert H. Ledig Thomas P. Vartanian James Waddington Broker-Dealers and Municipal Securities Elliott R. Curzon Edward L. Pittman Business Restructuring and Reorganization Allan S. Brilliant Craig P. Druehl Ethan D. Fogel Brian E. Greer Michael J. Sage Glenn E. Siegel Shmuel Vasser Corporate Governance and Executive Compensation Brian E. Greer Ian A. Hartman David Jones Christopher G. Karras William G. Lawlor Martin Nussbaum G. Daniel O'Donnell Stephen W. Skonieczny Derivatives and Swaps Brendan C. Fox Matthew K. Kerfoot Shmuel Vasser M. Holland West Impact on U.S. Investment Companies and Advisers Sander M. Bieber Stephen H. Bier Joseph R. Fleming Robert W. Helm Jane A. Kanter Jack W. Murphy John V. O'Hanlon Jon S. Rand Michael L. Sherman Insurance Jeffrey S. Puretz Labor and Employment Issues Alan D. Berkowitz Thomas K. Johnson II Non-U.S. Based Financial Institutions Karen L. Anderberg Julien Bourgeois Olivier Dumas Keith T. Robinson Jennifer Wood Outsourcing and Offshoring Vivian A. Maese Private Funds Allan S. Brilliant Carl A. de Brito Susan M. Camillo Robert M. Friedman Richard Horowitz George J. Mazin Henry N. Nassau Carmen J. Romano Michael J. Sage Kevin P. Scanlan Michael L. Sherman Mark E. Thierfelder M. Holland West Kathleen Ziga Securities Enforcement William K. Dodds Kathleen N. Massey Securitization and Credit Rating Agencies David W. Forti Richard D. Jones Ralph R. Mazzeo Timothy A. Stafford Cynthia J. Williams Tax Adrienne M. Baker RELATED PRACTICE AREAS Corporate Finance Corporate Governance Corporate and Securities Finance and Real Estate Financial Institutions Financial Services Labor and Employment Mergers and Acquisitions Private Equity	PUBLICATIONS AND RESOURCES Analysis of Financial Regulatory Reform Legislation for American Bankers Association Dechert partners Thomas P. Vartanian, Robert H. Ledig, and David L. Ansell were the primary authors of this comprehensive analysis of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Bank D&O Defense Manual SEC Proposed Revisions to the Rules and Regulations for Commercial Mortgage-Backed Securities Offerings Summary Steps: Investment Adviser Registration November 2011 Comparative Analysis: SIFIs – Too Big to Fail? International Financial Regulation Review (BNA International) August 29, 2011 Living Wills Could Pit U.S. Stability Against Duty to Shareholders American Banker June 1, 2011 Weighing In On Dodd-Frank’s Risk Retention Rules Law360 April 28, 2011 Navigating the Recapitalization Process American Banker March 14, 2011 Covered Bond Reform Real Estate Finance & Investment March 2011 Focus on Dodd-Frank Act HFMWeek February 2011 Dodd-Frank and Mutual Funds: Alternative Approaches to Systemic Risk The Harvard Law School Forum on Corporate Governance and Financial Regulation January 19, 2011 Minimizing the Dodd-Frank Impact American Banker January 1, 2011 Systemic Regulation of Large Bank Holding Companies Under the Dodd-Frank Act Bank Accounting & Finance January 2011 How the Dodd-Frank Act Should Affect Mutual Funds, Including Money Market Funds Bloomberg Law Reports: Securities Law January 2011 Uncertainty Can Carry a High Price Investment Dealers’ Digest Winter 2011 The Impact of Dodd-Frank Act on Nonbanks In-House Defense Quarterly December 2010 Putting Your Affairs in Order Investment Dealers’ Digest December 2010 New Rules of Regulatory Engagement American Banker December 2010 La réforme financière : l’approche américaine Revue Banque November 2010 Ramping Up the Rules for Covered Financial Companies Law 360 September 17, 2010 Create Tools, Not Rules to Truly Protect Consumers American Banker September 10, 2010 Dodd-Frank Sleeper Provisions Will Have the Largest Long-Term Impact American Banker September 9, 2010 Amici Curiae Brief, Janus Capital Group, Inc. v. First Derivative Traders Supreme Court of the United States September 2010 The Impact of Dodd-Frank on the