Dodd-Frank

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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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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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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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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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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Dodd Frank’s Next Chapter – Filling Regulatory Gaps in the Derivatives Sphere

As of July 2, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines passed. Only 81 have been met with finalized rules (which will become effective 60 days after publication). Despite such delays, Friday, July 6, 2012 marked a turning point in bringing Dodd Frank into practice when the Securities and Exchange Commission unanimously approved [...]

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POSTED IN Capital Markets, Derivatives, Dodd-Frank

- Fordham Corporate Center