Dodd-Frank Act—overview for non-US lawyers—essentials
Produced in partnership with Dwight Smith of Covington & Burling LLP
Dodd-Frank Act—overview for non-US lawyers—essentials

The following Financial Services guidance note Produced in partnership with Dwight Smith of Covington & Burling LLP provides comprehensive and up to date legal information covering:

  • Dodd-Frank Act—overview for non-US lawyers—essentials
  • Cross border issues
  • Institutions subject to enhanced standards
  • Enhanced prudential standards
  • Capital requirements
  • Swaps and derivatives
  • The Volcker Rule
  • Private equity
  • Corporate governance
  • Credit ratings
  • more

This Practice Note is intended to give non-US legal practitioners a degree of familiarity with the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (the Dodd-Frank Act), the implementing regulations and the impact on foreign financial institutions. The Dodd-Frank Act was revised in important respects in 2018 by the Economic Growth, Regulatory Reform and Consumer Protection Act (EGRRCPA), with notable effects for both US and foreign banking institutions. This Practice Note covers a number of areas of US financial services law and regulation including:

  1. cross border issues

  2. institutions subject to enhanced standards

  3. enhanced prudential standards and capital requirements

  4. resolution of large institutions

  5. swaps and derivatives

  6. Volcker Rule

  7. private equity

  8. corporate governance

  9. credit ratings

  10. whistleblowers

  11. securitisations

  12. residential mortgage lending, and

  13. other consumer issues

The Dodd-Frank Act is the US response to the financial crisis that began in 2008, and the statute attempts to manage and reduce risks to US financial stability as well as to end the too-big-to-fail phenomenon. Among other things, the statute calls for enhanced supervision of large bank holding companies and nonbank financial companies that pose systemic risk, creates a new process for the resolution of systemically important companies and establishes a new regulatory framework for products that were central to the financial crisis, including swaps and derivatives and residential mortgages. No sector of the financial services industry is