Post-Crisis Derivatives Markets Derivatives Week DECHERT ONPOINTS May 1, 2012 REO to Rental: A New Paradigm for the U.S. Housing Sector? April 27, 2012 U.S. Consumer Financial Protection Bureau Rulemaking: A New Frontier for Cost-Benefit Analysis April 18, 2012 Final U.S. Rule on Designation of SIFIs Emphasizes the Importance of Full Engagement in the Designation Process February 24, 2012 Federal Housing Finance Agency Announces Revised Goals for Fannie Mae and Freddie Mac Conservatorships February 21, 2012 Mapping the Harbor: FDIC Clarifies Securitization Safe Harbor Rules February 16, 2012 Potential SIFIs Take Note – Your Future Is Being Decided Now: FRB Prepares to Act on Enhanced Prudential Standards February 15, 2012 Building Consumer Financial Protection Bureau Relationships: Access to Documents January 31, 2012 Outsourcing for Financial Institutions After Dodd-Frank: Regulation, Risk and Governance January 30, 2012 Federal Reserve Board’s Enhanced Supervision Standards Could Raise Significant Issues for Money Fund Sponsors January 27, 2012 Federal Reserve Board’s White Paper on the U.S. Housing Market: Private Equity Take Note January 17, 2012 The Federal Reserve’s Enhanced Prudential and Early Remediation Requirements: The Impact on Savings and Loan Holding Companies December 6, 2011 SEC and CFTC Adopt Private Fund Systemic Risk Reporting on Form PF October 20, 2011 Volcker Rule Regulations Proposed October 19, 2011 FSOC Issues New Proposed SIFI Designation Rule September 15, 2011 Living Will Requirements Come into Focus September 13, 2011 The New Regulatory Regime for Savings and Loan Holding Companies July 28, 2011 SEC Adopts Final Rules Regarding Exemptions from Investment Adviser Registration Applicable to Non-US Investment Advisers and Amends Form ADV July 25, 2011 SEC Adopts Family Office Rule July 15, 2011 CFTC Issues Final Rules Regarding Agricultural Commodity Definition and Large Trader Reporting for Physical Commodity Swaps July 14, 2011 U.S. Federal Regulators Provide Temporary Relief from Certain Dodd-Frank Act Derivatives Provisions July 13, 2011 Designation of Systemically Important Financial Institutions, Living Wills and Enhanced Prudential Regulation One Year Later: A Question of Balance July 11, 2011 Update Regarding the United States Covered Bond Act June 27, 2011 Federal Reserve’s Proposed Rule to Implement the Ability-to-Repay Requirements for Residential Mortgage Loans and its Impact on Lenders and RMBS Investors June 23, 2011 SEC Adopts Final Dodd-Frank Amendment Rules Regarding Registration of Investment Advisers June 6, 2011 SEC Proposes Amendments to Disqualify “Bad Actors” from Rule 506 Private Placements May 27, 2011 SEC Adopts Final Whistleblower Rules May 23, 2011 Risk Retention Proposal for Residential Mortgages Comes into Focus April 21, 2011 Congress Reconsiders Securities Act Expert Liability Rule for Rating Agencies April 12, 2011 Incentive Compensation Under the Dodd-Frank Regulatory Spotlight April 11, 2011 Extension of Compliance Dates for New Investment Adviser Registration and Transition to State Registration Appears Likely April 7, 2011 Risk Retention and CLOs April 1, 2011 Risk Retention and Residential Mortgages: Legislation, Regulation and Economics March 29, 2011 FDIC Acts on Proposed Risk Retention Rule for Asset-Backed Securities March 24, 2011 SEC Proposes to Remove NRSRO Ratings from Rule 2a-7 and Other Investment Company Act Rules and Forms March 4, 2011 Reminder: Annual US Reporting and Compliance Obligations March 3, 2011 Reform for the Covered Bond Industry on the Horizon March 2, 2011 CFTC and SEC Propose Private Fund Systemic Risk Reporting Rule February 24, 2011 Dechert Issues Comment Letter Regarding Financial Stability Oversight Council’s Proposed Rule Regarding the Designation of Systemically Important Financial Companies February 22, 2011 Administration Report Offers New