Implementing Dodd-Frank Wall Street Reform and Consumer Protection Act — Upcoming Activity
Information about this Chart
Estimated January - June 2012
This is an estimated timeline and may be subject to change.
- §941: Adopt rules (jointly with others) regarding risk retention by securitizers of asset-backed securities, and implementing the exemption of qualified residential mortgages from this prohibition
- §805: Adopt rules regarding standards for clearing agencies designated as systemically important
- §806: Adopt rules regarding the process to be used by designated clearing agencies to provide notice of proposed changes
- §952: Adopt exchange listing standards regarding compensation committee independence and factors affecting compensation adviser independence; adopt disclosure rules regarding compensation consultant conflicts
- §§953 and 955: Propose rules regarding disclosure of pay-for-performance, pay ratios, and hedging by employees and directors
- §954: Propose rules regarding recovery of executive compensation
- §1502: Adopt rules regarding disclosure related to “conflict minerals”
- §1504: Adopt rules regarding disclosure by resource extraction issuers
- §939A: Adopt rules regarding use of credit ratings required under Investment Company Act of 1940 rules and disclosure forms.
- §939(h): Report to Congress on standardization within certain elements of the credit rating process
- §712: Adopt rules, jointly with the CFTC, defining key terms used in the Act with respect to products
- §712: Adopt rules, jointly with the CFTC, defining key terms used in the Act with respect to intermediaries
- §763: Adopt rules for clearing agencies for security-based swaps
- §763: Adopt rules regarding the registration and regulation of security-based swap data repositories
- §763: Adopt rules regarding mandatory clearing of security-based swaps
- §763: Adopt rules regarding the end-user exception to mandatory clearing of security-based swaps
Diversity
- §342: Report to Congress regarding activity of the Office of Minority & Women Inclusion
Exempt Offerings
- §926: Adopt rules disqualifying the offer or sale of securities in certain exempt offerings by certain felons and others similarly situated
International
- §929Y: Report to Congress on study concerning extraterritorial private rights of action
Market Oversight
- §929W: Adopt revisions to rules regarding due diligence for the delivery of dividends, interest and other valuable property to missing securities holders
- §919B: Implement recommendations contained in study on ways to improve access of investors to registration information regarding investment advisers and broker-dealers
- §951: Adopt rules regarding disclosure by institutional investment managers of votes on executive compensation
- §1088: Issue rules and guidelines (jointly with the CFTC) to require investment companies and broker-dealers to adopt policies and procedures to prevent identity theft.
Short Sales
- §417: Report to Congress on the study of the costs and benefits of real time reporting on short sale positions
Estimated July - December 2012
This is an estimated timeline and may be subject to change.
- §952: Report to Congress on study and review of the use of compensation consultants and the effects of such use
- §§953 and 955: Adopt rules regarding disclosure of pay-for-performance, pay ratios, and hedging by employees and directors
- §954: Adopt rules regarding recovery of executive compensation
- §932: Adopt rules regarding NRSRO reports of internal controls over the ratings process, preventing sales and marketing activities from influencing the production of ratings, providing for a report to the Commission and “look-back” when an entity subject to a rating employs a person who previously worked for the NRSRO
- §932: Adopt rules establishing technical amendments to NRSRO Rules to conform text, terms and definitions in the Rules to amendments to text, terms, and definitions in the Securities Exchange Act of 1934 (e.g., changing “furnishing” information to the Commission to “filing” information with the Commission)
- §932: Adopt rules regarding transparency of NRSRO ratings performance
- §932: Adopt rules requiring certain steps be followed when adopting or revising credit ratings procedures and methodologies, and providing for disclosure of certain information to accompany the publication of a rating
- §932: Adopt rules requiring third parties retained for the purpose of conducting due diligence related to asset-backed securities to provide a certification containing specified information to the NRSRO that is producing a rating for the ABS
- §932: Adopt rules establishing fines and other penalties for violations of law
- §932: Publish report summarizing NRSRO inspections, findings, responses, and evaluating appropriateness of responses
- §936: Adopt rules establishing training, experience and competence standards and a testing program for NRSRO analysts
- §938: Adopt rules regarding ratings symbols
- §939F: Report to Congress on study on the rating process for structured finance products and associated conflicts of interest, the feasibility of an assignment system, metrics to determine the accuracy of ratings, and alternative compensation that creates incentives for accurate credit ratings
