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Dodd-FrankProgress Report
Generated using theDavis Polk Regulatory Tracker
May 2012
http://www.davispolk.com/dodd-frank/regulatory-tracker/http://www.davispolk.com/dodd-frank/regulatory-tracker/http://www.davispolk.com/dodd-frank/regulatory-tracker/http://www.davispolk.com/dodd-frank/regulatory-tracker/http://www.davispolk.com/7/31/2019 May2012 Dodd.frank.progress.report
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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
Number of Required Rulemakings(Joint Rules are Counted for Each Applicable Agency)
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
Number of Required Rulemakings(Joint Rules are Counted for Each Applicable Agency)
Rulemaking counts are based on
estimates and require judgment.
Dodd-Frank Statutory Deadlines for
Required Rulemakings
10
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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
13
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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
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For more information regarding the Progress Report, 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?
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