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Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act

June 30, 2024

Mandatory Rulemaking Provisions

The SEC has adopted final rules for mandatory rulemaking provisions of the Dodd-Frank Act.

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Adopted

dodd frank: proposed blue small circle

Proposed

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Private Funds: 8 rulemaking provisions adopted

Status Section Details
Adopted Section 404 Records to be maintained and reports to be provided by private funds
Adopted Section 406 Disclosure rules on private funds
Adopted Section 407 Exemption of venture capital fund advisers, definition of “venture capital fund”
Adopted Section 408 Exemption from registration by certain private fund advisers/requirement of records for such advisers
Adopted Section 409 Family office
Adopted Section 410 State and federal responsibilities/ asset threshold for registration of federal advisers
Adopted Section 413 Adjustment of the accredited investor standard
Adopted Section 418 Qualified client standard, inflation adjustment
dodd frank: executive compensation piechart

Executive Compensation: 10 rulemaking provisions adopted, 2 proposed

Status Section Details
Adopted Section 952 (Exchange Act 10C(a)) Compensation committee independence—Commission to direct SROs to prohibit listing of certain securities unless issuers are in compliance with compensation committee independence requirements
Adopted Section 952 (Exchange Act 10C(b)) Compensation committee independence—Commission to identify factors that may affect independence
Adopted Section 952 (Exchange Act 10C(c)(2)) Compensation committee independence—Commission to issues rules relating to proxy disclosure regarding compensation consultants
Adopted Section 952 (Exchange Act 10C(f)) Compensation committee independence—Commission to direct SROs to prohibit listing of securities of an issuer that is not in compliance with the requirements of the section
Adopted Section 953(b) Additional executive compensation disclosure (pay ratio)
Adopted Section 955 Disclosure regarding employee and director hedging
Adopted Section 972 Chairman/CEO structure disclosure in annual proxy
Adopted in Part Section 951 Shareholder approval of executive compensation
Adopted Section 953(a) Pay v. performance disclosure
Adopted Section 954 Recovery of executive compensation
Proposed Section 956(a) Compensation structure reporting (joint rulemaking)
Proposed Section 956(b) Prohibition on certain compensation arrangements (joint rulemaking)
dodd-frank-volcker-rule graphic

Volcker Rule: 1 rulemaking provision adopted

Status Section Details
Adopted Section 619 Prohibition on proprietary trading and certain relationships with hedge funds and private equity funds (joint rulemaking)
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Asset-Backed Securities: 7 rulemaking provisions adopted

Status Section Details
Adopted Section 941(b) Credit risk retention (general) (joint rulemaking)
Adopted Section 941(b) Credit risk retention (residential mortgages) (joint rulemaking)
Adopted Section 941(b) Credit risk retention exemptions (joint rulemaking)
Adopted Section 942(b) ABS disclosure
Adopted Section 943 ABS reps and warranties
Adopted Section 945 ABS due diligence disclosure
Adopted Section 621 Conflicts of interest regarding certain securitizations
dodd-frank-volcker-rule graphic

Security-Based Swaps: 29 rulemaking provisions adopted

Status Section Details
Adopted Section 712 Joint CFTC and SEC rulemaking regarding mixed swaps
Adopted Section 712(d)(1) Joint CFTC and SEC rulemaking concerning swaps-related definitions
Adopted Section 712(d)(2)(B) Joint CFTC and SEC rulemaking regarding recordkeeping by trade repositories with respect to security-based swap agreement transactions
Adopted Section 712(d)(2)(C) Joint CFTC and SEC rulemaking regarding recordkeeping by security-based swap dealers, swap dealers, major security-based swap participants and major swap participants for security-based swap agreement transactions
Adopted Section 761(a)(6) Rules to facilitate identification of major security-based swap participants
Adopted Section 761(a)(6) Exemption from the definition of security-based swap dealer for de minimis activity
Adopted Section 763(a) Rules providing process for clearing agencies to request to clear security-based swaps
Adopted Section 763(a) Rules for providing a process for staying a clearing requirement and reviewing clearing arrangements for swaps approved by the SEC for clearing
Adopted Section 763(a) Rules to prevent evasion of clearing requirements
Adopted Section 763(b) Rules governing clearing agencies for security-based swaps
Adopted Section 763(a) SEC transition reporting rules for security-based swaps
Adopted Section 763(c) Data collection and reporting rules for security-based swap execution facilities
Adopted Section 763(i) Rules providing for public availability of security-based swap transaction and pricing data to enhance price discovery
Adopted Section 763(i) Rules regarding the type of data to be collected with respect to security-based swap transactions
Adopted Section 763(i) Duties of security-based swap data repositories
Adopted Section 763(i) Rules governing registered security-based swap data repositories
Adopted Section 764 Rules regarding the registration of security-based swap dealers or major security-based swap participants
Adopted Section 764(a) Reporting and recordkeeping rules applicable to security-based swap dealers and major security-based swap participants
Adopted Section 764(a) Rules regarding daily trading recordkeeping
Adopted Section 764(a) Rules, including capital and margin, governing security-based swap dealers and major security-based swap participants that are not banks
Adopted Section 764(a) Business conduct standards applicable to security-based swap dealers and security-based swap major participants
Adopted Section 764(a) Rules relating to documentation of security-based swap transactions
Adopted Section 764(a) Duties of security-based swap dealers and major security-based swap participants related to monitoring of trading, risk management procedures, disclosure of general information, ability to obtain information, conflicts, and antitrust considerations
Adopted Section 766(a) Transition rules regarding the reporting of pre-enactment security-based swap transactions
Adopted Section 766(a) Reporting of uncleared security-based swap transactions
Adopted Section 766(a) Recordkeeping for certain security-based swaps
Adopted Section 763(c) Rules governing security-based swap execution facilities
Adopted Section 763(g) Rules regarding fraud in the security-based swap market
Adopted Section 765(a) Conflicts of interest
dodd frank: credit rating agencies piechart

