Mandatory Rulemaking Provisions
The SEC has adopted final rules for mandatory rulemaking provisions of the Dodd-Frank Act.
Private Funds: 8 rulemaking provisions adopted
| Status | Section | Details |
|---|---|---|
| Adopted | Section 404 | Records to be maintained and reports to be provided by private funds |
| Adopted | Section 406 | Disclosure rules on private funds |
| Adopted | Section 407 | Exemption of venture capital fund advisers, definition of “venture capital fund” |
| Adopted | Section 408 | Exemption from registration by certain private fund advisers/requirement of records for such advisers |
| Adopted | Section 409 | Family office |
| Adopted | Section 410 | State and federal responsibilities/ asset threshold for registration of federal advisers |
| Adopted | Section 413 | Adjustment of the accredited investor standard |
| Adopted | Section 418 | Qualified client standard, inflation adjustment |
Executive Compensation: 8 rulemaking provisions adopted, 4 proposed
| Status | Section | Details |
|---|---|---|
| Adopted | Section 952 (Exchange Act 10C(a)) | Compensation committee independence—Commission to direct SROs to prohibit listing of certain securities unless issuers are in compliance with compensation committee independence requirements |
| Adopted | Section 952 (Exchange Act 10C(b)) | Compensation committee independence—Commission to identify factors that may affect independence |
| Adopted | Section 952 (Exchange Act 10C(c)(2)) | Compensation committee independence—Commission to issues rules relating to proxy disclosure regarding compensation consultants |
| Adopted | Section 952 (Exchange Act 10C(f)) | Compensation committee independence—Commission to direct SROs to prohibit listing of securities of an issuer that is not in compliance with the requirements of the section |
| Adopted | Section 953(b) | Additional executive compensation disclosure (pay ratio) |
| Adopted | Section 955 | Disclosure regarding employee and director hedging |
| Adopted | Section 972 | Chairman/CEO structure disclosure in annual proxy |
| Adopted in Part | Section 951 | Shareholder approval of executive compensation |
| Adopted | Section 953(a) | Pay v. performance disclosure |
| Adopted | Section 954 | Recovery of executive compensation |
| Proposed | Section 956(a) | Compensation structure reporting (joint rulemaking) |
| Proposed | Section 956(b) | Prohibition on certain compensation arrangements (joint rulemaking) |
Volcker Rule: 1 rulemaking provision adopted
| Status | Section | Details |
|---|---|---|
| Adopted | Section 619 | Prohibition on proprietary trading and certain relationships with hedge funds and private equity funds (joint rulemaking) |
Asset-Backed Securities: 7 rulemaking provisions adopted
| Status | Section | Details |
|---|---|---|
| Adopted | Section 941(b) | Credit risk retention (general) (joint rulemaking) |
| Adopted | Section 941(b) | Credit risk retention (residential mortgages) (joint rulemaking) |
| Adopted | Section 941(b) | Credit risk retention exemptions (joint rulemaking) |
| Adopted | Section 942(b) | ABS disclosure |
| Adopted | Section 943 | ABS reps and warranties |
| Adopted | Section 945 | ABS due diligence disclosure |
| Adopted | Section 621 | Conflicts of interest regarding certain securitizations |
Security-Based Swaps: 26 rulemaking provisions adopted, 3 proposed
| Status | Section | Details |
|---|---|---|
| Adopted | Section 712 | Joint CFTC and SEC rulemaking regarding mixed swaps |
| Adopted | Section 712(d)(1) | Joint CFTC and SEC rulemaking concerning swaps-related definitions |
| Adopted | Section 712(d)(2)(B) | Joint CFTC and SEC rulemaking regarding recordkeeping by trade repositories with respect to security-based swap agreement transactions |
| Adopted | Section 712(d)(2)(C) | Joint CFTC and SEC rulemaking regarding recordkeeping by security-based swap dealers, swap dealers, major security-based swap participants and major swap participants for security-based swap agreement transactions |
| Adopted | Section 761(a)(6) | Rules to facilitate identification of major security-based swap participants |
| Adopted | Section 761(a)(6) | Exemption from the definition of security-based swap dealer for de minimis activity |
| Adopted | Section 763(a) | Rules providing process for clearing agencies to request to clear security-based swaps |
| Adopted | Section 763(a) | Rules for providing a process for staying a clearing requirement and reviewing clearing arrangements for swaps approved by the SEC for clearing |
| Adopted | Section 763(a) | Rules to prevent evasion of clearing requirements |
| Adopted | Section 763(b) | Rules governing clearing agencies for security-based swaps |
| Adopted | Section 763(a) | SEC transition reporting rules for security-based swaps |
| Adopted | Section 763(c) | Data collection and reporting rules for security-based swap execution facilities |
| Adopted | Section 763(i) | Rules providing for public availability of security-based swap transaction and pricing data to enhance price discovery |
| Adopted | Section 763(i) | Rules regarding the type of data to be collected with respect to security-based swap transactions |
