Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

In September 2010, the SEC published its Dodd-Frank rulemaking timetable.  The rulemaking timetable has been revised.  We compared the September timetable to the current timetable to identify some objectives which had been missed. 

A non-exhaustive list of things the SEC set out to do by year end but did not accomplish is as follows:

  • §413: Propose rules to revise the “accredited investor” standard
  • §926: Propose rules disqualifying the offer or sale of securities in certain exempt offerings by certain felons and others similarly situated
  • §952: Propose exchange listing standards regarding compensation committee independence and factors affecting compensation adviser independence; propose disclosure rules regarding compensation consultant conflicts
  • §942: Propose rules regarding the reporting obligations of ABS issuers that, prior to enactment of the Act, were not required to report under section §15(d) of the Securities Exchange Act
  • §929W: Propose revisions to rules regarding due diligence for the delivery of dividends, interest and other valuable property to missing securities holders
  • §961: Report and certification to Congress regarding internal supervisory controls
  • §916: Adopt streamlined procedural rules regarding filings by self-regulatory organizations

In addition, the following activities have been deferred due to budgetary uncertainty:

  • §342: Creation and staffing of Office of Women & Minority Conclusion (activities regarding diversity in hiring and small business contracting continuing to be performed by staff in existing EEO Office)
  • §911: Creation of new Investor Advisory Committee
  • §915 and 919D: Creation and staffing of Office of Investor Advocate (activities regarding investor perspectives in rulemaking continuing to be performed by staff in existing Office of Investor Education & Advocacy)
  • §924: Creation and staffing of Whistleblower Office (functions temporarily assigned to existing staff within the Division of Enforcement)
  • §932: Creation and staffing of Office of Credit Ratings (rulemaking functions remain with staff within the Division of Trading and Markets; examination functions continuing to be performed by existing Office of Compliance Inspections & Examination)
  • §979: Creation and staffing of Office of Municipal Securities (functions continue to be assigned to staff within the Division of Trading and Markets) 

Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.