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U.S. Securities and Exchange Commission



Implementing Dodd-Frank Wall Street Reform and Consumer Protection Act — Accomplishments

The following list references the rules that the Commission has proposed or adopted in connection with the Dodd-Frank Act. That Act contains more than 90 provisions that require SEC rulemaking, and dozens of other provisions that give the SEC discretionary rulemaking authority. Of the mandatory rulemaking provisions, the SEC has proposed or adopted rules for about three-quarters of them.

When the Commission proposes or adopts a set of rules, often those rules are contained in a single document, called a 'proposing release' or an 'adopting release.' Because the list below primarily cites to each release, the number of entries will not add up to the number of rules the Commission has proposed or adopted.


Category Listing

Administrative/Internal

  • Establish and staff the Office of Investor Advocate (Feb. 12, 2014) [§§915 and 919D]
     
  • Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. (April 24, 2013) [§342]
     
  • Issued third report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. (Oct. 17, 2012) [§967]
     
  • Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. (April 10, 2012) [§342]
     
  • Issued second report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. (March 30, 2012) [§967]
     
  • Sent report and certification to Congress on internal supervisory controls: The report covers the effectiveness of internal supervisory controls relating to examinations of registered entities, enforcement investigations, and review of corporate filings. (Dec. 21, 2011) [§961]
     
  • Published order making annual adjustment to registration fees, effective Oct. 1, 2011. (Aug. 31, 2011) [§991]
     
  • Issued report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make regulatory and administrative recommendations on the SEC's organization. (Sept. 12, 2011) [§967]
     
  • Established the Office of Minority & Women Inclusion. (July, 2011) [§342]
     
  • Reported to Congress on organizational issues. The report prepared by independent consultants studied and made recommendations regarding SEC organization and operations. (March 10, 2011) [§967]
     
  • Adopted streamlined procedural rules regarding filings by self-regulatory organizations: The rules of practice describe the process the Commission will use when it decides to hold hearings to consider rules proposed by self regulatory organizations and the Public Company Accounting Oversight Board. (Jan. 14, 2011) [§916]
     
  • Awarded Independent Consultant Contract to perform study of SEC organization and operations. (Oct. 15, 2010) [§967]
     
  • Established Employee Hotline to the Office of the Inspector General: This provides SEC employees with a hotline telephone number and email box to suggest improvements in the work efficiency, effectiveness, productivity, and use of resources of the Commission, as well as allegations of waste, abuse, misconduct or mismanagement within the Commission. (Sept. 27, 2010) [§966]

Asset-Backed Securities

  • Issued revised proposed rules, jointly with other agencies, regarding risk retention by securitizers of asset-backed securities. The rule proposed in 2011 would have required sponsors of asset-backed securities to retain at least five percent of the credit risk of assets underlying the securities; the revised proposal would provide sponsors of asset-backed securities with several options to satisfy the risk retention requirement. (Aug. 28, 2013) [§941]
     
  • Proposed rules to prohibit material conflicts of interest between those who package and sell asset-backed securities and those who invest in them. (Sept. 19, 2011). [§621]
     
  • Adopted rules regarding suspension of reporting obligations for certain classes of asset-backed securities. The rules permit suspension of the reporting obligations when there are no longer asset-backed securities of the class sold in a registered transaction held by non-affiliates of the depositor. (Aug. 17, 2011) [§942(a)]
     
  • Re-proposed rules that would replace credit ratings as eligibility criteria for asset-backed issuers seeking to use "short form" registration. In the same release, the Commission requested comment on its proposals to require standardized loan-level information (July 26, 2011) [§939A; 942(b)]
     
  • Proposed rules (jointly with other agencies) regarding risk retention by securitizers of asset-backed securities: The proposed rules require sponsors of asset-backed securities to retain at least five percent of the credit risk of assets underlying the securities and would not permit the sponsors to transfer or hedge that credit risk. Securities backed exclusively by qualified residential mortgages would be exempt from the requirement. (March 30, 2011) [§941]
     
  • Adopted rules regarding asset-backed securities’ issuers’ responsibilities to conduct and disclose a review of the assets: The rules require issuers of asset-backed securities to conduct a review of the assets underlying those securities and make certain disclosures about those reviews. (Jan. 20, 2011) [§945]
     