Credit Rating Agencies: 12 rulemaking provisions adopted

Status Section Details
Adopted Section 932(a)(2)(B) Internal controls governing the implementation of and adherence to policies, procedures and methodologies for determining credit ratings
Adopted Section 932(a)(4) Separation of ratings from sales and marketing
Adopted Section 932(a)(4) Policies and procedures relating to look back reviews
Adopted Section 932(a)(8) Fines and penalties
Adopted Section 932(a)(8) Transparency of ratings performance
Adopted Section 932(a)(8) Credit rating methodologies
Adopted Section 932(a)(8) Form and certification to accompany credit ratings
Adopted Section 932(a)(8) Third-party due diligence services for asset-backed securities
Adopted Section 936 Standards of training, experience, and competence for credit rating analysts
Adopted Section 938 Universal ratings symbols
Adopted in Part Section 939 Removal of statutory references to credit ratings
Adopted in Part Section 939A

Review of reliance on credit ratings
A small set of references to credit ratings in Commission statutes, rules, and forms remain to be addressed as directed by Sections 939 and 939A.

dodd frank: clearing agencies piechart

Clearing Agencies: 2 rulemaking provisions adopted

Adopted Section 805(a)(2)(A) Authority to prescribe risk management standards for designated clearing entities
Adopted Section 806(e)(1) Changes to rules, procedures or operation of designated financial market utilities
dodd frank: specialized disclosures piechart

Specialized Disclosures: 2 rulemaking provisions adopted

Status Section Details
Adopted Section 1502 Conflict minerals
Adopted Section 1504

Disclosure of payment by resource extraction issuers

The Commission’s rule implementing Section 1504 was invalidated on February 14, 2017, by a joint resolution of disapproval enacted pursuant to the Congressional Review Act. The Commission adopted a new rule on December 16, 2020.

dodd frank: municipal securities advisors piechart

Municipal Securities Advisors: 1 rulemaking provision adopted

Status Section Details
Adopted Section 975 Municipal advisor regulation
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Other: 9 rulemaking provisions adopted, 3 remaining

Status Section Details
Adopted Section 205(h) Orderly liquidation of covered brokers and dealers (joint rulemaking)
Adopted Section 916 Streamlining of filing procedures for self-regulatory organizations
Adopted Section 924 Whistleblower provisions
Adopted Section 926 Disqualifying felons and other “bad actors” from Reg. D offerings.
Adopted Section 929W Notice to missing security holders
Adopted Section 939B Elimination of exemption from fair disclosure rule
Adopted Section 989G Exemption for nonaccelerated filers
Adopted Section 1088(a)(8) Red flag guidelines and regulations (joint rules)
Adopted in Part Section 984 Increased transparency of information available to brokers, dealers, investors, with respect to loan or borrowing of securities
Remaining Section 165 Stress tests
Remaining Section 915 Regulations for Office of Investor Advocate
Remaining Section 929X(a) Short sale reforms

Reports and Studies

The SEC and its staff issued dozens of studies and reports required under the Dodd-Frank Act.

