TreatiseTreatise

Financial Services Regulation Deskbook

 by Arthur S Long
 
 Copyright: 2012-2017
 Last Updated: March 2017

 Product Details >> 

Product Details

  • ISBN Number: 9781402417917
  • Page Count: 490
  • Number of Volumes: 1
  •  

Financial Services Regulation Deskbook covers the significant changes made to the regulation of financial services institutions by the Dodd-Frank Wall Street Reform and Consumer Protection Act and subsequent implementing regulations. It is organized by subject matter and provides commentary on the practical effects of the legislation on industry practice, including identifying areas of legal ambiguity that must be solved only by advocacy with the relevant regulators.

Topics include the Dodd-Frank Act’s:

  • Creation of the Financial Stability Oversight FSOC (Council) and the Consumer Financial Protection Bureau (CFPB);
  • 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.

Written by Arthur S. Long, a partner at Gibson Dunn and a member of the firm’s Financial Institutions Group, Financial Services Regulation Deskbook explains the context surrounding Dodd-Frank, including its legislative history, the specific issues during the economic crisis period that many of the changes were meant to address, as well as the impact of the steady flow of implementing regulations that have been issued since the Act went into effect.

  Introduction
  Table of Contents
Chapter 1: U.S. Bank Regulators at the Onset of the Financial Crisis
  • § 1:1 : Introduction1-2
  • § 1:2 : Office of the Comptroller of the Currency1-3
    • § 1:2.1 : Overview1-3
    • § 1:2.2 : Regulation and Supervision of National Banks1-4
    • § 1:2.3 : Preemption1-5
  • § 1:3 : The Federal Reserve Board1-7
    • § 1:3.1 : Overview1-7
    • § 1:3.2 : Structure and Funding1-8
    • § 1:3.3 : Establishing Monetary Policy1-9
    • § 1:3.4 : Regulation of State Member Banks1-10
    • § 1:3.5 : Regulation of Bank Holding Companies and Financial Holding Companies1-12
    • § 1:3.6 : Regulation of Non-U.S. Banks1-14
    • § 1:3.7 : Consumer Protection Regulations1-15
    • § 1:3.8 : Banking Services: Payment Systems and Discount Window Lending1-15
      • [A] : Payment Systems: Clearance and Settlement1-15
      • [B] : Discount Window1-16
  • § 1:4 : Federal Deposit Insurance Corporation1-16
    • § 1:4.1 : Overview1-16
    • § 1:4.2 : Deposit Insurance1-17
    • § 1:4.3 : Regulation of State Non-Member Banks and Savings Associations1-19
    • § 1:4.4 : Activities of State-Chartered Banks and Savings Associations1-19
    • § 1:4.5 : Non-U.S. Activities of State Non-Member Banks1-20
    • § 1:4.6 : Retail Deposit Funding by Non-U.S. Banks1-20
    • § 1:4.7 : Bank Insolvency Regime1-20
  • § 1:5 : Office of Thrift Supervision1-23
    • § 1:5.1 : Overview1-23
    • § 1:5.2 : Regulation of U.S. Thrifts1-23
    • § 1:5.3 : Interpretation of HOLA and Preemption1-24
    • § 1:5.4 : Regulation of U.S. Thrift Holding Companies1-24
    • § 1:5.5 : Non-U.S. Activities of Savings and Loan Holding Companies1-25
  • § 1:6 : The National Credit Union Administration1-26
    • § 1:6.1 : Overview1-26
    • § 1:6.2 : Role and Responsibility of the NCUA1-26
  • § 1:7 : Federal Housing Finance Agency1-28
    • § 1:7.1 : Overview1-28
    • § 1:7.2 : FHLB Banks1-29
      • [A] : Overview1-29
      • [B] : Office of Finance1-30
    • § 1:7.3 : Supervision and Regulation1-30
    • § 1:7.4 : Enforcement1-31
Chapter 2: The Financial Crisis—Critical Events
