Dodd-Frank

Commissioner Daniel M. Gallagher: The Securities and Exchange Commission – The Next 80 Years: The 15th Annual A.A. Sommer Jr. Lecture

Tonight, I’d like to discuss a topic that I believe would have been of critical interest to Al Sommer: the future – the next 80 years – at the SEC. Over the next eight decades, the SEC’s fate will be intertwined, as it always has been, with that of our capital markets. Despite robust market activity over the last few years, the U.S. capital markets, the manner in which they are regulated, and the SEC itself collectively face an existential threat: the encroaching imposition of so-called prudential regulation on markets wholly unsuited to that regulatory paradigm. To put it simply, the manner in which the Commission responds to this encroachment, as well as to the unprecedented, decade-long burden placed upon us by a hundred Dodd-Frank Act mandates,[1] will determine whether the SEC remains as relevant in the 21st century as it was in the 20th – and more importantly, whether our capital markets, still the best in the world despite an onslaught of self-inflicted frictions, can continue to be the drivers of economic growth and prosperity that they have been for so long.

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POSTED IN A.A. Sommer Jr. Lecture, Banking & Finance, Corporate Law, Dodd-Frank, Financial Markets Regulation, Fordham Corporate Law Center, Government, SEC Investigations, Securities Regulation

Does Good Faith Compliance Actually Exist?

In the last few years since the 2010 Dodd-Frank Act was enacted, not much had come of the Volcker Rule until recently. In short, the Volcker Rule is a rule that prohibits banks from engaging in proprietary trading, subject, of course, to a multitude of exceptions. It was not until December 2013 that the proposed […]

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Hedging Around a Meaningful Solution: The Final Volcker Rule

More than three years after the passage of Dodd-Frank, one of its centerpieces is finally here – but it may not have been worth the wait. On December 10, 2013, a final version of the long anticipated and hotly debated Volcker Rule was approved by the Department of the Treasury, the Office of the Comptroller […]

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POSTED IN Dodd-Frank, Volcker Rule

Swap Transaction Recordkeeping: Information Hoarding

The Dodd-Frank Wall Street Reform and Consumer Protection Act has many new or updated rules and regulations for organizations in the financial markets. One in particular is Title Seven, which gives the Commodity Futures Trading Commission (“CFTC”) the authority to set rules for swap dealers and major swap participants regarding the records they are required […]

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POSTED IN Broker-Dealer, Capital Markets, Dodd-Frank, Financial Markets Regulation, Securities Regulation

Inaugural Fred Dunbar Memorial Lecture in Law and Economics — Hon. Sheila C. Bair, Former Chairman FDIC

On April 8, 2013, the Fordham Corporate Law Center and the Fordham Journal of Corporate & Financial Law welcomed Honorable Sheila C. Bair to campus as the speaker of the Inaugural Fred Dunbar Memorial Lecture in Law and Economics endowed by NERA Economic Consulting. Bair, the former chairman of the FDIC and preeminent financial reform […]

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POSTED IN Dodd-Frank, Fred Dunbar Memorial Lecture in Law and Economics

Squeezed in the Middle: Nobody is Happy with the Pace of Implementation of the Volcker Rule

In 1933, Senator Carter Glass and Representative Henry B. Steagall, sponsored the Banking Act of 1933, which has been subsequently known as the Glass-Steagall Act.  Its passage was prompted by the Great Depression, which was partially caused by commercial banks’ overexposure to risk.  Part of this law forced commercial banks to cease brokerage and investment […]

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Opportunistic Informants? A Look at some of Dodd-Frank’s Whistleblower Provisions

It seems that we are locked in some kind of cycle.  Every few years there is a corporate scandal, followed by some public castigation of the offending parties, some new legislation to make sure that it never happens, and then it all fades from the public eye—until it happens all over again.  Around the turn […]

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POSTED IN Dodd-Frank, Litigation, SEC Investigations, Securities Regulation

Know Your Customer: FINRA’s Clarification of New Suitability Rule

In November of 2010, the SEC approved a new suitability rule developed by FINRA as part of the ongoing comprehensive reform of the financial regulatory system.  FINRA, the New York based self-regulatory organization (“SRO”), issued guidance on the new rule in May 2012, and the rule went into effect on July 9, 2012. In general, […]

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POSTED IN Broker-Dealer, Dodd-Frank, Securities Regulation

Dodd-Frank: 9,000 Pages But No Clear Answers

On July 21, 2010 President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) into law. Dodd-Frank is seen as the greatest transformation in the regulation of the financial services industry since the Glass-Steagall Act of 1933, enacted in response to the Great Depression. Spanning almost 9,000 pages of […]

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CFTC’s New Powers Challenged on Multiple Fronts

The Commodity Futures Trading Commission (CFTC) has ramped up Wall Street regulatory enforcement in 2012. The CFTC released its Enforcement Division’s annual results on October 5, 2012, stating that it imposed more than $585 million in sanctions in fiscal year 2012. Only $450 million in sanctions were imposed in fiscal year 2011. This increase is […]

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POSTED IN Banking & Finance, Capital Markets, Dodd-Frank

- Fordham Corporate Center