K&L Gates Webinar: The Politics of Dodd-Frank Rule Making – Comment Letters Are Not Enough
Date/Time:
Thursday, September 16, 2010 at 2:00 p.m. EDT
Location:
Attend via Webinar. Login directions will be distributed via email the day before the event.
RSVP:
Click here to register online. Registration closes at 5:00 p.m. EDT on September 14.
K&L Gates is pleased to invite you to our complimentary Webinar on the politics of rule making under the Dodd-Frank Act conducted by members of our Public Policy Practice Group in consultation with our Financial Services Practice Area.
The recently enacted Dodd-Frank Act is the most comprehensive regulatory reform in the financial services industry affecting nearly every part of the financial services industry. The new law is over 2000 pages long with 315 required rule makings, 145 required studies and reports, and dozens of ambiguities and internal contradictions. Many significant issues and thousands of details have been left to the regulators – who must proceed (and are proceeding) immediately and with unusual speed to fill in much of the substance – including issues such as:
- To what extent will investment companies or their managers be considered companies "predominately engaged in financial activities" falling within the scope of Financial Stability Oversight Council (FORC) regulations that are to be designed to "identify risks to the financial stability of the U.S.," "promote market discipline" and "respond to emerging threats to the stability of the U.S. financial system"
- What investor protection regulations will be considered by the new Investor Advisory Committee to be established within the SEC to advise and consult on investor protection, the effectiveness of disclosure and related issues?
- What will be the prohibitions on sponsoring or investing in private funds under the Volcker Rule?
- What is a "major swap participant" or a "major security-based swap participant," what constitutes a "substantial position" in swaps that could have systemic implications, and what positions will be deemed to constitute hedging or mitigating of "commercial risk," which will be excluded from computation of a substantial position?
- What is a qualified residential mortgage loan under the risk retention rules?
- How will the Bureau of Consumer Financial Protection define "unfair"?
But this is not simply a dry, technical process dependent on the filing of substantive comments in response to the notice of proposed rule making. Certainly that will be necessary. But those impacted by the new law just file comments at their peril.
This policy making process will be political from the start, with the regulators responsive to Congressional informal oversight and direction (which could change dramatically with the fall elections). One House Subcommittee Chairman held an oversight hearing with the SEC before the bill was even signed! Moreover, Congressional leaders already have recognized the need for additional legislation to make "technical corrections" and possibly substantive modifications as well. Companies and their trade associations will be seeking to use this process to minimize burdens and to advantage themselves competitively. What will you do? Some companies make things happen – others just say "what happened?" This Webinar will discuss how getting involved early and adopting a comprehensive approach to regulatory implementing activity can provide significant benefits.
To learn more, please join us for a one-hour complimentary Webinar on Thursday, September 16.
We’ll leave time at the end of the Webinar for questions.
For more information please visit the Financial Services Reform Webpage.
Speakers Include:
- Bruce J. Heiman, Partner, Washington, D.C.
- Daniel F. C. Crowley, Partner, Washington, D.C.
- William A. Kirk, Partner, Washington, D.C.
- Karishma Shah Page, Associate, Washington, D.C.
