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Dodd-Frank Progress Report
Generated using the Davis Polk Regulatory Tracker™
July 18, 2012
Dodd-Frank: Two Years Later
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State of Play to Date:
As of July 18, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have passed. This is 55.5% of the 398 total rulemaking requirements, and 78.9% of the 280 rulemaking requirements with specified deadlines.
Of these 221 passed deadlines, 136 (61.5%) have been missed and 85 (38.5%) have been met with finalized rules. Regulators have not yet released proposals for 19 of the 136 missed rules.
Of the 398 total rulemaking requirements, 123 (30.9%) have been met with finalized rules and rules have been proposed that would meet 134 (33.7%) more. Rules have not yet been proposed to meet 141 (35.4%) rulemaking requirements.
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Contents
Infographic: Dodd-Frank at the Two-Year Mark 4
Word Map: Volcker Comment Letters 5
Title VII Complexity Graph 6
Tasks for Swap Dealers and Major Swap Participants 7
Regulator Meetings with Outside Participants Over Time 8
Dodd-Frank Rulemaking Progress by Agency 9
Title VII Progress on Required Rulemakings 10
Dodd-Frank Rulemaking Progress on Passed Deadlines 11
Dodd-Frank Rulemaking Progress in Select Categories 12
Dodd-Frank Rulemaking Progress by Due Date 13
Dodd-Frank Statutory Deadlines for Required Rulemakings 14
Dodd-Frank Study Progress by Due Date 15
Dodd-Frank Statutory Deadlines for Required Studies 16
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Infographic: Dodd-Frank at the Two-Year Mark
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The two years since Dodd-Frank’s passage have seen 848 pages of statutory text expand to 8,843 pages of regulations. Already at almost a 1:10 page ratio, this staggering number represents only 30% of required rulemaking contained within Dodd-Frank, affecting every area of the financial markets and involving over a dozen Federal agencies. In this infographic, we visually describe how far the Act and its implementation have come over the past two years, both in size and complexity. Follow this link to view more: http://www.davispolkportal.com
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One of the most controversial proposals released over the past two years was the joint regulators’ proposal to implement the Volcker Rule’s prohibitions on proprietary trading and relationships with covered funds. Over 2000 comment letters were submitted in response to the proposal. To better understand the primary concerns of these commenters, we have selected over 280 of the most detailed letters and analyzed the frequency of words and phrases that appear within them. The larger the phrase, the more frequently it appears.
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Word Map: Volcker Rule Comment Letters
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Title VII Complexity Graph
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This Davis Polk Title VII Complexity Graph is designed to illustrate the interconnections between Title VII swap dealer rules. As you scroll over a particular rule, green lines show rules that are referenced by the highlighted rule and red lines show rules that reference the highlighted rule. Follow this link to view the interactive features of this graph: http://www.davispolkportal.com
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408
912
1142
725
600
0 200 400 600 800 1000 1200
Records
Legal
Operations
Technology
Business/Trading
For more information, please contact [email protected].
This chart shows the number of tasks for swap dealers and major swap participants in CFTC and SEC releases that Davis Polk has extracted and categorized as part of our Regulatory Hub implementation website. As the rulemaking process matures, "progress" will shift from regulatory rulemaking to market implementation.
As of July 18, 2012
Tasks for Swap Dealers and Major Swap Participants
7
0
20
40
60
80
100
120
140
160
180
200
CFTC (1811) FDIC (209) FRB (529) SEC (1228)
As of July 1, 2012
In the spirit of transparency, several financial regulators have released details of their meetings with outside participants on Dodd-Frank issues. Based on the information available, there have been at least 2800 meetings with these regulators since July 1, 2010. Joint meetings (of which there were more than 200) are counted separately for each participating regulator.
Regulator Meetings with Outside Participants Over Time
8
Future Deadline: Not Proposed, 58
Future Deadline:
Proposed, 6
Finalized, 26
Missed Deadline: Not Proposed, 8
Missed Deadline:
Proposed, 10 Values Refer to Number of Rulemaking Requirements Rulemaking counts are based on
estimates and require judgment.
Dodd-Frank Rulemaking Progress by Agency
Future Deadline: Not Proposed, 15
Future Deadline:
Proposed, 2
Finalized, 28
Missed Deadline: Not Proposed, 6
Missed Deadline:
Proposed, 44
Future Deadline: Not Proposed,
47
Future Deadline: Proposed, 7
Finalized, 28
Missed Deadline: Not Proposed, 4
Missed Deadline:
Proposed, 49 Future Deadline: Not Proposed, 2
Future Deadline:
Proposed, 2 Finalized, 41
Missed Deadline: Not Proposed, 1
Missed Deadline:
Proposed, 14
SEC (95)
CFTC (60)
Other (108)
Bank Regulators (135)
As of July 18, 2012
9
Missed Deadline: Not Proposed, 8
Missed Deadline: Proposed, 35
Finalized, 47
Missed Deadline:
Proposed, 7
Finalized, 36
CFTC Progress on Required Title VII Rulemakings
Missed Deadline: Not Proposed, 3
Missed Deadline:
Proposed, 17
Finalized, 9
SEC Progress on Required Title VII Rulemakings
Note: Total pie chart includes requirements from the CFTC, SEC and other regulators with rulemaking requirements under Title VII.