  • § 2:1 : Introduction2-1
  • § 2:2 : Time Line of the Crisis2-2
  • § 2:3 : Details of Major Events2-6
    • § 2:3.1 : Bear Stearns Liquidity Crisis and Merger with JPMorgan2-6
    • § 2:3.2 : The IndyMac and Washington Mutual Failures and the Role of the Office of Thrift Supervision2-8
    • § 2:3.3 : Conservatorship of Fannie Mae and Freddie Mac2-10
    • § 2:3.4 : Too Big to Fail I: Lehman, Merrill, and AIG2-12
    • § 2:3.5 : Too Big to Fail II: Citigroup and Bank of America2-15
Chapter 3: Initial Regulatory Responses to the Financial Crisis
  • § 3:1 : Introduction3-2
  • § 3:2 : Emergency Lending by the Federal Reserve3-2
    • § 3:2.1 : Overview3-2
    • § 3:2.2 : Term Securities Lending Facility3-3
    • § 3:2.3 : Rescue of Bear Stearns3-4
    • § 3:2.4 : Primary Dealer Credit Facility3-5
    • § 3:2.5 : Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility3-7
    • § 3:2.6 : Commercial Paper Funding Facility3-8
    • § 3:2.7 : Term Asset-Backed Securities Loan Facility3-8
    • § 3:2.8 : Summary3-9
  • § 3:3 : Troubled Asset Relief Program3-11
    • § 3:3.1 : Establishment3-11
    • § 3:3.2 : TARP Programs3-13
      • [A] : Capital Purchase Program3-13
      • [B] : Capital Assistance Program3-14
      • [C] : Targeted Investment Program3-14
      • [D] : Asset Guarantee Program3-15
      • [E] : Automobile Industry Financing Program3-15
      • [F] : Making Home Affordable Program3-16
    • § 3:3.3 : Management, Implementation, and Oversight3-17
      • [A] : Oversight Bodies3-17
      • [B] : Executive Compensation for TARP Recipients3-19
    • § 3:3.4 : Outcome3-21
  • § 3:4 : Temporary Liquidity Guarantee Program3-22
    • § 3:4.1 : Overview3-22
    • § 3:4.2 : Debt Guarantee Program3-22
    • § 3:4.3 : The Transaction Account Guarantee Program3-25
Chapter 4: Systemic Regulation: Financial Stability Oversight Council
  • § 4:1 : Introduction4-3
  • § 4:2 : Antecedents4-3
    • § 4:2.1 : Paulson Treasury “Blueprint”4-3
    • § 4:2.2 : Geithner Treasury “White Paper”4-4
  • § 4:3 : House and Senate Bills4-8
    • § 4:3.1 : House Bill—Wall Street Reform and Consumer Protection Act4-8
    • § 4:3.2 : Senate Bill4-10
  • § 4:4 : Enacted Legislation4-11
    • § 4:4.1 : Overview4-11
    • § 4:4.2 : Systemic Designation Authority4-13
    • § 4:4.3 : Recommending Standards4-13
    • § 4:4.4 : Systemic Designation—“Nonbank Financial Company”4-15
      • [A] : Overview4-15
      • [B] : Exclusions from the Definition of “Nonbank Financial Companies”4-16
      • [C] : Factors for Systemically Important Designation4-16
      • [D] : Appeal and Review of Systemically Important Designation4-17
      • [E] : Anti-Evasion Provision4-17
      • [F] : Potential Exemptions4-19
    • § 4:4.5 : Systemically “Significant” Bank Holding Companies4-19
  • § 4:5 : Enhanced Prudential Standards4-20
    • § 4:5.1 : Overview4-20
    • § 4:5.2 : Requirements for Designing Heightened Prudential Standards4-20
    • § 4:5.3 : Particular Prudential Standards: Inclusion of Off-Balance Sheet Activities in Computing Capital Requirements4-21
    • § 4:5.4 : Contingent Capital4-22
    • § 4:5.5 : Limits on Credit Exposures to Non-Affiliates4-22
    • § 4:5.6 : Risk Committees at Public Nonbank SIFIs and Certain BHCs4-23
    • § 4:5.7 : Resolution Plans (“Living Wills”)4-23
    • § 4:5.8 : Credit Exposure Reports4-24
    • § 4:5.9 : Enhanced Public Disclosures4-24
    • § 4:5.10 : Short-Term Debt Limits4-24
    • § 4:5.11 : Stress Tests4-25
