The Dodd-Frank Wall Street Reform and Consumer Protection Act, which aims to overhaul the nation's financial regulatory system, will greatly expand the authority of the federal government over American business.

The legislation, which passed the Senate today and the House on June 30, contains numerous provisions regulating the financial services industry, including the consumer financial, banking, swaps and derivatives, hedge funds, insurance, and other sectors.

Given the length and detail of the Dodd-Frank Act, Ballard Spahr has prepared 10 separate legal alerts that explain how the Act will affect specific sectors of industry. These alerts are located below and may be accessed by clicking the link contained in the descriptions.

  • Consumer Protection: The Dodd-Frank Act overhauls the nation's consumer protection sector, creating a new federal regulator—the Consumer Financial Protection Bureau—with sweeping authority.
    To read more, click here.

  • Bank Regulation: A reorganization of the federal banking agencies and numerous new limitations and requirements designed to strengthen the banking system are an integral part of the Dodd-Frank Act.
    To read more, click here.

  • Asset-Backed Securitization: The Investor Protection and Securities Reform Act of 2010, adopted as part of the Dodd-Frank Act, includes provisions requiring risk retention by securitizers and disclosure and reporting standards for asset-backed securities. To read more, click here.

  • Hedge Fund and Private Equity Fund Advisers : In a major industry change, the Dodd-Frank Act eliminates the exemption for investment advisers with fewer than 15 clients and generally requires all investment advisers to register with the SEC. To read more, click here.

  • Corporate Governance and Executive Compensation : New provisions require all public companies to include say-on-pay and golden parachute votes in their governance processes. National securities exchanges will be required to modify listing standards to require additional executive compensation disclosures. To read more, click here.

  • Insurance Companies: The Dodd-Frank Act establishes a Federal Insurance Office within the Department of the Treasury to monitor and regulate insurance issues with national or international implications.
    To read more, click here.

  • Credit Rating Agencies: The SEC will now have more authority to regulate nationally recognized statistical rating organizations. The measure will have a significant effect on capital markets participants, including issuers and underwriters of debt securities. To read more, click here.

  • Municipal Securities: The Investor Protection and Securities Reform Act of 2010 alters the makeup of the Municipal Securities Rulemaking Board, requires the registration of municipal financial advisers with the SEC, and creates an Office of Municipal Securities within the SEC.
    To read more, click here.

  • Derivatives: The Dodd-Frank Act gives the SEC and the Commodity Futures Trading Commission substantial new authority to regulate over-the-counter market derivative transactions. To read more, click here.

  • Whistleblower Incentives and Clawback Requirements: A provision in the Dodd-Frank Act encourages whistleblowers to report violations of securities law, including the Foreign Corrupt Practices Act, by rewarding them with a significant percentage of the imposed penalty.
    To read more, click here.

To help clients understand and comply with the Dodd-Frank Act, Ballard Spahr has formed the Financial Institutions Reform Task Force. The task force will continue to track developments as they spin off this historic legislation, and provide clients with information, guidance, and other relevant legal services.

Each legal alert refers you to relevant task force members to contact for assistance.

For general information on the Dodd-Frank Act, please contact the Co-Chairs of the task force, Alan S. Kaplinsky, 215.864.8544 or; or Mary J. Mullany, 215.864.8631 or



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This alert is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.

Task Force Chairs