Dodd-Frank tracker—key legislation for Financial Services [Archived]

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Dodd-Frank tracker—key legislation for Financial Services [Archived]

Dodd-Frank tracker—key legislation for Financial Services [Archived]

STOP PRESS: The Financial Choice Act, which was passed in US House of Representatives on June 2017 seeks in large part to undo many of the restrictive provisions of the Dodd-Frank Act, including the Volcker Rule. Following the passage of the Financial Choice Act, the US Treasury released a 150-page report (‘Treasury Report’) to President Donald J. Trump examining the United States’ financial regulatory system and detailing executive actions and regulatory changes that can be immediately undertaken to provide relief to firms.

Below is a list of some of the ways in which to the Financial Choice Act would change the post Dodd-Frank Act regulatory structure:

  1. providing relief for strongly capitalized, well managed financial institutions, including:

    1. providing an ‘off-ramp’ from the post-Dodd-Frank supervisory regime and Basel III capital and liquidity standards for banking organizations that choose to maintain high levels of capital

    2. permitting banking agencies to conduct stress tests (but not limit capital distributions) of a banking organization that has made a qualifying capital election

  2. repealing the authority of the Financial Stability Oversight Council (FSOC) to designate firms as systematically important financial institutions (SIFIs)

  3. significantly reforming the so called Volcker Rule, including providing relief for certain foreign banking organisations

    1. on 21 July 2017, funds organised and offered exclusively outside of the U.S. by a foreign banking entity (‘foreign excluded

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