Directions for the Federal Role in Housing Finance February 11, 2011 Proposal to Rescind CFTC Registration Exemptions Will Affect Many Public and Private Investment Funds February 2, 2011 New Protection for Whistleblowing Once Removed January 24, 2011 Financial Stability Oversight Council Proposal Includes Few Clues About Who Will Be Designated as Significant January 18, 2011 FDIC Acts to Facilitate Securitizations by Covered Financial Companies January 3, 2011 FDIC Issues Opinion Clarifying Treatment of Securitizations by Financial Companies Subject to Resolution Under Title II of the Dodd-Frank Act December 14, 2010 CFTC and SEC Propose Definitions for Major Swap Participants and Major Security-Based Swap Participants December 10, 2010 Financial Services Europe and International Update December 2, 2010 Financial Stability Oversight Council Begins the Process of Designating Systemically Important Financial Market Utilities December 1, 2010 SEC Proposes New Investment Adviser Oversight Rules November 30, 2010 Is the FDIC Contemplating the Proactive Use of Living Will Authority? November 23, 2010 The New Dodd-Frank Whistleblower Program Takes Shape as the Securities and Exchange Commission Releases Proposed Rules October 25, 2010 Mortgage Foreclosures in the Spotlight October 20, 2010 FDIC Begins Action on Its Super-Resolution Rules for Covered Financial Companies October 11, 2010 Financial Stability Oversight Council Seeks Public Input on Designation of Significant Nonbanks and Volcker Rule October 4, 2010 Financial Stability Oversight Council Begins to Chart a New Course for U.S. Financial Regulation September 15, 2010 New Registration Requirement in Dodd-Frank Legislation May Affect Advisors to State and Local Governments as Well as Persons Who Solicit Public Pension Funds August 31, 2010 Improvements to the Asset-Backed Securitization Process August 26, 2010 Réforme de la Législation Financière Américaine Panorama des Dispositions Susceptibles d’avoir un Impact sur les Gestionnaires Financiers Français (U.S. Financial Reform Legislation and How It Will Affect French Investment Managers) August 26, 2010 Dodd-Frank Measures Affecting Credit Rating Agencies August 3, 2010 The Impact of the Financial Regulatory Reform Legislation on the Life Insurance Industry July 26, 2010 Dodd-Frank: The Regulatory Reset of the OTC Derivatives Markets July 22, 2010 Dodd-Frank's Limitations on Risk Taking: An Analysis of the Volcker Rule's Restrictions on Proprietary Trading, and Investments in and Sponsorship of Hedge Funds and Private Equity Funds July 22, 2010 Labor and Employment Law Roundup July 21, 2010 The Impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the Registration Obligations of Private Fund Advisers July 21, 2010 SEC Concept Release Solicits Comment on Proxy Voting System July 20, 2010 The Impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on financial services companies outside of the United States July 19, 2010 The Impacts of the Dodd-Frank Wall Street Reform and Consumer Protection Act on Registered Investment Companies and Advisers July 16, 2010 Richer Accredited Investors July 15, 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act: Application to Public Companies July 1, 2010 Revised FDIC Safe Harbor for Bank Sponsored Securitizations WEBINARS AND CONFERENCES April 18, 2012 The Dodd-Frank Report Card: New Receivership Sheriff in Town West LegalEdcenter Webinar April 11, 2012 The Dodd-Frank Report Card: Rebuilding Regulations West LegalEdcenter Webinar March 21, 2012 The Dodd-Frank Report Card: Living Wills West LegalEdcenter Webinar March 8, 2012 The New Government Program to Convert Foreclosed Single Family Properties Into Rental Units: Investor Opportunities A Live Webinar Presented by Dechert LLP Webinar March 7, 2012 The Dodd-Frank Report Card: Systemic Regulation West LegalEdcenter Webinar February 29, 2012 The