On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). The primary objective of the Act is reform of the financial services industry, including comprehensive regulation regarding credit rating agencies, asset securitizations, and municipal securities. Despite this primary focus, the Act will greatly impact nearly all U.S. public companies, many private fund managers and innumerable private offerings. The Act also provides new enforcement and management powers and mandates for the U.S. Securities and Exchange Commission (the “SEC”) and numerous other agencies. In all, the Act will require significant action by 11 different federal agencies.
To read more, please click above.