As of July 18, 2012
Title VII Progress on Required Rulemakings
10
Missed Deadline: Not Proposed,
19, 8.6%
Missed Deadline: Proposed, 117,
52.9%
Finalized: Deadline
Passed, 85, 38.5%
1, 2%
14, 26%
38, 72%
6, 8%
44, 60%
23, 32%
4, 6%
49, 67%
20, 27%
Bank Regulators (73) Other (22) CFTC (53) SEC (73)
Total (221)
Values Refer to Number of Rulemaking Requirements Rulemaking counts are based on estimates and require judgment.
As of July 18, 2012
Dodd-Frank Rulemaking Progress on Passed Deadlines
8, 36%
10, 46%
4, 18%
11
14
44
6
63
22
90
14
49
21
7
11
28
0 10 20 30 40 50 60 70 80 90 100
Asset-Backed Securities Offerings
Banking Regulations
Collins Amendment
Consumer Protection
Credit Rating Agencies
Derivatives
Executive Comp. / Corp. Governance
Mortgage Reforms
Orderly Liquidation Authority
Investment Advisers / Private Funds
Investor Protection / Securities Laws
Systemic Risk
Finalized
Missed Deadline: Proposed
Missed Deadline: Not Proposed
Future Deadline: Proposed
Future Deadline: Not Proposed
As of July 18, 2012
Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency)
Dodd-Frank Rulemaking Progress in Select Categories
Rulemaking counts are based on estimates and require judgment.
12
1
4
9
26
119
37
25
16
42
1
116
2
0 20 40 60 80 100 120 140
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
Not Specified
Annual
Finalized
Missed Deadline: Proposed
Missed Deadline: Not Proposed
Future Deadline: Proposed
Future Deadline: Not Proposed
As of July 18, 2012
Dodd-Frank Rulemaking Progress by Due Date
Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency)
Rulemaking counts are based on estimates and require judgment.
13
1
4
9
26
119
37
25
16
42
1
116
2
0 20 40 60 80 100 120 140
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
Not Specified
Annual
Bank Regulators CFPB CFTC SEC Other
Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency)
Rulemaking counts are based on estimates and require judgment.
Dodd-Frank Statutory Deadlines for Required Rulemakings
14
3
21
1
17
3
16
12
8
2
4
0 5 10 15 20 25
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
2013
Not Specified
Annual
Finalized Missed Deadline Future Deadline
As of July 18, 2012
Dodd-Frank Study Progress by Due Date
Number of Required Studies (Joint Studies are Counted for Each Applicable Agency)
15
3
21
1
17
3
16
12
8
2
4
0 5 10 15 20 25
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
2013
Not Specified
Annual
Bank Regulators CFTC GAO SEC Other
Dodd-Frank Statutory Deadlines for Required Studies
Number of Required Studies (Joint Studies are Counted for Each Applicable Agency)
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The Davis Polk Dodd-Frank Progress Report is a monthly publication that uses empirical data 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. Access previous reports on our website.
The Progress Report was developed using information from Davis Polk’s subscription-based Regulatory TrackerTM product. For more information on the Regulatory Tracker, please contact [email protected] or view our brochure.
Required, proposed, final and missed rulemakings and studies are counted based on Davis Polk’s tally of statutory requirements in the Davis Polk Regulatory Tracker™. An agency’s rule release may satisfy several statutorily required rulemakings.
Where multiple agencies are required to issue a rule or study jointly, the requirement appears in each of their totals, which we believe most accurately reflects the staff burden on regulatory agencies.
The term Bank Regulators includes the Board of Governors of the Federal Reserve, the FDIC and the OCC.
About the Progress Report
© 2012 Davis Polk & Wardwell LLP. This publication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. If you would rather not receive these memoranda, please respond to this email and indicate that you would like to be removed from our distribution list. If you have received this email in error, please notify the sender immediately and destroy the original message, any attachments thereto and all copies. Refer to the firm's privacy policy located at davispolk.com for important information on this policy. Please add Davis Polk to your Safe Senders list or add [email protected] to your address book. For more information regarding the Progress Report, please contact [email protected]. For more information regarding the Davis Polk Regulatory Tracker™, please contact [email protected].
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Daniel N. Budofsky 212 450 4907 [email protected]
Luigi L. De Ghenghi 212 450 4296 [email protected]
John L. Douglas 212 450 4145 [email protected]
Susan C. Ervin 202 962 7141 [email protected]
Randall D. Guynn 212 450 4239 [email protected]
Arthur S. Long 212 450 4742 [email protected]
Annette L. Nazareth 202 962 7075 [email protected]
Lanny A. Schwartz 212 450 4174 [email protected]
Margaret E. Tahyar 212 450 4379 [email protected]
Gabriel D. Rosenberg 212 450 4537 [email protected]
If you have any questions regarding the matters covered in this Progress Report, please contact any of the lawyers listed below or your regular Davis Polk contact.
Questions?
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