Dodd-Frank
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 [...]
LEAVE A COMMENT
TAGS Dodd-Frank, Volker Rule, Volker Rule implementation
POSTED IN Dodd-Frank, Volcker Rule
POSTED IN Dodd-Frank, Volcker Rule
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
LEAVE A COMMENT
TAGS CFTC, Dodd-Frank, OTC derivatives, swap
POSTED IN Capital Markets, Derivatives, Dodd-Frank
POSTED IN Capital Markets, Derivatives, Dodd-Frank
A Living Will: Planning for a Rainy Day
On July 2, the Federal Reserve released public versions of the resolution plans or “living wills” of nine large banks. Living wills contain a blueprint of large financial institutions to be used to determine how the institution would maneuver financial instability without affecting the market at large. Section 165 of the Dodd-Frank Act imposed numerous [...]
Putting the Genie Back into the Bottle: The CFTC Adopts Derivative Clearing Rules
The Commodities Futures Trading Commission (the “CFTC”) adopted rules on March 20th designed to raise competition and mitigate risk in derivatives markets. Overall, however, the main thrust of the rules is to encourage migration of much of the derivatives market onto central clearinghouses. Several features of the rules encourage competition. A key requirement is that [...]
LEAVE A COMMENT
TAGS CFTC, Clearinghouse, Derivatives, Dodd-Frank, swaps
POSTED IN Capital Markets, Derivatives, Dodd-Frank
POSTED IN Capital Markets, Derivatives, Dodd-Frank
Thinking About Executive Compensation Claw-backs: A Comparative Perspective
This blog post will compare and contrast recent claw-backs of executive compensation in England with statutory remedies available under United States securities laws. This February, two British financial institutions, Lloyds Banking Group and HSBC, made headlines by announcing “claw-backs” of previously awarded executive bonus compensation. A claw-back eliminates the award and returns the money to [...]
Featured Video
-
Eugene P. and Delia S. Murphy Conference on Corporate Law
-
Representation Without Accountability?
- Business Law Practitioners Series – Fall 2011
-
The Philosophy and Practice of Disclosure
- BLPS – Rory Cutaia ’85
- The Looming Problems of The Bureau of Consumer Financial Protection
-
Financial Reform Legislation: There Ought To Be A Law, But Is This It?
Highlights From Volume 18 Book I
THE BEHAVIORAL PARADOX: WHY INVESTOR IRRATIONALITY CALLS FOR LIGHTER AND SIMPLER FINANCIAL REGULATION
It is widely believed that behavioral economics justifies more intrusive regulation of financial markets, because people are not fully rational and need to be protected from their quirks. This Article challenges that belief. Firstly, insofar as people can be helped to make better choices, that goal can usually be achieved through light-touch regulations. Secondly, faulty [...]
DEMANDING SUBSTANCE OR FORM? THE SEC’S PLAIN ENGLISH HANDBOOK AS A BASIS FOR SECURITIES VIOLATIONS
In 1998, the United States Securities and Exchange Commission (“SEC” or “Commission”) released a style manual titled “The Plain English Handbook.” The culmination of a drive by its Chairman, Arthur Levitt, the Handbook drew upon the rules of grammar, best industry practice, and even the support of billionaire Warren Buffett in calling for a layman’s [...]
FULL OF HOT AIR? EVALUATING THE AIRGAS COURT’S RESERVATIONS ABOUT SHAREHOLDERS’ SHORT-TERM AND LONGTERM INTERESTS IN TAKEOVERS
This Note explores the incentives and preferences of shareholders in takeovers. This analysis is conducted in the context of the Delaware Chancery Court’s February 2011 decision in Air Products & Chemicals v. Airgas. In that case, the court’s decision largely turned on whether certain short-term and long-term shareholders have different preferences and incentives in takeovers. [...]
News & Events
- Can Woman Have It All? A Live Webcast with Anne-Marie Slaughter (4/24/2013)
- 13th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities & Financial Law (4/18/2013)
- 13th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities & Financial Law (4/18/2013)
- International In-House Counsel Breakfast Forum Series for Students (4/18/2013)
- Business Law Practitioners Series for students (4/16/2013)
- Fordham Corporate Center