On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation marks the greatest change to the financial landscape in decades, affecting the regulation of domestic and foreign financial institutions, banking entities and commercial companies. Many of the Dodd-Frank Act's provisions rely heavily on rulemaking and interpretation by financial regulators. Since Dodd-Frank's enactment, Davis Polk has offered a growing suite of resources to help institutions and market participants understand and comply with the new requirements and stay informed about recent rules, regulator studies, important dates and upcoming deadlines in the implementation process.
Davis Polk frequently issues memoranda on key rulemakings and developments related to the ongoing implementation of the Dodd-Frank Act.
Click the topics below to access the relevant memoranda.
On November 15, 2013, Davis Polk partner Randall Guynn spoke on a panel entitled “Too Big to Fail — What Now?” at the Federalist Society’s 2013 National Lawyers Convention in Washington DC. The discussion addressed the many important legal and policy issues related to the Too Big to Fail problem that remain unanswered post-Dodd-Frank as the economy struggles to return to normal.
Panel Discussion Explores Too Big to Fail
Regulation of Foreign Banks and Affiliates in the United States – 7th edition
We are pleased to announce the publication of the most recent edition of Regulation of Foreign Banks and Affiliates in the United States by Westlaw. Randall D. Guynn, head of Davis Polk's Financial Institutions Group, served as editor and several Davis Polk partners contributed chapters to the 7th edition. This publication contains authoritative coverage of federal and state laws governing the regulation of foreign banks in the United States and the international operations of domestic banking institutions. It covers every aspect of the field – from entry requirements to permissible activities to taxation, and includes an extended analysis of the impact of Dodd-Frank and its implementing regulations, reflecting the profound changes that are reshaping the banking industry.
For more information about the book and downloadable PDFs of Davis Polk's chapters:
- View the book on Westlaw's website: Regulation of Foreign Banks and Affiliates in the United States (7th edition)
- Chapter 7, “Foreign Bank Acquisitions of U.S. Banks and Thrifts,” authored by Luigi L. De Ghenghi, John L. Douglas, Randall D. Guynn, William L. Taylor and Cristina V. Regojo
- Chapter 11, “Foreign Banks as U.S. Financial Holding Companies,” authored by Luigi L. De Ghenghi, Randall D. Guynn and Margaret E. Tahyar
Dodd-Frank Enhanced Prudential Standards for Foreign Banking Organizations
On December 14, 2012, the Federal Reserve proposed a tiered approach for applying U.S. capital, liquidity and other Dodd-Frank enhanced prudential standards to the U.S. operations of foreign banking organizations with total global assets of $50 billion or more (“Large FBOs”). Most Large FBOs would have to create a separately capitalized top-tier U.S. intermediate holding company (“IHC”) that would hold all U.S. bank and nonbank subsidiaries. The IHC would be subject to U.S. capital, liquidity and other enhanced prudential standards on a consolidated basis. Although the U.S. branches and agencies of a Large FBO’s foreign bank would not be required to be held beneath the IHC, they would be subject to liquidity, single counterparty credit limits and, in certain circumstances, asset maintenance requirements under the proposal. Large FBOs not required to form an IHC would also be subject to many of the new enhanced prudential standards.
Davis Polk has prepared a memorandum that provides an overview of key aspects of the Federal Reserve’s proposal along with diagrams and tables for a visual representation of the proposed new requirements.
Read more >
Solving the "Too Big to Fail" Problem: Resolution Authority vs. Chapter 14
On June 20, 2012, Davis Polk lawyers Randall Guynn and John Douglas spoke on a teleforum entitled, “Solving the ‘Too Big to Fail’ Problem: Resolution Authority vs. Chapter 14.” The event was hosted by The Federalist Society for Law and Public Policy Studies’ Financial Services & E-Commerce Practice Group, and explores the Too Big to Fail problem in the post-Dodd-Frank era.