  • Adopted rules regarding the use of representations and warranties in the asset-backed securities market: The rules require issuers of asset-backed securities to disclose the history of the requests they received and repurchases they made related to their outstanding asset-backed securities. (Jan. 20, 2011) [§943]
     
  • Proposed rules regarding suspension of reporting obligations for certain classes of asset-backed securities. The proposed rules would permit suspension of the reporting obligations when there are no longer asset-backed securities of the class sold in a registered transaction held by non-affiliates of the depositor. (Jan. 6, 2011) [§942(a)]
     
  • Proposed rules regarding asset-backed securities' issuers' responsibilities to conduct and disclose a review of the assets: The Commission proposed rules requiring issuers to conduct a review of the assets underlying their asset-backed securities and make certain disclosures about those reviews. (Oct. 13, 2010) [§945]
     
  • Proposed rules regarding the use of representations and warranties in the asset-backed securities market: The Commission proposed rules that would provide investors and the market with information regarding the use of representations and warranties in the asset-backed securities market. (Oct. 4, 2010) [§943]

Auditing

  • Issued a report to Congress regarding reducing the costs to smaller issuers (with market capitalization between $75 million and $ 250 million) for complying with §404(b) of the Sarbanes-Oxley Act of 2002, while maintaining investor protections. (April 22, 2011) [§989G]
     
  • Requested Public Comment for SOX Section 404(b) study: The SEC is requesting public comment related to a study of how to reduce compliance burden of auditor attestation requirement for companies whose public float is between $75 million and $250 million, while maintaining investor protections. (Oct. 14, 2010) [§989G]
     
  • Issued Broker Dealer Audit Guidance: The Commission issued interpretive guidance regarding applicable auditing standards for the performance of audits of brokers and dealers pending further Commission rulemaking and PCAOB standards-setting in this area. (Sept. 24, 2010) [§982]
     
  • Adopted rules to conform the Internal Control Audit Requirements for Smaller Companies to a provision of the Dodd-Frank Act that specifies that the auditor attestation requirement does not apply to non-accelerated filers. (Sept. 15, 2010) [§989G]

Clearing and Settlement

Corporate Governance & Disclosure

  • Proposed rules regarding disclosure of pay ratios. (Sept. 18, 2013) [§953]
     
  • Approved exchange rules establishing listing standards concerning compensation advisers and listing standards that require each member of a listed issuer's compensation committee to be an independent member of the board of directors. (Jan. 11, 2013, Jan. 14, 2013, and Jan. 15, 2013) [§952] (Release Nos. 34-68643 [BATS]; 34-68642 [CBOE]; 34-68653 [CHX]; 34-68640 [NASDAQ]; 34-68641 [BX]; 34-68662 [NSX]; 34-68635 [NYSE]; 34-68638 [NYSEARCA]; 34-68637 [NYSEMKT])
     
  • Adopted rule regarding "conflict minerals" disclosure: The rule requires companies to disclose use of minerals that originated in the Democratic Republic of the Congo or an adjoining country. (Aug. 22, 2012) [§1502]; see also Court of Appeals Decision and SEC Order for Partial Stay
     
  • Adopted rules regarding disclosure by resource extraction issuers: The rules require disclosure of payments to U.S. and non-U.S. governments related to commercial development of oil, gas, or mineral resources. (Aug. 22, 2012) [§1504]; see also Court Decision Vacating Rule
     
  • Adopted rule requiring exchange listing standards regarding compensation committee independence and disclosure of compensation consultant conflicts. (June 20, 2012) [§952]
     
  • Adopted rules regarding disclosure of mine safety information: The rules require mining companies to include information about mine safety and health in the quarterly and annual reports they file with the SEC. (Dec. 21, 2011) [§1503]
     
  • Conducted Staff Roundtable on Disclosure Related to "Conflict Minerals": The Commission staff held a roundtable on various issues related to the Commission's required rulemaking on reporting requirements regarding conflict minerals originating in the Democratic Republic of the Congo and adjoining countries. (Oct. 18, 2011) [§1502]
     
  • Proposed rules regarding exchange listing standards for compensation committee independence: The proposal requires exchange listing standards to address the independence of corporate directors who serve on compensation committees and the committees' authority and responsibilities with respect to hiring compensation advisers. (March 30, 2011) [§952]
     
