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Corporate Governance

: The Harvard Law School Corporate Governance Blog

Summary of Dodd-Frank Financial Regulation Legislation

By Harvard Law School Program on Corporate Governance

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Editor?s Note: David Huntington is a partner in the Capital Markets and Securities Group at Paul, Weiss, Rifkind, Wharton & Garrison LLP. This post is based on a Paul Weiss client memo by Mr. Huntington, Robert M. Hirsh, Manuel S. Frey, Mark S. Bergman, Frances Mi and Da-Wai Hu. Other Forum contributors from Wachtell, Lipton, Rosen & Katz have published a firm memorandum on the impact of the Dodd-Frank Act on fund managers, which is available here. Additional posts relating to the Dodd-Frank Act are available here.

On June 25, 2010, a House-Senate conference committee reached final agreement on the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ?Act?). The conference report must be approved by the House and Senate before the bill is presented to the President for signature. The House is expected to approve the conference report on June 29 and the Senate is expected to vote shortly thereafter.

The Act is comprehensive in scope, providing for significant changes to the structure of federal financial regulation and new substantive requirements that apply to a broad range of market participants, including public companies that are not financial institutions. Among other measures, the Act includes corporate governance and executive compensation reforms, new registration requirements for hedge fund and private equity fund advisers, heightened regulation of over-the-counter derivatives and asset-backed securities and new rules for credit rating agencies. The Act also mandates significant changes to the authority of the Federal Reserve and the Securities and Exchange Commission as well as enhanced oversight and regulation of banks and non-bank financial institutions.

This memorandum summarizes the key provisions of the Act.

Click here to read the complete post...

Full post as published by The Harvard Law School Corporate Governance Blog on July 07, 2010 (boomark / email).