Listen to a podcast of the teleforum >
White Paper on the Separate Entity Doctrine as Applied to the U.S. Branches of Foreign Headquartered (Non-U.S.) Banks
On April 19, 2012, Davis Polk, in conjunction with Cleary Gottlieb and Sullivan & Cromwell authored a white paper on the separate entity doctrine as applied to the U.S. branches of foreign headquartered banks. The hybrid treatment of the U.S. branches of foreign headquartered banks has become a subject of focus in the wake of the financial crisis and in light of the enactment of the Dodd-Frank Act. The white paper provides a summary of the regulatory treatment of U.S. branches of foreign headquartered banks under various U.S. legal regimes, and highlights the hybrid nature of such branches.
Read the white paper >
Volcker Rule – Federalist Society and ABA Panel Discussion with Randall Guynn
On February 16, 2012, Davis Polk partner Randall Guynn spoke on a panel entitled, “The Volcker Rule: Curbing Risk or Curbing the Economy?” at an event hosted by The Federalist Society for Law and Public Policy Studies’ Financial Services & E-Commerce Practice Group and the American Bankers Association. The panel examined the value of the Volcker Rule itself, as well as regulatory efforts to address the details of implementation.
View a video of the discussion >
Volcker Rule – Proposed Regulations
The Federal Banking Agencies have released their proposed regulations implementing the Volcker Rule. Rather than prepare a traditional law firm summary, Davis Polk has prepared two sets of graphical slides: one that maps the key restrictions on proprietary trading and another that maps the key restrictions on relationships with hedge funds or private equity funds. Interactive versions of the flowcharts are available at http://www.volckerrule.com.
As a subscription-based product, Davis Polk offers the Volcker Rulemap, a product on the Davis Polk Regulatory Hub.
Dodd-Frank Progress Report
The Dodd-Frank Progress Report is a monthly publication that employs statistical analysis of empirical data from the Regulatory Tracker to help market participants and policymakers assess the progress of the rulemaking and other work that has been done by regulators under the Dodd-Frank Act. To subscribe to our mailing list, email email@example.com.
Interactive Implementation Timeline
The Regulatory Tracker is our proprietary resource for understanding and tracking the implementation of the Dodd-Frank Act. Subscribers can sort and search through the Dodd-Frank Act's provisions, read a plain-language summary and view regulatory developments. The Regulatory Tracker is updated daily and includes an interactive calendar of upcoming events and deadlines. Tracker subscribers receive a daily email alert of the previous day's regulatory activity, including rulemaking, commentary and hearings. For more information on the Tracker, email firstname.lastname@example.org.
The Regulatory Hub is our online Dodd-Frank implementation platform. Products available on the Hub include Swap Dealer Rulemaps, which break down proposed and final rules into their requirements and extract the tasks applicable to swap dealers; the Volcker Rulemap, which breaks down the proposed Volcker Rule into individual requirements; our Table of Title VII Self-Effective provisions, which clarifies the status of more than 200 Title VII provisions given regulatory guidance and temporary relief; and our Swap Dealer Summary Memorandum, a narrative explanation of relevant rules, updated on a regular basis. For more information, email email@example.com.
Davis Polk Corporate Governance Blog – Dodd-Frank Section
The Davis Polk Corporate Governance Blog – Dodd-Frank Section collects real-time observations and opinions from senior Davis Polk lawyers on the most important and pressing practical implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This site is a companion to the more substantive memoranda and updates that Davis Polk regularly publishes and that are available in the Dodd-Frank Resource Center on Davis Polk’s public website.
Access the Dodd-Frank section of the blog.
Dodd-Frank Summary Memorandum and Implementation Slides
Our comprehensive Dodd-Frank Summary Memorandum, published on July 21, 2010, breaks down the important provisions of the Dodd-Frank Act and gives an overview of their potential impact on the financial system. We also released a set of Dodd-Frank Implementation Slides, which show the timeline for rulemaking and effectiveness of each of the Dodd-Frank Act's major titles, including a timeline of a potential designation of systemically important financial institutions and a timeline of action in the event of the exercise of the FDIC's new Orderly Liquidation Authority.
Davis Polk Webcast Series – Dodd-Frank: One Year Later
Marking the one-year anniversary of the signing of the Dodd-Frank Act, Davis Polk offered a series of live interactive webcasts addressing what has happened over that year, what is likely to happen over the next year and the practical implications for market participants.
Click on the topic to view the webcast. CLE credit is available for each program. Download materials.