    • § 4:5.12 : Early Remediation4-25
    • § 4:5.13 : Kanjorksi Amendment: Asset Sales and Breakup Powers4-25
    • § 4:5.14 : Leverage Limit4-26
  • § 4:6 : Designating Particular Activities and Practices4-26
  • § 4:7 : Registration of Nonbank SIFIs4-27
  • § 4:8 : Intermediate Holding Companies4-27
  • § 4:9 : Nonbank SIFIs: Reports, Examinations, and Enforcement4-28
  • § 4:10 : Bank Holding Company Act Activities Restrictions and Acquisition Limits4-29
  • § 4:11 : Application to Non-U.S. Financial Companies4-30
    • § 4:11.1 : Overview4-30
    • § 4:11.2 : Recommendation and Application of Standards to Non-U.S. Banking Entities4-31
    • § 4:11.3 : Specific Modification of Systemic Risk Provisions4-31
    • § 4:11.4 : Treatment of Non-U.S. Nonbank Financial Companies: Designation4-32
    • § 4:11.5 : Extraterritorial Application for Non-U.S. Nonbank SIFIs4-32
  • § 4:12 : Office of Financial Research4-33
  • § 4:13 : FSOC Regulations Relating to the Designation Process4-36
    • § 4:13.1 : Overview4-36
    • § 4:13.2 : Proposed Regulation on Systemic Designation
    • Table 4-1 : Groupings of the Statutory Factors4-39
    • § 4:13.3 : Groupings of the Statutory Factors4-44
    • § 4:13.4 : Groupings of the Statutory Factors4-47
  • § 4:14 : Federal Reserve Proposed and Final Regulations on “Predominantly Engaged in Financial Activities” for FSOC Designation Purposes4-48
    • § 4:14.1 : Proposed Regulation—“Predominantly Engaged in Financial Activities”4-48
    • § 4:14.2 : Supplemental Notice of Proposed Rulemaking on “Predominantly Engaged in Financial Activities”4-55
    • § 4:14.3 : Final Regulation—“Predominantly Engaged in Financial Activities”4-57
    • § 4:14.4 : Final Regulation on “Significant” Bank Holding Company and “Significant” Nonbank Financial Company4-61
  • § 4:15 : FSOC Nonbank SIFI Designations4-62
    • § 4:15.1 : Nonbank SIFI Designations of American International Group and GE Capital Corporation4-62
    • § 4:15.2 : Nonbank SIFI Designations of Prudential Financial and MetLife, Inc.4-64
    • § 4:15.3 : MetLife’s Court Challenge to Its Designation4-69
    • § 4:15.4 : February 2015 Changes to FSOC Designation Procedures4-72
    • § 4:15.5 : Enhanced Prudential Standards Order for GE Capital Corporation4-73
    • § 4:15.6 : Rescission of Designation of GE Capital4-76
  • § 4:16 : Title VIII Designation of Systemically Important Financial Market Utilities4-77
  • § 4:17 : Federal Reserve Final Rule on Risk-Management Standards for the Operations Relating to the Payment, Clearing and Settlement Activities of Designated Financial Market Utilities4-80
Chapter 5: Orderly Liquidation Authority
  • § 5:1 : Introduction5-2
  • § 5:2 : Administration Antecedents5-2
    • § 5:2.1 : Paulson Treasury “Blueprint”5-2
    • § 5:2.2 : Geithner Treasury “Rules of the Road”5-3
    • § 5:2.3 : Geithner Treasury “White Paper”5-8
  • § 5:3 : House and Senate Bills5-9
    • § 5:3.1 : House Bill5-9
    • § 5:3.2 : Senate Bill5-10
  • § 5:4 : Orderly Liquidation Authority As Enacted5-13
    • § 5:4.1 : Coverage Limitations: Financial Companies5-13
    • § 5:4.2 : Designating a Financial Company As a “Covered Financial Company”5-14
    • § 5:4.3 : Authority to Transfer Assets or Liabilities5-17
    • § 5:4.4 : Duration of Receivership5-18
    • § 5:4.5 : Funding of Title II Liquidation5-18
    • § 5:4.6 : FDIC “Super Powers”: Bankruptcy Code Approach5-20
    • § 5:4.7 : Liquidation Priorities5-22
    • § 5:4.8 : Officers and Directors5-25