  • Adopted rules concerning shareholder approval of executive compensation and "golden parachute" compensation arrangements. The new rules specify that say-on-pay votes required under the Dodd-Frank Act must occur at least once every three years and that companies are required to hold a "frequency" vote at least once every six years in order to allow shareholders to decide how often they would like to be presented with the say-on-pay vote. (Jan. 25, 2011) [§951]
     
  • Proposed Rules Regarding Disclosure by Resource Extraction Issuers: The Commission voted to propose rules to require resource extraction issuers to disclose payments made to the U.S. or foreign governments. (Dec. 15, 2010) [§1504]
     
  • Proposed Rules Regarding Disclosure of Mine Safety Information: The Commission voted to propose rules outlining the way in which mining companies must disclose to investors certain information about mine safety and health standards. (Dec. 15, 2010) [§1503]
     
  • Proposed Rules Regarding Disclosure Related to “Conflict Minerals”: The Commission voted to propose rules which would require new disclosures by reporting issuers concerning conflict minerals that originated in the Democratic Republic of the Congo or an adjoining country. (Dec. 15, 2010) [§1502]
     
  • Proposed rules that would permit shareholders to cast advisory votes on executive compensation and "golden parachute" arrangements. (Oct. 18, 2010) [§951]
     
  • Proposed rules regarding votes on executive compensation and "golden parachute" arrangements: The rules would require institutional investment mangers to report their votes on executive compensation and "golden parachute" arrangements at least annually, unless the votes are otherwise required to be reported publicly by SEC rules. (Oct. 18. 2010) [§951]
     
  • Eliminated Broker Discretionary Voting on Executive Compensation Matters: The Commission approved exchange rules regarding broker voting on executive compensation matters. (Sept. 9, 2010) [§957 (partial)]

Credit Ratings

Derivatives

  • Adopted rules and interpretative guidance for cross-border security-based swap activities. (June 25, 2014) [§763]
     
  • Proposed rules to establish recordkeeping, reporting, and notification requirements for security-based swap dealers and major security-based swap participants. (April 17, 2014) [§764]
     
  • Proposed rules and interpretative guidance for cross-border security-based swap activities. (May 1, 2013) [§§763 and 764]
     
  • Proposed capital, margin, and segregation requirements for security-based swap dealers and major security-based swap market participants. (Oct. 18, 2012) [§§763 and 764]
     
  • Adopted rules defining key terms: The rules, adopted jointly with the CFTC, define key terms used in the Act regarding certain derivative products. (July 6, 2012) [§712]
     
  • Adopted rules regarding the process that designated clearing agencies will use to provide notice of proposed changes (June 28, 2012) [§806]
     
  • Adopted rules regarding mandatory clearing of security-based swaps. (June 28, 2012) [§763]
     
  • Adopted rules, jointly with the CFTC, defining key terms used in the Act with respect to swap-market intermediaries. (April 18, 2012) [§712]
     
  • Adopted exemptions for security-based swaps issued by certain clearing agencies. (March 30, 2012) [various provisions of Title VII]
     
  • Proposed rules regarding the registration and regulation of security-based swap dealers and major security-based swap participants. (Oct. 12, 2011) [§764]
     
  • Requested public comment jointly with the CFTC for a study on swap regulation and clearinghouse regulation in the United States, Asia, and Europe. (July 20, 2011) [§719]
     
  • Adopted an extension of temporary rules providing exemptions for eligible credit default swaps issued by certain clearing agencies. (July 1, 2011) [various provisions of Title VII]
     
  • Adopted an interim final rule exempting certain securities-based swaps from registration (July 1, 2011) [§763(a)]
     
  • Proposed rules establishing external business conduct standards for security-based swap dealers and major security-based swap participants. (June 29, 2011) [§764]
     
  • Provided guidance designed to remove any uncertainty about requirements that will apply to derivatives transactions as of the one-year effective date of Title VII: The guidance makes clear that substantially all of the Act's regulatory framework applicable to security-based swaps will not go into effect on July 16, 2011. (June 15, 2011) [§774 (and various other provisions of Title VII)]
     
  • Proposed exemptions for security-based swaps issued by certain clearing agencies. (June 9, 2011) [various provisions of Title VII]
     
  • Readopted beneficial ownership rules as they relate to security-based swaps to preserve public disclosure requirements for beneficial owners of security-based swaps. (June 8, 2011) [§766]
     
