Jeff Jinnett: Dodd-Frank Legislation: Some Post-Passage Developments

On the eve of heading off on vacation, I decided to post on some developments that have occurred post-passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act:

  • A. M. Best announces it will not permit its ratings of insurance companies to be cited in registration statements and related prospectuses, since that could expose A.M. Best to “expert” liability as a result of the Dodd-Frank legislation[i]
  • Citigroup and other banking institutions reportedly begin the process of spinning off their hedge fund and private equity lines of business[ii]
  • The U.S. Securities and Exchange Commission adopts a final rule “Proxy Disclosure Enhancements” pursuant to authority granted in the Dodd-Frank legislation[iii]
  • CalPERS establishes its Diverse Director Database to support nominations of directors by institutional shareholders pursuant to the new SEC proxy access rules[iv]
  • The SEC seeks comments on other regulatory initiatives undertaken as a result of the Dodd-Frank legislation[v]
  • Companies begin planning for compliance with the “say on pay” requirements for shareholder meetings held on or after January 21, 2011 and Towers Watson surveys 251 large and mid-sized companies on their preparations[vi]
  • The FDIC, OCC and FRB issued a joint advance notice of proposed rulemaking (“ANPR”) regarding alternatives to the use of credit ratings in the agencies’ risk-based capital rules for banking organizations[vii]
  • The U.S. Office of the Comptroller of the Currency (OCC) and other U.S. banking agencies express support for the September 12, 2010 Basel III agreement as being in harmony with the goal of the Dodd-Frank legislation to establish “more stringent prudential standards, including higher capital and liquidity requirements for large, interconnected financial institutions.”[viii]
  • The FDIC hosts a roundtable to discuss implementation of the new resolution authority granted to the FDIC under Dodd-Frank[ix]
  • Personnel at the U.S. Treasury Department work to establish the Bureau of Consumer Financial Protection and rumors surface that President Obama may make an interim appointment of Harvard Law Professor Elizabeth Warren as its first director[x]

Comments (0)

Skip to main content