    • § 5:4.9 : Required Rulemaking, Reports, and Studies5-27
  • § 5:5 : Post-Enactment Regulatory Actions5-28
    • § 5:5.1 : FDIC Final Rule: 12 C.F.R. Part 3805-28
      • [A] : Subpart A5-29
      • [B] : Subpart B5-32
      • [C] : Subpart C5-35
    • § 5:5.2 : Final Rule on Treatment of Mutual Insurance Holding Companies5-38
    • § 5:5.3 : Final Rule on Maximum Obligation Limitation5-40
    • § 5:5.4 : Final Rule on Enforcement of Subsidiary and Affiliate Contracts by the FDIC As Receiver of a Covered Financial Company5-42
    • § 5:5.5 : FDIC Definition of “Predominantly Engaged in Activities That Are Financial in Nature or Incidental Thereto” Under Title II5-44
  • § 5:6 : The FDIC’s Single Point of Entry Strategy5-45
  • § 5:7 : ISDA Protocol and Proposed Rules on QFCs and Cross-Defaults5-49
  • § 5:8 : Federal Reserve Final TLAC Rule5-51
  • § 5:9 : Criticism of the OLA and SPOE5-56
Chapter 6: The Volcker Rule
  • § 6:1 : Introduction6-2
  • § 6:2 : Antecedents6-3
    • § 6:2.1 : Prior Restrictions on Trading and Fund Activities6-3
    • § 6:2.2 : Obama Administration Focus6-4
      • [A] : Administration Financial Reform Efforts6-4
      • [B] : Treasury Department Proposal6-5
      • [C] : Merkley-Levin Proposal6-7
      • [D] : Final Language6-7
  • § 6:3 : The Volcker Rule—Statutory Text6-8
    • § 6:3.1 : Proprietary Trading Prohibition6-9
    • § 6:3.2 : Private Fund Prohibition6-11
    • § 6:3.3 : “Anti-Evasion” Provision and Systemically Important Nonbanks6-14
    • § 6:3.4 : Effective Date, Conformance Period, and Illiquid Funds6-15
  • § 6:4 : FSOC Study6-16
    • § 6:4.1 : Findings6-17
    • § 6:4.2 : Fundamental Principles to Guide Rulemaking and Implementation6-17
      • [A] : Five Fundamental Principles6-17
      • [B] : Permitted Activities6-18
        • [B][1] : Market-Making Activities6-19
        • [B][2] : Risk-Mitigating Hedging6-19
        • [B][3] : Underwriting6-20
        • [B][4] : Loan Trading and Securitization6-20
        • [B][5] : Asset-Liability Management6-20
    • § 6:4.3 : Challenges in Implementing the Proprietary Trading Ban6-21
    • § 6:4.4 : Supervisory Framework6-21
    • § 6:4.5 : Activities by Insurance Companies6-24
    • § 6:4.6 : Private Funds6-24
      • [A] : Hedge Funds and Private Equity Funds6-24
      • [B] : Similar Funds6-25
      • [C] : Banking Entity6-25
  • § 6:5 : Federal Reserve’s Transition Rules6-28
    • § 6:5.1 : Banking Entities6-28
      • [A] : Conformance Period and Extensions6-28
      • [B] : Additional Extension Period of Up-to-Five-Years6-29
        • [B][1] : Illiquid Funds6-29
        • [B][2] : Contractual Obligation to Be Invested Principally in Illiquid Assets6-31
        • [B][3] : Effect of “Illiquid Funds” Definition6-33
      • [C] : Process and Factors for Granting Extensions of Two-Year Conformance Period6-33
    • § 6:5.2 : Nonbank Financial Companies6-35
  • § 6:6 : Proposed Rules of the Federal Reserve, FDIC, OCC and the SEC6-36
    • § 6:6.1 : Overview6-36
    • § 6:6.2 : Proprietary Trading Prohibition6-36
      • [A] : Definitions6-36
      • [B] : Permitted Activity Determination6-38
        • [B][1] : Market Making6-38
        • [B][2] : Underwriting6-39
        • [B][3] : Hedging6-40
        • [B][4] : Trading in Government Obligations6-40
        • [B][5] : Trading on Behalf of Customers6-41
        • [B][6] : Trading by a Regulated Insurance Company6-41
        • [B][7] : Trading Solely Outside the United States6-42
