Archive for July, 2010

Dodd-Frank Wall Street Reform and Consumer Protection Act Becomes Law

Thursday, July 22nd, 2010

On July 21st, 2010, President Obama signed into law the most sweeping financial regulatory reform bill since 1934, a year made famous by the passing of the Securities Exchange Act, which created the U.S. Securities and Exchange Commission (SEC).  However, in order for the new law to be implemented, the SEC, the Commodity Futures Trading Commission (CFTC), the Federal Reserve, the not-yet-established Consumer Financial Protection Bureau (CFPB) and other regulators will be required to write hundreds of new rules. 

Complying with the new regulations will be challenging.  The changes that will be forced upon financial services organizations and their employees will be so drastic that banks, broker-dealers, investment banks, investment funds of all types, and other financial services organizations should establish plans for compliance immediately.  A sixteen-page summary of the 2,300-page law and its changes may be found on the website of the House Committee on Financial Services at http://tinyurl.com/2awzft8.

If you would like to speak us about how we can help you or your organization prepare for compliance, please contact:

Miami

Beth Di Santo at +1 305.479.2616

New York

Ignatius Grande at + 1 212.766.2469

Andrew Vitrano at + 1 212.766.2470

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