Financial services regulatory reform in 2018 continues to evolve. As we leave summer behind, here is the Fall Focus edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue to track these issues and will
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Cost-Benefit Analysis
Davis Polk Financial Services Regulatory Reform Tool—Summer Beach Read Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, CFPB, CFTC, Community Reinvestment Act, Cost-Benefit Analysis, Dodd-Frank, Economic Sanctions, FDIC, Federal Reserve, FSOC, Legislation, Liquidity, OCC, OFAC, Stress Testing, Swap Regulation, TLAC, U.S. Basel III, U.S. Congress, Volcker Rule
Financial services regulatory reform in 2018 continues to evolve. For those of you who have been thinking you might catch up over the summer lull, here is the summer beach read edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas,…
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The CFPB and the Rule of Law
The Mulvaney Memo on the CFPB and the rule of law is one of the most remarkable documents to be published by an agency head in many years. It signals a deep commitment to the rule of law as a philosophical concept and as an important brake on agency discretion…
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As Regulatory Reform Push Continues, Federal Reserve Vice Chair for Supervision Randal Quarles Sets Out His Guiding Principles
By Margaret E. Tahyar & Ryan Johansen on
Federal Reserve Vice Chair for Supervision Randal Quarles recently sought to answer the question that he has been asked most frequently since assuming his post three months ago: What’s next? He expressed his support for the reforms that have made the financial system stronger and more resilient since the Financial…
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Treasury Chimes in on Equity Market Structure
The Treasury Department’s recent report on capital markets regulation includes a robust discussion of equity market structure issues. The report does not break new ground or raise issues that have not been debated previously at length, including by the SEC’s Equity Market Structure Advisory Committee (“EMSAC”). That said, the report
Treasury Report Recommends Additional Process and Constraints for Market Regulators
The U.S. Treasury’s new Capital Markets Report recommends additional administrative requirements for regulatory actions by the SEC and the CFTC (the “Agencies”). If adopted, the process by which the Agencies issue new regulations and guidance may be more transparent and subjected to more rigorous cost-benefit analysis. Rulemaking and issuing no-action…
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Congress Passes the FAIR Act, with New Tool to Nudge the SEC
On September 27, 2017, Congress passed the Fair Access to Investment Research Act of 2017 (the “FAIR Act”), sending the bill to President Trump for his signature. The FAIR Act instructs the SEC to amend its rules to ease various restrictions and burdens that broker-dealers face when issuing research reports…
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Mr. Clayton Goes to Washington
SEC Chair nominee Jay Clayton’s March 23rd hearing before the Senate Banking Committee covered much of the expected ground. In a series of responses designed to avoid controversy, Clayton repeatedly returned to the three core mandates of the SEC—capital formation, investor protection and efficient markets—as touchstones for his future leadership…
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The Future of U.S. Financial Regulatory Reform in the Trump Era
By Randall D. Guynn & Margaret E. Tahyar on
For our view that there is unlikely to be a dramatic shift in the Dodd-Frank regulatory paradigm, but that there are plenty of very good reasons to engage in a serious rebalancing of recent financial regulation away from its sole focus on financial stability and towards also looking at jobs…
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Comparison of Legislation in the 115th Congress Affecting the Rulemaking Process
House Speaker Paul Ryan’s A Better Way policy agenda states that “it is time for serious and fundamental reform” of how regulations are made. The House of Representatives is considering a number of bills that would transform the processes by which agencies—particularly the federal financial regulatory agencies—promulgate regulations. The following…
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