        • [B][8] : When Permissible Activity Is Impermissible6-42
      • [C] : Material Conflict of Interest6-43
      • [D] : Compliance Program6-43
    • § 6:6.3 : Private Funds Prohibition6-44
      • [A] : Definitions6-44
      • [B] : Fund “Asset Management” Activity6-45
        • [B][1] : Overview6-45
        • [B][2] : De Minimis Co-Investment Limits6-46
      • [C] : Additional Categories of Permitted Fund Activities Outside Section 619(d)(1)(G)6-47
      • [D] : Acquiring Fund Interests As a Hedge6-48
      • [E] : Fund Activity Solely Outside the United States6-49
      • [F] : Super 23A Provisions6-50
      • [G] : Compliance Program6-50
  • § 6:7 : Federal Reserve Statement of Policy Regarding the Conformance Period6-50
Chapter 7: Bank Regulatory Reform
  • § 7:1 : Introduction7-3
  • § 7:2 : Antecedents7-3
    • § 7:2.1 : Paulson Treasury “Blueprint”7-3
    • § 7:2.2 : Geithner Treasury “White Paper” and Proposed Legislation; Republican Alternative7-5
      • [A] : Geithner Treasury “White Paper” and Proposed Legislation7-5
      • [B] : Republican Alternative7-6
    • § 7:2.3 : House and Senate Bills7-7
      • [A] : House Bill7-7
      • [B] : Senate Bill7-7
  • § 7:3 : Abolition of the Office of Thrift Supervision and Thrift-Related Reforms7-9
    • § 7:3.1 : Abolition of the Office of Thrift Supervision7-9
      • [A] : Overview7-9
      • [B] : Division of Previous OTS Supervisory and Rulemaking Authority7-9
        • [B][1] : Federal Reserve7-10
        • [B][2] : OCC7-10
        • [B][3] : FDIC7-10
      • [C] : OTS Actions/Material Post-Transfer Date7-10
    • § 7:3.2 : Thrift-Related Reforms7-10
      • [A] : Thrifts and Their Holding Companies7-10
      • [B] : Regulation LL: Savings-and-Loan Holding Company Regulation7-12
        • [B][1] : Overview7-12
        • [B][2] : Permissible Nonbanking Activities7-12
          • [B][2][a] : Covered SLHCs Must Comply with FHC Requirements7-13
          • [B][2][b] : “Well Capitalized” and “Well Managed” Standards7-13
          • [B][2][c] : Affirmatively Electing Treatment As an FHC7-14
          • [B][2][d] : Insurance Agency and Escrow Activities7-16
        • [B][3] : Control Regulations7-16
          • [B][3][a] : Control Determinations7-16
          • [B][3][b] : Definition of “Control”7-17
          • [B][3][c] : Federal Reserve Approach7-18
        • [B][4] : Other Covered Issues7-18
          • [B][4][a] : Application Processing7-19
          • [B][4][b] : Notice of Change of Director or Senior Executive Officer7-19
          • [B][4][c] : Prohibited Service at SLHCs7-19
          • [B][4][d] : Management Official Interlocks7-19
          • [B][4][e] : Investigative and Formal Examination Proceedings7-20
          • [B][4][f] : Dividends by Subsidiary Savings Associations7-20
          • [B][4][g] : Qualified Stock Issuances7-20
  • § 7:4 : Bank Holding Company Amendments7-20
    • § 7:4.1 : Exemptions from “Bank” Definitions7-20
    • § 7:4.2 : Supervision7-21
  • § 7:5 : Bank Acquisitions—New Restrictions7-23
    • § 7:5.1 : BHC Act Section 37-23
    • § 7:5.2 : Deposit Cap on Other Insured Depository Institution Holding Companies7-24
    • § 7:5.3 : Dodd-Frank Act Section 622 “Concentration Limit” Provision7-24
      • [A] : Overview7-24
      • [B] : FSOC Study7-25
      • [C] : Bank Holding Companies—“Source of Financial Strength”7-28
  • § 7:6 : Nonbanking Activities and Acquisitions—New Restrictions7-29
    • § 7:6.1 : Dodd-Frank Act Sections 606(a) and 606(b)7-29
