May2012 Dodd.frank.progress.report

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Dodd-FrankProgress Report

Generated using theDavis Polk Regulatory Tracker

May 2012
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In Brief: April 2012

No New Deadlines. No new rulemaking requirements were due in April.

8 Requirements Met. In a major Title VII rulemaking development, the CFTC and SEC

approved final rules further defining the terms swap dealer, security-based swap

dealer, major swap participant, major security-based swap participant and eligible

contract participant. In addition, the FDIC and Treasury released a final rule that will

govern the maximum obligation the FDIC may incur in liquidating a covered financialcompany.

1 Study.The SEC released a study on the extraterritorial scope of private rights of action

under Section 10(b) of the Securities Exchange Act of 1934.

www.davispolkportal.com

State of Play to Date:

As of May 1, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have

passed. This is 55.5% of the 398 total rulemaking requirements, and 78.9% of the 280

rulemaking requirements with specified deadlines.

Of these 221 passed deadlines, 148 (67%) have been missed and 73 (33%) have beenmet with finalized rules. Regulators have not yet released proposals for 21 of the 148

missed rules.

Of the 398 total rulemaking requirements, 108 (27.1%) have been met with finalized

rules and rules have been proposed that would meet 146 (36.7%) more. Rules have not

yet been proposed to meet 144 (36.2%) rulemaking requirements.

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Contents

Dodd-Frank Rulemaking Progress by Month 4

Dodd-Frank Rulemaking Progress by Agency 5

Title VII Progress on Required Rulemakings 6

Dodd-Frank Rulemaking Progress on Passed Deadlines 7 Dodd-Frank Rulemaking Progress in Select Categories 8

Dodd-Frank Rulemaking Progress by Due Date 9

Dodd-Frank Statutory Deadlines for Required Rulemakings 10

Dodd-Frank Study Progress by Due Date 11

Dodd-Frank Statutory Deadlines for Required Studies 12

Tasks for Swap Dealers and Major Swap Participants 13

Regulator Meetings with Outside Participants Over Time 14

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Values Refer to Number of Rulemaking RequirementsRulemaking counts are based onestimates and require judgment.

Dodd-Frank Rulemaking Progress by Month

Future

Deadline: Not

Proposed,

123

Future

Deadline:

Proposed, 19

Finalized, 108

Missed

Deadline: Not

Proposed, 21

Missed

Deadline:

Proposed,

127

Future

Deadline: Not

Proposed,

117

Future

Deadline:

Proposed, 21

Finalized,100

Missed

Deadline: Not

Proposed, 21

Missed

Deadline:

Proposed,

134

As of April 2, 2012 As of May 1, 2012

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Future

Deadline: Not

Proposed, 59

Future

Deadline:

Proposed, 6

Finalized, 25

Missed

Deadline: Not

Proposed, 8Missed

Deadline:

Proposed, 10

Values Refer to Number of Rulemaking RequirementsRulemaking counts are based onestimates and require judgment.

Dodd-Frank Rulemaking Progress by Agency

Future

Deadline: Not

Proposed, 15

Future

Deadline:

Proposed, 3

Finalized, 21

Missed

Deadline: Not

Proposed, 6

Missed

Deadline:

Proposed, 50

Future Deadline:

Not Proposed,

47

Future Deadline:

Proposed, 8Finalized, 23

Missed

Deadline: NotProposed, 6

Missed

Deadline:

Proposed, 51Future

Deadline: Not

Proposed, 2

Future

Deadline:

Proposed, 2Finalized, 39

Missed

Deadline: Not

Proposed, 1

Missed

Deadline:

Proposed, 16

SEC (95)

CFTC (60)

Other (108)

Bank Regulators (135)

As of May 1, 2012

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Missed Deadline: Not

Proposed, 8

Missed Deadline: Proposed,

40

Finalized, 42

Missed

Deadline:Proposed, 9

Finalized, 34

CFTC Progress on Required Title VII Rulemakings

Missed

Deadline: NotProposed, 3

Missed

Deadline:

Proposed, 20

Finalized, 6

SEC Progress on Required Title VII Rulemakings

Note:Total pie chart includes requirements from the CFTC, SEC and other regulators with rulemaking requirements under Title VII.

As of May 1, 2012

Title VII Progress on Required Rulemakings

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1, 2%

16, 30%

36, 68%

Missed Deadline:

Not Proposed,

21, 10%

Missed Deadline:

Proposed, 127,

57%

Finalized:

Deadline

Passed, 73,

33%

6, 8%

51, 70%

16, 22%

8, 36%

10, 46%

4, 18%

Bank Regulators (73) Other (22)CFTC (53) SEC (73)

Total (221)

Values Refer to Number of Rulemaking RequirementsRulemaking counts are based on

estimates and require judgment.

