The U.S. banking agencies (the Federal Reserve, OCC and FDIC) propose to delay the last phase of the U.S. Basel III capital rules’ transition provisions relating to certain deductions from capital and limitations on the recognition of minority interests, which are scheduled to become effective January 1, 2018, for banking
Continue Reading

The Federal Reserve’s proposed supervisory guidance on corporate governance is a breath of fresh air that should encourage banking boards to focus on their core responsibilities and avoid blurring the distinctions between executive and non-executive duties.  It is also a signal that supervisors intend to move away from the blunt
Continue Reading

The Federal Reserve has proposed changes to its guidance on corporate governance for banking organizations, which refocus its supervisory expectations more clearly on a board’s core responsibilities. The proposal distinguishes more clearly the roles and responsibilities of boards and senior management, eliminates redundant and outdated SR letters and guidance, and
Continue Reading

Few have embraced President Trump’s Executive Order on Core Principles for Regulating the U.S. Financial System as swiftly and decisively as CFTC Acting Chair Christopher Giancarlo. His Project KISS – Keep It Simple, Stupid, announced within weeks of the Executive Order, is an agency-wide internal review focused on simplifying
Continue Reading

The DOL’s proposal, published today, seeks to delay the applicability date of the fiduciary rule for 60 days and solicits comments on the rule’s impact on the financial services industry. In effect, starting today, the DOL will be running two parallel rulemaking processes: one expedited process to finalize
Continue Reading

Early press accounts of President Trump’s regulatory moratorium are highly misleading for financial sector regulations.  On Friday, White House Chief of Staff Reince Priebus issued a memorandum (the “Priebus Memo”) to the heads of executive departments and agencies instructing them to, among other things, stop submitting regulations for publication in
Continue Reading

With President-elect Donald Trump’s transition underway, speculation has been rife as to the impact of his Administration and a Republican-controlled Congress on a variety of issues, including executive compensation.  While one might assume that all of the recent executive compensation rules mandated by the Dodd-Frank Act, such as the pay
Continue Reading

An important, but sometimes misunderstood, SEC procedural requirement is the SEC’s quorum rule, which establishes the minimum number of Commissioners required for a Commission rulemaking.

Currently, only three of the five SEC Commissioner seats are filled. President Obama’s nominees for the two remaining slots, Hester Peirce and Lisa Fairfax,
Continue Reading

President-Elect Trump’s transition website promises to “dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”  To help our clients keep up with the reorientation of the financial regulatory framework, Davis Polk is launching a new blog, FinRegReform.com.

Our most recent entry
Continue Reading

This blog post sets out how rollback of the Dodd-Frank Act or its implementing regulations might work. President Elect Trump’s administration and the new Republican majority in Congress could amend the relevant statutes or amend, repeal or block current regulations. Most of the methods are neither simple nor quick. Repealing
Continue Reading