    • § 7:6.2 : Dodd-Frank Act Sections 163(b) and 604(e)7-29
  • § 7:7 : Changes to Bank Prudential Regulation7-30
    • § 7:7.1 : Overview7-30
    • § 7:7.2 : Amendments to Section 23A and 23B of the Federal Reserve Act7-32
    • § 7:7.3 : Transactions with Insiders7-34
    • § 7:7.4 : Lending Limits7-34
    • § 7:7.5 : Securities Holding Companies7-35
  • § 7:8 : Enhanced Capital Requirements7-37
  • § 7:9 : Capital Plans, Stress Test and Living Wills7-44
    • § 7:9.1 : Overview7-44
    • § 7:9.2 : Capital Plans and Stress Test7-44
    • § 7:9.3 : Living Wills7-56
    • § 7:9.4 : Credibility Review7-59
  • § 7:10 : Deposit Insurance Reforms7-64
    • § 7:10.1 : Overview7-64
    • § 7:10.2 : New Assessment Scheme7-65
    • § 7:10.3 : Deposit Insurance7-68
  • § 7:11 : Federal Reserve Reform and Emergency Stabilization7-68
    • § 7:11.1 : Overview7-68
    • § 7:11.2 : Section 13(3) Assistance7-68
    • § 7:11.3 : Emergency Financial Stabilization7-70
    • § 7:11.4 : Governance7-71
    • § 7:11.5 : TARP7-71
Chapter 8: Investment Adviser and Securities Law Reforms
  • § 8:1 : Introduction8-2
  • § 8:2 : Investment Advisers Act Reforms8-2
    • § 8:2.1 : Investment Advisers Act of 19408-2
    • § 8:2.2 : Final SEC Rules8-4
      • [A] : Overview8-4
      • [B] : Venture Capital Funds8-5
        • [B][1] : Overview8-5
        • [B][2] : Twenty Percent Basket for Non-Qualifying Investments8-6
        • [B][3] : Borrowing, Providing Guarantees, or Incurring Leverage8-8
        • [B][4] : Investors Redemption or Other Liquidity Rights8-9
        • [B][5] : Private Fund8-9
        • [B][6] : Grandfather8-10
      • [C] : Private Fund Adviser Exemption8-10
      • [D] : Foreign Private Adviser Exemption8-13
      • [E] : Changes to Threshold for SEC Registration8-15
      • [F] : New Family Office Exemption8-17
      • [G] : New Recordkeeping and Reporting Obligations8-21
      • [H] : Reporting Requirements for Exempt Reporting Advisers8-23
      • [I] : Other Statutory Provisions Affecting Investment Advisers8-24
  • § 8:3 : Securities Law Reform8-25
    • § 8:3.1 : Investor Protection and Broker-Dealer-Related Provisions8-25
      • [A] : Overview8-25
      • [B] : SEC Study on Investment Adviser Standard of Care8-28
    • § 8:3.2 : Self-Regulatory Organization Rules8-31
    • § 8:3.3 : Securities Law Enforcement Provisions8-31
      • [A] : Overview8-31
      • [B] : SEC Final Whistleblower Rules8-34
    • § 8:3.4 : Extraterritorial Jurisdiction of Antifraud Provisions8-35
  • § 8:4 : Credit Rating Agencies8-36
    • § 8:4.1 : Overview8-36
    • § 8:4.2 : Governance and Compliance8-36
    • § 8:4.3 : Penalties and Liabilities8-37
    • § 8:4.4 : Conflicts of Interest8-38
    • § 8:4.5 : Procedures and Methodologies Rules8-39
    • § 8:4.6 : Disclosure8-40
  • § 8:5 : Securitization Reforms8-41
    • § 8:5.1 : Credit Retention Requirements8-41
    • § 8:5.2 : Conflict of Interest Prohibitions8-43
  • § 8:6 : Municipal Securities Reforms8-44
    • § 8:6.1 : Municipal Advisors and the Municipal Securities Rulemaking Board8-44
    • § 8:6.2 : Executive Compensation and Corporate Governance8-45
Chapter 9: Derivatives Reform
  • § 9:1 : Introduction9-2
  • § 9:2 : Antecedents9-2
    • § 9:2.1 : Paulson Treasury “Blueprint”9-2
    • § 9:2.2 : Geithner Treasury “Rules of the Road”9-3
    • § 9:2.3 : Geithner Treasury “White Paper”9-4
  • § 9:3 : Administration and House Bills9-5
    • § 9:3.1 : Over-the-Counter Derivatives Markets Act of 20099-5