Dodd-Frank Report Card: The Volcker Rule West LegalEdcenter Webinar February 22, 2012 The Dodd-Frank Report Card: New Enhanced Prudential Standards West LegalEdcenter Webinar February 16, 2012 Understanding How Systemically Important Financial Institutions Will Be Regulated Under Dodd-Frank The National Law Journal & Bloomberg Government Webinar January 24, 2012 Bank Director and Officer Liability Defense West LegalEdcenter Webinar January 4, 2012 New World of Asset Securitization: Risk Retention, Conflict of Interest, Reg A/B II Webinar December 14, 2011 The New World for S&L Holding Companies: The Impact on Trust Banks, Insurance Company HCs and Intermediate Holding Companies Webinar December 7, 2011 FDIC Suits Against D&Os and Institution Affiliated Parties: Theories, Cases and Defenses Webinar November 30, 2011 Goodbye Too Big To Fail, Hello Orderly Liquidations & Living Wills: How Large Financial Companies and the Markets Will Adapt Webinar November 16, 2011 The Volcker Rule: Intended and Unintended Impacts on U.S. and Foreign Entities Webinar November 14, 2011 Domestic and European Failed Bank Investments and Living Bank Recaps: New Investment Rules, Adapting to the FDIC SOP and Foreign Bank Considerations Webinar November 9, 2011 A Step Closer to Systemic Regulation: SIFI Designation and FRB Regulation of SIFIs and Large Bank Holding Companies Webinar October 17, 2011 Dodd-Frank Implementation American Council of Life Insurers 2011 Annual Conference Conference October 11, 2011 Dodd-Frank Legal Roundup West LegalEdcenter Webcast Webinar July 28, 2011 Investment Adviser Registration: The SEC Makes New Rules West LegalEdcenter Webcast Webinar July 27, 2011 Whistleblower Issues for Asset Managers Presented by Dechert LLP Webinar July 19, 2011 The Dodd-Frank Act One Year Later: Keeping our Markets Competitive Post Regulatory Reform U.S. Chamber Center for Capital Markets Competitiveness Conference July 11, 2011 Dodd-Frank Act & What It Means to the Life Insurance Industry ACLI Compliance & Legal Sections Annual Meeting Conference June 14, 2011 Dodd-Frank: Swaps Regulation: Dealers, Major Participants, The Execution and Clearing of Trades and . . . Are Any of Us Even Ready for a Change? HFM Operational Leaders’ Summit Conference June 14, 2011 Regulatory Landscape: Now That We Are All (Mostly) Registered, What Happens Next? HFM Operational Leaders’ Summit Conference May 11, 2011 Key Regulatory Issues for Fund Managers: AIFM, SEC Registration, Dodd-Frank—Valuation Implications and Best Practice Duff and Phelps Third Annual European Alternative Investments Valuation Conference 2011 Conference April 5, 2011 A Guide to SEC Registration and Reporting Requirements for Hedge & Private Equity Fund Advisers IA Watch Webinar March 22, 2011 Corporate Development: Governance, Risk Management and Executive Compensation American Bankers Association CONFERENCE March 21, 2011 Registration Rules for Hedge & Private Equity Fund Advisers IAWeek’s IA Compliance Best Practices Summit 2011 Conference March 1, 2011 Financing: Capital and Liquidity Management American Bankers Association CONFERENCE February 17, 2011 Revenue Generation: Asset and Fee Planning ABA Strategic Planning American Bankers Association CONFERENCE February 2, 2011 The New World of Asset Securitization and Orderly Liquidation West LegalEd Center WEBINAR January 28, 2011 Legislative and Regulatory Change Practising Law Institute’s Products of Insurance Companies in the Face of Regulatory Reform 2011 New York CONFERENCE January 21, 2011 The Emerging Regulatory Agenda of the Obama Administration: Two Examples of What You Can Expect and the Impact on Your Business DRI Corporate Counsel Roundtable New York CONFERENCE December 8, 2010 Banking Law Institute 2010: The Future is Here Practising Law Institute WEBINAR December 1, 2010 How Companies Obtain Working Capital and Acquisition Financing in Light