- §719(d): Joint report to Congress (with the CFTC) on study regarding stable value contracts
- §§763 and 766: Adopt rules on trade reporting, data elements, and real-time public reporting for security-based swaps
- §763: Adopt anti-manipulation rules for security-based swaps
- §763: Adopt rules regarding the registration and regulation of security-based swap execution facilities
- §764: Adopt rules regarding the registration and regulation of security-based swap dealers and major security-based swap participants
- §765: Adopt rules regarding conflicts of interest for clearing agencies, execution facilities, and exchanges involved in security-based swaps
Market Oversight
- §210: Jointly with other financial regulators prescribe recordkeeping requirements that will assist the FDIC when acting as a receiver
- §417: Report to Congress on study on the state of short selling on exchanges and in the over-the-counter markets
- §619: Adopt rules to implement prohibition on proprietary trading and certain relationships with hedge funds and private equity funds
- §917: Report to Congress on study to identify financial literacy among retail investors
- §956: Adopt rules (jointly with others) regarding disclosure of, and prohibitions of certain executive compensation structures and arrangements
- §975: Adopt permanent rules for the registration of municipal advisors
Dates still to be determined
Title I
- §165: Issue (in coordination with the Board of Governors and the FDIC) regulations regarding stress testing certain financial companies
Title II
- §205: Issue (jointly with the FDIC and after consultation with SIPC) rules to provide for the orderly liquidation of covered brokers and dealers
Title IV
- §404: Annual report on use of collected information
Title VI
- §621: Adopt rules prohibiting material conflicts of interests between certain parties involved in asset-backed securities and investors in the transaction
Title IX
- §911: Establish new Investor Advisory Committee
- §913: Propose rules as may be appropriate, based on §913 study conducted on the obligations of brokers, dealers and investment advisers
- §§915 and 919D: Establish and staff Office of Investor Advocate (Until then, the functions of the office are being performed by the Office of Investor Education and Advocacy and other SEC offices and divisions.)
- §919: Issue rules, as the Commission deems appropriate, designating documents or information that must be provided by a broker or dealer to a retail investor before the purchase of an investment product or service
- §921: Issue rules, as the Commission deems appropriate, addressing agreements that require customers or clients of any broker, dealer or investment adviser toarbitrate disputes arising under the Federal securities laws
- §929X: Issue rules regarding public disclosure of information regarding short sales and, as the Commission deems appropriate, as otherwise necessary pursuant to this statute
- §932: Establish and staff Office of Credit Ratings (Until then, rulemaking functions are being handled by the Division of Trading and Markets, and examination functions are being performed by the Office of Compliance Inspections and Examinations.)
- §939C: Report to Congress on study on NRSRO independence
- §942: Adopt rules requiring each issuer of an ABS to disclose, for each tranche or class of security, information regarding the assets backing that security
- §957: Issue rules defining "other significant matters" for purposes of exchange standards regarding broker voting of uninstructed shares
- §979: Establish and staff Office of Municipal Securities (Until then, the functions of the office are being performed by the Division of Trading and Markets.)
- §984: Propose and adopt rules designed to increase the transparency of information available to brokers, dealers, and investors, with respect to the loan or borrowing of securities
Information about this Chart
This chart includes rulemaking and public reporting, and all section references are to the Dodd-Frank Wall Street Reform and Consumer Protection Act unless otherwise indicated.
Within each time period, activity is presented according to subject matter, and in the order of the section numbers of the Act to which the activity is related.
The chart does not include activity by the Chairman of the SEC as a member of the Financial Stability Oversight Council, or activities that are in furtherance of Congressional direction to meet, coordinate and/or consult with other organizations. Those activities are taking place, but are not reflected in this document.
The chart also does not include other activities that the SEC is required to perform (e.g., reviewing or examining aspects of certain entities, meeting with certain other organizations), unless those activities are required to be publicly reported. In addition, new public reports are listed according to the time period in which each is first due, but subsequent periodic reports are not included on this list.
http://www.sec.gov/spotlight/dodd-frank/dfactivity-upcoming.shtml
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