    • § 9:3.2 : Frank Proposal9-9
  • § 9:4 : Senate Action9-11
  • § 9:5 : Enacted Legislation9-14
    • § 9:5.1 : Overview9-14
    • § 9:5.2 : Jurisdictional Allocations: Swaps, Security-Based Swaps and Mixed Swaps9-14
    • § 9:5.3 : State Law Preemption9-16
    • § 9:5.4 : Regulated Market Participants: Swap Dealers and Major Swap Participants9-17
    • § 9:5.5 : Revisions to Existing Definitions of Certain Market Participants9-18
    • § 9:5.6 : New Mandatory Clearing of Swaps9-19
    • § 9:5.7 : New Mandatory Swap Trade Execution Requirements9-21
    • § 9:5.8 : Public Reporting of Swap Transaction Data9-21
    • § 9:5.9 : Other New Requirements Concerning Swaps9-21
    • § 9:5.10 : Capital and Margin Requirements9-23
    • § 9:5.11 : Protection of Counterparty Funds and Property9-23
    • § 9:5.12 : Position Limits and Large Swap Trader Reporting9-24
    • § 9:5.13 : Extraterritoriality9-25
    • § 9:5.14 : Exchange Act Beneficial Ownership Reporting9-26
    • § 9:5.15 : Conflicts of Interest9-26
    • § 9:5.16 : Enforcement Authority, Insider Trading, Disruptive Practices and Whistleblowers9-26
    • § 9:5.17 : Prohibition on Federal Assistance to Swaps Entities9-27
    • § 9:5.18 : Effectiveness, and Exemptive Authority9-29
  • § 9:6 : Final Rulemakings: The First Two Years9-30
    • § 9:6.1 : From Enactment to July 31, 20119-30
    • § 9:6.2 : From July 31, 2011 to June 30, 20129-32
Chapter 10: Consumer Financial Protection Bureau
  • § 10:1 : Introduction10-2
  • § 10:2 : Antecedents10-2
    • § 10:2.1 : Paulson Treasury “Blueprint”10-2
      • [A] : Short-Term Recommendation10-3
      • [B] : Long-Term Recommendation: Conduct of Business Regulatory Agency10-3
    • § 10:2.2 : Geithner Treasury “White Paper”10-5
      • [A] : Overview10-5
      • [B] : Consumer Financial Protection Agency10-6
    • § 10:2.3 : Administration and House Bills10-9
      • [A] : Consumer Financial Protection Agency Act of 200910-9
      • [B] : House Bill10-11
        • [B][1] : Consumer Financial Protection Agency10-11
        • [B][2] : CFPA Authority10-11
        • [B][3] : Federal Preemption of State Law10-12
        • [B][4] : Funding10-14
        • [B][5] : Other Provisions10-14
    • § 10:2.4 : Senate Bill10-14
      • [A] : Overview10-14
      • [B] : Bureau Within the Federal Reserve System10-14
      • [C] : Federal Preemption of State Law10-15
      • [D] : Durbin Amendment10-16
  • § 10:3 : Enacted Legislation—The Consumer Financial Protection Bureau10-16
    • § 10:3.1 : Overview10-16
    • § 10:3.2 : Authority10-17
      • [A] : Promulgate Regulations10-17
      • [B] : Information Collection10-19
      • [C] : Covered Parties10-19
        • [C][1] : “Covered Persons”10-19
        • [C][2] : “Financial Products or Services”10-19
      • [D] : Exempt Persons and Activities10-21
    • § 10:3.3 : Preemption10-23
    • § 10:3.4 : Funding10-25
    • § 10:3.5 : Effective Date10-25
    • § 10:3.6 : Durbin Amendment10-25
    • § 10:3.7 : Other Provisions10-26
  • § 10:4 : Regulatory Developments10-26
    • § 10:4.1 : Overview10-26
    • § 10:4.2 : Initial CFPB Developments10-27
    • § 10:4.3 : Federal Reserve Final “Durbin Amendment” Rule10-29
    • § 10:4.4 : OCC Final Preemption Rule10-30
    • § 10:4.5 : Final Remittance Transfer Rule10-32
    • § 10:4.6 : Final Rules Defining Larger Participants of the Consumer Reporting and Debt Collection Markets10-36
  Table of Authorities
  Index

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