Date Description
Dec. 18, 2015 Issued Report on the Review of the Definitions of "Accredited Investor." [§413] 
Report (PDF) | Submit Public Comment
Jan. 30, 2015 Issued report to Congress on objectives of the Investor Advocate. [§915] 
Report (PDF)
Dec. 23, 2014 Issued report to Congress on activities of the Investor Advocate. [§915] 
Report (PDF)
Nov. 17, 2014 Issued report to Congress on the securities whistleblower incentive and protection program. [§922, 924] 
Report (PDF)
Jun. 5, 2014 Submitted a report to Congress on the cost and benefits of real time reporting on short sale positions. [§417] 
Report (PDF)
Dec. 24, 2013 Published third annual report summarizing NRSRO inspections, findings, and responses. [§932] 
Report (PDF)
Nov. 21, 2013 Issued report to Congress on credit rating agency independence. [§939C] 
Report (PDF)
Jul. 25, 2013 Issued annual report to Congress on use of data collected from advisers to hedge funds and other private funds to aid in monitoring system financial risk. [§404] 
Report (PDF)
Apr. 24, 2013 Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342] 
Report (PDF)
Dec. 18, 2012 Provided to Congress a study on the rating process for structured finance products and the feasibility of an assignment system. [§939F]
Study (PDF)
Nov. 15, 2012 Published second annual report summarizing NRSRO inspections, findings, and responses. [§932] 
Report (PDF)
Oct 17, 2012 Issued third report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. [§967] 
Report (PDF)
Sep 7, 2012 Report to Congress on standardization within certain elements of the credit rating process. [§939(h)] 
Report (PDF)
Aug. 30, 2012 Provided to Congress a study regarding financial literacy among retail investors. [§917 ]
Press Release
Apr. 11, 2012 Delivered to Congress the Commission's Study on the Cross-Border Scope of the Private Right of Action Under Section 10(b) of the Securities Exchange Act of 1934. [§929Y]
Study Data | Study (PDF)
Apr. 10, 2012 Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342]
Report (PDF)
Apr. 10, 2012 Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342]
Report (PDF)
Mar. 30, 2012 Issued second report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. [§967]
Report (PDF)
Feb. 1, 2012 Delivered to Congress jointly with CFTC a report on how swaps are regulated in the United States, Asia, and Europe to identify areas of regulation that are similar and other areas of regulation that could be harmonized. [§719(c)]
Report (PDF)
Dec. 21, 2011 Sent report and certification to Congress on internal supervisory controls: The report covers the effectiveness of internal supervisory controls relating to examinations of registered entities, enforcement investigations, and review of corporate filings. [§961]
Report and Certification (PDF)
Sep. 30, 2011 Published an annual report summarizing NRSRO inspections, findings, and responses. [§932]
Press Release
Sep. 12, 2011 Issued second report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. [§967]
Report (PDF)
Jul. 21 2011 Reported to Congress, jointly with the CFTC and the Federal Reserve Board, on improving the common framework for designated clearing entity risk management. [§813]
Report (PDF)
Jul. 21, 2011 Reported to Congress a review of existing references to credit ratings in statutes and regulations. [§939A]
Report (PDF)
Apr. 22, 2011 Issued a report to Congress regarding reducing the costs to smaller issuers (with market capitalization between $75 million and $ 250 million) for complying with 404(b) of the Sarbanes-Oxley Act of 2002, while maintaining investor protections. [§989G]
Report (PDF)
Apr. 8, 2011 Reported to Congress, jointly with the CFTC, on a study regarding the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions: The study concluded that such descriptions are feasible and identified three challenges that would have to be addressed before mandating their use. [§719]
Press Release
Mar. 10, 2011 Reported to Congress on organizational issues. The report prepared by independent consultants studied and made recommendations regarding SEC organization and operations. [§967]
Report (PDF)
Jan. 26, 2011 Completed study of ways to improve investor access to information about investment advisers and broker-dealers. [§919B]
Study (PDF)
Jan. 21, 2011 Issued Report to Congress regarding the study of the obligations of brokers, dealers and investment advisers. [§913]
Press Release | Report (PDF)
Jan. 18, 2011 Issued report to Congress by an interagency working group, including the SEC Chairman, on the oversight of existing and prospective carbon markets. [§750(e)]
Report (PDF)
Jan. 14, 2011 Issued Report to Congress regarding the need for enhanced resources for investment adviser examinations and enforcement. [§914]
Report (PDF)
Oct. 29, 2010 Issued Report on Whistleblower Program: SEC staff issued a report to Congress related to the Securities Whistleblower Incentives and Protection program. [§922, 924]
Report (PDF)

Last Reviewed or Updated: Aug. 2, 2024