| Adopted | Section 763(i) | Duties of security-based swap data repositories |
| Adopted | Section 763(i) | Rules governing registered security-based swap data repositories |
| Adopted | Section 764 | Rules regarding the registration of security-based swap dealers or major security-based swap participants |
| Adopted | Section 764(a) | Reporting and recordkeeping rules applicable to security-based swap dealers and major security-based swap participants |
| Adopted | Section 764(a) | Rules regarding daily trading recordkeeping |
| Adopted | Section 764(a) | Rules, including capital and margin, governing security-based swap dealers and major security-based swap participants that are not banks |
| Adopted | Section 764(a) | Business conduct standards applicable to security-based swap dealers and security-based swap major participants |
| Adopted | Section 764(a) | Rules relating to documentation of security-based swap transactions |
| Adopted | Section 764(a) | Duties of security-based swap dealers and major security-based swap participants related to monitoring of trading, risk management procedures, disclosure of general information, ability to obtain information, conflicts, and antitrust considerations |
| Adopted | Section 766(a) | Transition rules regarding the reporting of pre-enactment security-based swap transactions |
| Adopted | Section 766(a) | Reporting of uncleared security-based swap transactions |
| Adopted | Section 766(a) | Recordkeeping for certain security-based swaps |
| Proposed | Section 763(c) | Rules governing security-based swap execution facilities |
| Proposed | Section 763(g) | Rules regarding fraud in the security-based swap market |
| Proposed | Section 765(a) | Conflicts of interest |
Credit Rating Agencies: 12 rulemaking provisions adopted
| Status | Section | Details |
|---|---|---|
| Adopted | Section 932(a)(2)(B) | Internal controls governing the implementation of and adherence to policies, procedures and methodologies for determining credit ratings |
| Adopted | Section 932(a)(4) | Separation of ratings from sales and marketing |
| Adopted | Section 932(a)(4) | Policies and procedures relating to look back reviews |
| Adopted | Section 932(a)(8) | Fines and penalties |
| Adopted | Section 932(a)(8) | Transparency of ratings performance |
| Adopted | Section 932(a)(8) | Credit rating methodologies |
| Adopted | Section 932(a)(8) | Form and certification to accompany credit ratings |
| Adopted | Section 932(a)(8) | Third-party due diligence services for asset-backed securities |
| Adopted | Section 936 | Standards of training, experience, and competence for credit rating analysts |
| Adopted | Section 938 | Universal ratings symbols |
| Adopted in Part | Section 939 | Removal of statutory references to credit ratings |
| Adopted in Part | Section 939A |
Review of reliance on credit ratings |
Clearing Agencies: 2 rulemaking provisions adopted
| Adopted | Section 805(a)(2)(A) | Authority to prescribe risk management standards for designated clearing entities |
| Adopted | Section 806(e)(1) | Changes to rules, procedures or operation of designated financial market utilities |
Specialized Disclosures: 2 rulemaking provisions adopted
| Status | Section | Details |
|---|---|---|
| Adopted | Section 1502 | Conflict minerals |
| Adopted | Section 1504 |
Disclosure of payment by resource extraction issuers The Commission’s rule implementing Section 1504 was invalidated on February 14, 2017, by a joint resolution of disapproval enacted pursuant to the Congressional Review Act. The Commission adopted a new rule on December 16, 2020. |
Municipal Securities Advisors: 1 rulemaking provision adopted
| Status | Section | Details |
|---|---|---|
| Adopted | Section 975 | Municipal advisor regulation |
Other: 9 rulemaking provisions adopted, 0 proposed, 3 remaining
| Status | Section | Details |
|---|---|---|
| Adopted | Section 205(h) | Orderly liquidation of covered brokers and dealers (joint rulemaking) |
| Adopted | Section 916 | Streamlining of filing procedures for self-regulatory organizations |
| Adopted | Section 924 | Whistleblower provisions |
| Adopted | Section 926 | Disqualifying felons and other “bad actors” from Reg. D offerings. |
| Adopted | Section 929W | Notice to missing security holders |
| Adopted | Section 939B | Elimination of exemption from fair disclosure rule |
| Adopted | Section 989G | Exemption for nonaccelerated filers |
| Adopted | Section 1088(a)(8) | Red flag guidelines and regulations (joint rules) |
| Adopted in Part | Section 984 | Increased transparency of information available to brokers, dealers, investors, with respect to loan or borrowing of securities |
| Remaining | Section 165 | Stress tests |
| Remaining | Section 915 | Regulations for Office of Investor Advocate |
| Remaining | Section 929X(a) | Short sale reforms |
Adopted
Proposed
New Offices
The SEC established five new offices required under the Dodd-Frank Act.
Reports and Studies
The SEC and its staff issued dozens of studies and reports required under the Dodd-Frank Act.
