July 22, 2010
Cadwalader, Wickersham & Taft LLP, one of the world’s most prominent law firms, today released a legal review of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. Cadwalader’s analyses, drafted primarily as a guide for clients, has been widely requested and distributed within the legal and financial community and is being made available to the public today.
“Under the Dodd-Frank Act, all financial institutions will be directly and materially affected - but in a myriad of different ways. Non-financial institutions that use regulated financial products will be indirectly affected. The Act’s amendments to Sarbanes-Oxley and broad changes to executive compensation and corporate governance rules will impact all U.S. public companies. Given the scope of the Act , it is important for those affected by the changes in law to have available to them an analysis of how the Act affects their specific businesses. We are past the point that general overviews of the Act are useful. Clients need focus. and synthesis,” stated Steven Lofchie, Co-Chair of Cadwalader's Financial Services Department.
The compendium of memos that comprise the review now available includes focused analysis on key aspects of the Act including: Changes to the Regulation of Banks, Thrifts, and Holding Companies; Regulation of Systematically Significant NonBanks; Orderly Liquidation of Financial Companies, including Executive Compensation Clawback; Hedge Fund Regulation; Insurance Reforms; The New Scheme for the Regulation of Swaps; Regulation of End Users of Swaps; Reforms to the Asset-Backed Securitization Process and the Regulation of Credit Rating Agencies; Executive Compensation and Corporate Governance Provisions; Amendments to SOX.
“The ultimate requirements of the Act are still unformed as we await regulatory action. Many open issues must be addressed in the adoption and implementation of regulations under the Act or in further amendments to the Act” stated Lofchie.
“There is strong demand for substantive insight into the effect that the Dodd-Frank Act will have on individual businesses in the financial services industry. Cadwalader memoranda do not simply explicate the legislation, they analyze the impact on these businesses. The memoranda should be read by all who are grappling with its consequences,” stated Christopher White, Chairman of the Firm."
The compendium and a library of additional analysis is publicly available at www.cadwalader.com.