of New Governance Rules West LegalEd Center’s Financing Public Companies after Financial Services Re-regulation WEBINAR November 29, 2010 The Potential Impact to Asian Hedge Fund Managers of Dodd-Frank Ernst & Young Hedge Fund Symposium Conference November 10, 2010 The Four Biggest Risks Facing Financial Services Companies Today – And How to Deal with Them Institutional Investor WEBINAR November 4, 2010 Actions Against Officers and Directors of Financial Services Organizations Practising Law Institute’s Financial Crisis Fallout 2010: Emerging Enforcement Trends New York CONFERENCE October 17, 2010 Strategic Solution Session: Preparing for the Implementation of Financial Reform American Bankers Association 2010 Annual Convention, Business Expo and Directors’ Forum Boston CONFERENCE October 15, 2010 Action Required: Systemic Risk – Where Will You Stand? Presented by Dechert Teleconference September 30, 2010 SEC Registration and Compliance Obligations for Private Fund Investment Advisers Facing New Regulatory Requirements Presented by Dechert Webinar September 23, 2010 From Dodd-Frank to FATCA – A U.S. Regulatory Roundup Presented by Dechert Webinar September 14, 2010 AML Programs Reloaded: Why Dodd-Frank May Change the Landscape for RIAs IA Watch Presents Live Webinar Webinar September 14, 2010 Impact on European Fund Management of Recently Enacted U.S. Financial Reform EFAMA Investment Management Forum 2010 – The Investment Management Industry: Beginning of a New Decade? Conference August 18, 2010 Analysis of Proposed Banking Reform: Impact on Systemically Significant Companies, Living Wills, Enhanced Supervision, FDIC Receiverships and Creditor issues American Bankers Association WEBINAR July 28, 2010 Analysis of Proposed Banking Reform: Impact on Housing Finance, Mortgage Originations Rules, New Litigation Risks and New Mortgage Risk Rules American Bankers Association WEBINAR July 27, 2010 Analysis of Proposed Banking Reform: Summary of the Entire New Law, Including Systemic Regulation, FDIC Receiverships, New Capital Rules and Consumer Protection North Carolina Bankers Association CONFERENCE July 27, 2010 Analysis of Proposed Banking Reform: Changes in Bank Activities, Spin Off and Restructuring Required, Volcker Rule Issues, Enforcement Considerations and Changes in Affiliate Rules American Bankers Association WEBINAR July 26, 2010 Analysis of Proposed Banking Reform: Mutual Savings Associations, Holding Company Changes and Regulation of Thrifts American Bankers Association WEBINAR July 22, 2010 Dodd-Frank: The Regulatory Reset of Derivatives Regulation Investment Company Institute Webinar: Financial Regulatory Reform Legislation – Implications for Registered Investment Companies and Their Advisers Webinar July 22, 2010 Analysis of Proposed Banking Reform: Regulation and Supervision of Non-Banks, ILCs, Consumer Banks, Securities and Insurance Activities, Changes for FHLBanks and Regulation of Financial Market Utilities Financial Services Roundtable WEBINAR July 22, 2010 Analysis of Proposed Banking Reform: New Safety and Soundness Regulation for Banks; Capital, Liquidity, LOB, Concentration, Deposit Insurance and Governance Changes American Bankers Association WEBINAR July 21, 2010 The Restoring American Financial Stability Act: The New Regulation of Banks & Non-banks Thomson Reuters WEBINAR July 15, 2010 Analysis of Proposed Banking Reform: New Regime for Systemically Significant Companies, Enhanced Prudential Regulation, Impact on Activities and the Volcker Rule Financial Services Roundtable WEBINAR July 14, 2010 The Restoring American Financial Stability Act: Regulating Bank Holding Companies and Financial Markets Thomson Reuters WEBINAR July 8, 2010 Analysis of Proposed Banking Reform: The Roles of New and Existing Agencies, Impact of New Activity Restrictions and the New Regulations Required Financial Services Roundtable WEBINAR