As of May 1, 2012

Dodd-Frank Rulemaking Progress

on Passed Deadlines

6, 8%

50, 69%

17, 23%

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14

44

6

63

22

90

14

49

21

7

11

28

0 10 20 30 40 50 60 70 80 90 100

Asset-Backed Securities Offerings

Banking Regulations

Collins Amendment

Consumer Protection

Credit Rating Agencies

Derivatives

Executive Comp. / Corp. Governance

Mortgage Reforms

Orderly Liquidation Authority

Investment Advisers / Private Funds

Investor Protection / Securities Laws

Systemic Risk

Finalized

Missed Deadline: Proposed

Missed Deadline: Not Proposed

Future Deadline: Proposed

Future Deadline: Not Proposed

As of May 1, 2012

Number of Required Rulemakings(Joint Rules are Counted for Each Applicable Agency)

Dodd-Frank Rulemaking Progress

in Select Categories

Rulemaking counts are based onestimates and require judgment.

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1

4

9

26

119

37

25

16

42

1

116

2

0 20 40 60 80 100 120 140

3Q 2010

4Q 2010

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

Not Specified

Annual

Finalized

Missed Deadline: Proposed

Missed Deadline: Not Proposed

Future Deadline: Proposed

Future Deadline: Not Proposed

As of May 1, 2012

Dodd-Frank Rulemaking Progress by Due Date


Rulemaking counts are based on

estimates and require judgment.9


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1

4

9

26

119

37

25

16

42

1

116

2

0 20 40 60 80 100 120 140

3Q 2010

4Q 2010

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

Not Specified

Annual

Bank Regulators CFPB CFTC SEC Other


Rulemaking counts are based on

estimates and require judgment.

Dodd-Frank Statutory Deadlines for

Required Rulemakings

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3

21

1

17

3

16

12

8

2

4

0 5 10 15 20 25

4Q 2010

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

2013

Not Specified

Annual

Finalized Missed Deadline Future Deadline

As of May 1, 2012

Dodd-Frank Study Progress by Due Date

Number of Required Studies(Joint Studies are Counted for Each Applicable Agency)11


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3

21

1

17

3

16

12

8

2

4

0 5 10 15 20 25

4Q 2010

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

2013

Not Specified

Annual

Bank Regulators CFTC GAO SEC Other

Dodd-Frank Statutory Deadlines

for Required Studies

Number of Required Studies(Joint Studies are Counted for Each Applicable Agency)12


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399

896

1110

700

588

0 200 400 600 800 1000 1200

Records

Legal

Operations

Technology

Business/Trading

For more information, please contact [email protected].

This chart shows the number of tasks

for swap dealers and major swap

participants in CFTC and SEC releasesthat Davis Polk has extracted and

categorized as part of our Regulatory

Hub implementation website. As the

rulemaking process matures,

"progress" will shift from regulatory

rulemaking to market implementation.

As of May 1, 2012

Tasks for Swap Dealers

and Major Swap Participants

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0

20

40

60

80

100

120

140

160

180

200

7/10 8/10 9/10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11 1/12 2/12 3/12 4/12

CFTC (1591) FDIC (204) FRB (497) SEC (1153)

As of April 15, 2012

In the spirit of transparency, several financial regulators have released details of their meetings with outside participants on Dodd-Frank issues. Based on the

information available, there have been at least 2800 meetings with these regulators since July 1, 2010. Joint meetings (of which there were more than 200)

are counted separately for each participating regulator.

Regulator Meetings with Outside

Participants Over Time

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The Davis Polk Dodd-Frank Progress Report is a monthly publication that uses empirical

data to help market participants and policymakers assess the progress of the rulemaking

and other work that has been done by regulators under the Dodd-Frank Act.

Access previous reports on our website.

The Progress Report was developed using information from Davis Polks subscription-based Regulatory TrackerTM product. For more information on the Regulatory Tracker,

please contact [email protected] or view our brochure.

Required, proposed, final and missed rulemakings and studies are counted based on

Davis Polks tally of statutory requirements in the Davis Polk Regulatory Tracker. An

agencys rule release may satisfy several statutorily required rulemakings.

Where multiple agencies are required to issue a rule or study jointly, the requirement

appears in each of their totals, which we believe most accurately reflects the staff burden

on regulatory agencies.

The term Bank Regulatorsincludes the Board of Governors of the Federal Reserve, the

FDIC and the OCC.

About the Progress Report

2011 Davis Polk & Wardwell LLP. This publication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full

analysis of the matters presented and should not be relied upon as legal advice. If you would rather not receive these memoranda, please respond to this email and indicate

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For more information regarding the Progress Report, please contact [email protected] .

For more information regarding the Davis Polk Regulatory Tracker, please contact [email protected]
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Daniel N. Budofsky 212 450 4907 [email protected]

Robert L.D. Colby 202 962 7121 [email protected]

Luigi L. De Ghenghi 212 450 4296 [email protected]

John L. Douglas 212 450 4145 [email protected]

Susan C. Ervin 202 962 7141 [email protected]

Randall D. Guynn 212 450 4239 [email protected]

Arthur S. Long 212 450 4742 [email protected]

Annette L. Nazareth 202 962 7075 [email protected]

Lanny A. Schwartz 212 450 4174 [email protected]

Margaret E. Tahyar 212 450 4379 [email protected]

Gabriel D. Rosenberg 212 450 4537 [email protected]

If you have any questions regarding the matters covered in this Progress Report,please contact any of the lawyers listed below or your regular Davis Polk contact.

Questions?

www.davispolkportal.com 16
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May2012 Dodd.frank.progress.report

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