  • Proposed rules, jointly with the CFTC, defining key terms used in the Act with respect to products: The proposed definitions would cover what is a "swap," a "security-based swap," and a "security-based swap agreement." (April 27, 2011) [§712]
     
  • Reported to Congress, jointly with the CFTC, on a study regarding the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions: The study concluded that such descriptions are feasible and identified three challenges that would have to be addressed before mandating their use. (April 8, 2011) [§719]
     
  • Proposed Readoption of Beneficial Ownership Rules as They Relate to Security-Based Swaps: The Commission proposed to readopt the relevant provisions of existing rules that govern beneficial ownership determinations for persons who use security-based swaps. (March 17, 2011) [§766]
     
  • Proposed rules for securities-based swaps clearing agencies. The proposed rules would establish standards for operation and governance. (March 2, 2011) [§763]
     
  • Proposed rules regarding the registration and regulation of security-based swap execution facilities (SEFs) as well as rules implementing the 14 core principles for security-based SEFs. (Feb. 2, 2011) [§763]
     
  • Proposed Rule for the Timely Acknowledgment and Verification of Security-Based Swap Transactions: The Commission voted to propose a rule governing the way in which certain security-based swap transactions are acknowledged and verified by the parties who enter into them. (Jan. 14, 2011) [§763]
     
  • Proposed Rules Regarding Mandatory Clearing of Security-based Swaps: The Commission voted to propose rules that would set out the way in which clearing agencies provide information to the SEC about security-based swaps that the clearing agencies plan to accept for clearing. (Dec. 15, 2010) [§763]
     
  • Proposed Rules Regarding the End-user Exception to Mandatory Clearing of Security-based Swaps: The Commission voted to propose requirements of end-users when they engage in a security-based swap transaction that is not subject to mandatory clearing. (Dec. 15, 2010) [§763]
     
  • Proposed Rules Joint Rules with CFTC to Define Swap Related Terms: The Commission jointly with the CFTC proposed rules to further define a series of terms related to the security-based swaps market, including “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant” and “eligible contract participant." (Dec. 7, 2010) [§712]
     
  • Requested Public Comment on a Study Mandated Section 719(b): The Commission jointly with the CFTC requested public comment to aid study regarding the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions. (Dec. 3, 2010) [§719]
     
  • Adopted an extension of temporary rules providing exemptions for eligible credit default swaps issued by certain clearing agencies (Nov. 19, 2010) [various provisions of Title VII]
     
  • Proposed Rules on Security-Based Swap Reporting: The Commission proposed rules on trade reporting, data elements, and real-time public reporting for security-based swaps. (Nov. 19, 2010) [§§763 and 766]
     
  • Proposed Rules to Outline Obligations of Security-Based Swap Repositories: The Commission proposed rules regarding the registration and regulation of security-based swap data repositories. (Nov. 19, 2010) [§763]
     
  • Proposed anti-manipulation rule for security-based swaps: The Commission proposed a rule to help prevent fraud, manipulation, and deception in connection with security-based swaps. (Nov. 3, 2010) [§763]
     
  • Adopted Interim Rule to Require Reporting of Security-Based Swaps: The Commission adopted an interim rule that requires certain swaps dealers and other parties to report any security-based swaps entered into prior to the July 21 passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. (Oct. 13, 2010) [§766]
     
  • Proposed Rules to Mitigate Conflicts of Interest Involving Security-Based Swaps: The Commission proposed rules intended to mitigate conflicts of interest for security-based swap clearing agencies, security-based swap execution facilities, and national securities exchanges that post security-based swaps or make them available for trading. (Oct. 13, 2010) [§765]
     
  • Conducted Staff Roundtables Regarding Derivatives: Commission staff, jointly with the CFTC staff, held a series of roundtables on topics including clearing organization and execution facility governance and conflicts (Aug. 20, 2010), swap and security-based swap matters (Sept. 14 and 15, 2010), issues related to clearing of credit default swaps (Oct. 22, 2010), and issues related to capital and margin for swaps and security-based swaps (Dec. 10, 2010). [Title VII]
     
  • Sought Public Comment on Swap Definitions: The Commission requested public comment regarding the way to define certain terms such as swaps, security-based swaps, swap dealers, and others. (Aug. 13, 2010) [Title VII]

Diversity

Enforcement

  • Adopted rules to implement a Whistleblower Incentives & Protection Program. (May 25, 2011) [§922]
     
