Overview
Financial Services Regulation Deskbook covers the significant changes to the regulation of financial services institutions by the Dodd-Frank Wall Street Reform and Consumer Protection Act and subsequent implementing regulations. This treatise provides analysis of and commentary on the legislation’s practical effects on industry practice, including identifying areas of legal ambiguity that must be solved only by advocacy with the relevant regulators. Covered topics include the Dodd-Frank Act’s creation of the Financial Stability Oversight Council; heightened prudential standards for systemically significant financial companies; prohibition, subject to exceptions, of banks engaging in proprietary trading and sponsoring and investing in hedge funds and private equity funds; requirement that U.S. banks and other entities that receive federal “financial assistance” to push-out much of their derivatives businesses to nonbank affiliates; creation of an “Orderly Liquidation Authority” for systemic financial firms; increased prudential regulation on banks and their holding companies; and comprehensive regulation of derivatives activities.