On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or “the Act”), which was passed in direct response to the global financial crisis. Just one year later, that Act – representing the most comprehensive package of reforms since the Great Depression – has already begun altering the regulatory landscape for banks, investment funds, securities firms, and publicly listed companies outside the financial sector. But the most significant changes are yet to come. Although the Act spans well over 2300 pages, Congress delegated many of the details of regulatory reform to nearly a dozen federal agencies that must develop specific rules to implement Congress’s broad mandates. In fact, the Act requires the agencies to promulgate nearly 400 regulations within various statutory timelines ranging from one day to five years. The agencies have failed to meet many of the deadlines set for one year after the Act’s passage. At present, fewer than 50 of the final rules have been issued – meaning that financial regulators will be extremely busy over the next 12-24 months.
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The Working Group will continue to monitor any developments and provide timely coverage at Weil’s Financial Regulatory Reform Center. If you are interested in discussing recent developments, please contact Working Group members Derrick D. Cephas (212-310-8797 or email@example.com), Heath Tarbert (202-682-7177) (firstname.lastname@example.org), or Alex Radetsky (212-310-8905 or email@example.com).