<1---->
| Date | Description |
|---|---|
| Dec. 18, 2015 | Issued Report on the Review of the Definitions of "Accredited Investor." [§413] Report (PDF) | Submit Public Comment |
| Jan. 30, 2015 | Issued report to Congress on objectives of the Investor Advocate. [§915] Report (PDF) |
| Dec. 23, 2014 | Issued report to Congress on activities of the Investor Advocate. [§915] Report (PDF) |
| Nov. 17, 2014 | Issued report to Congress on the securities whistleblower incentive and protection program. [§922, 924] Report (PDF) |
| Jun. 5, 2014 | Submitted a report to Congress on the cost and benefits of real time reporting on short sale positions. [§417] Report (PDF) |
| Dec. 24, 2013 | Published third annual report summarizing NRSRO inspections, findings, and responses. [§932] Report (PDF) |
| Nov. 21, 2013 | Issued report to Congress on credit rating agency independence. [§939C] Report (PDF) |
| Jul. 25, 2013 | Issued annual report to Congress on use of data collected from advisers to hedge funds and other private funds to aid in monitoring system financial risk. [§404] Report (PDF) |
| Apr. 24, 2013 | Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342] Report (PDF) |
| Dec. 18, 2012 | Provided to Congress a study on the rating process for structured finance products and the feasibility of an assignment system. [§939F] Study (PDF) |
| Nov. 15, 2012 | Published second annual report summarizing NRSRO inspections, findings, and responses. [§932] Report (PDF) |
| Oct 17, 2012 | Issued third report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. [§967] Report (PDF) |
| Sep 7, 2012 | Report to Congress on standardization within certain elements of the credit rating process. [§939(h)] Report (PDF) |
| Aug. 30, 2012 | Provided to Congress a study regarding financial literacy among retail investors. [§917 ] Press Release |
| Apr. 11, 2012 | Delivered to Congress the Commission's Study on the Cross-Border Scope of the Private Right of Action Under Section 10(b) of the Securities Exchange Act of 1934. [§929Y] Study Data | Study (PDF) |
| Apr. 10, 2012 | Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342] Report (PDF) |
| Apr. 10, 2012 | Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342] Report (PDF) |
| Mar. 30, 2012 | Issued second report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. [§967] Report (PDF) |
| Feb. 1, 2012 | Delivered to Congress jointly with CFTC a report on how swaps are regulated in the United States, Asia, and Europe to identify areas of regulation that are similar and other areas of regulation that could be harmonized. [§719(c)] Report (PDF) |
| Dec. 21, 2011 | Sent report and certification to Congress on internal supervisory controls: The report covers the effectiveness of internal supervisory controls relating to examinations of registered entities, enforcement investigations, and review of corporate filings. [§961] Report and Certification (PDF) |
| Sep. 30, 2011 | Published an annual report summarizing NRSRO inspections, findings, and responses. [§932] Press Release |
| Sep. 12, 2011 | Issued second report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. [§967] Report (PDF) |
| Jul. 21 2011 | Reported to Congress, jointly with the CFTC and the Federal Reserve Board, on improving the common framework for designated clearing entity risk management. [§813] Report (PDF) |
| Jul. 21, 2011 | Reported to Congress a review of existing references to credit ratings in statutes and regulations. [§939A] Report (PDF) |
| Apr. 22, 2011 | Issued a report to Congress regarding reducing the costs to smaller issuers (with market capitalization between $75 million and $ 250 million) for complying with 404(b) of the Sarbanes-Oxley Act of 2002, while maintaining investor protections. [§989G] Report (PDF) |
| Apr. 8, 2011 | Reported to Congress, jointly with the CFTC, on a study regarding the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions: The study concluded that such descriptions are feasible and identified three challenges that would have to be addressed before mandating their use. [§719] Press Release |
| Mar. 10, 2011 | Reported to Congress on organizational issues. The report prepared by independent consultants studied and made recommendations regarding SEC organization and operations. [§967] Report (PDF) |
| Jan. 26, 2011 | Completed study of ways to improve investor access to information about investment advisers and broker-dealers. [§919B] Study (PDF) |
| Jan. 21, 2011 | Issued Report to Congress regarding the study of the obligations of brokers, dealers and investment advisers. [§913] Press Release | Report (PDF) |
| Jan. 18, 2011 | Issued report to Congress by an interagency working group, including the SEC Chairman, on the oversight of existing and prospective carbon markets. [§750(e)] Report (PDF) |
| Jan. 14, 2011 | Issued Report to Congress regarding the need for enhanced resources for investment adviser examinations and enforcement. [§914] Report (PDF) |
| Oct. 29, 2010 | Issued Report on Whistleblower Program: SEC staff issued a report to Congress related to the Securities Whistleblower Incentives and Protection program. [§922, 924] Report (PDF) |
Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act