  • Established the Office of Whistleblower. (Feb. 2011) [§21F]
     
  • Proposed Whistleblower Incentives and Protection Program: The Commission proposed rules to reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions. (Nov. 3, 2010) [§922]
     
  • Issued Report on Whistleblower Program: SEC staff issued a report to Congress related to the Securities Whistleblower Incentives and Protection program. (Oct. 29, 2010) [§922, §924]
     
  • Rescinded rules that administered the Commission's insider trading bounty program: In its place, the Act provided the Commission with new authority to reward whistleblowers with original information that leads to successful Commission enforcement actions of cases not limited to insider trading. (Sept. 15, 2010) [§922]

Exempt Offerings

International

Investor Advocate

Market Oversight

Municipal Securities

Oversight of Investment Advisers and Broker-Dealers

  • Issued annual report to Congress on use of data collected from advisers to hedge funds and other private funds to aid in monitoring system financial risk. (July 25, 2013) [§404]
     
  • Issued final rules to help prevent identity theft. The rules, written jointly with the CFTC, require investment companies and broker-dealers to adopt policies and procedures to prevent identity theft. (April 10, 2013) [§1088]
     
  • Implemented recommendations contained in study on ways to improve access of investors to registration information regarding investment advisers and broker-dealers. (May 14, 2012) [§919B]
     
  • Issued proposed rules and guidelines to help prevent identity theft. The rules, written jointly with the CFTC, require investment companies and broker-dealers to adopt policies and procedures to prevent identity theft. (Feb. 28, 2012) [§1088]
     
  • Adopted rules to adjust the threshold used to determine who is a "qualified client" of a registered investment adviser. (Feb. 15, 2012) [§418]]
     
  • Adopted rules requiring advisers to hedge funds and other private funds to report information for use in monitoring systemic financial risk. The rules were adopted jointly with the CFTC for dually-registered advisers. (Oct. 31, 2011) [§§404 and 406].
     
  • Adopted rules to implement an exemption from registration: The rules apply to venture capital firms and advisers managing less than $150 million of private funds and exempt them from requirements to register with the Commission. (June 22, 2011) [§§407 and 408]
     
  • Adopted rules defining "family office": The definition will help those managing their own family's financial portfolios determine whether their "family offices" can continue to be excluded from the Investment Advisers Act of 1940. (June 22, 2011) [§409]
     
  • Adopted rules and form changes to implement the transition of mid-sized investment advisers (between $25 and $100 million in assets under management) from SEC to State regulation, as provided in the Act. (June 22, 2011) [§410]
     
  • Proposed rules to raise certain dollar thresholds that need to be met before investment advisers can charge their clients performance fees: The proposed changes comply with a requirement in the Act to adjust these dollar thresholds for inflation every five years. (May 10, 2011) [§418]
     
  • Proposed joint rules with CFTC regarding reporting by investment advisers to private funds and certain commodity pool operators and commodity trading advisors. The proposed SEC rule would require investment advisers registered with the SEC that advise one or more private funds to file Form PF with the SEC. (Jan. 26, 2011) [§404 and §406]
     
  • Completed study of ways to improve investor access to information about investment advisers and broker-dealers. (Jan. 26, 2011) [§919B]
     
  • Issued Report to Congress regarding the study of the obligations of brokers, dealers and investment advisers. (Jan. 21, 2011) [§913]; see also SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers
     
  • Issued Report to Congress regarding the need for enhanced resources for investment adviser examinations and enforcement (Jan. 14, 2011) [§914]; see also Statement on Study from Commissioner Elisse B. Walter.
     
  • Proposed Rules to Improve Oversight of Investment Advisers: The Commission proposed rules implementing the exemptions from registration for advisers to venture capital firms and for certain advisers to private funds and also proposed rules and changes to forms to implement the transition of mid-sized investment advisers (between $25 and $100 million in assets under management) from SEC to State regulation, as provided in the Act. (Nov. 19, 2010) [§§407, 408 and 410]
     
  • Proposed rules regarding exemptions for advisers to venture capital funds and private fund advisers with less than $150 million in assets under management. The proposed rules would also define "venture capital fund." (Nov. 19, 2010) [§§402, 407, 408]
     
  • Proposed New Family Office Definition: The Commission proposed a new rule that would help those managing their own family's financial portfolios determine whether their "family offices" can continue to be excluded from the Investment Advisers Act of 1940. (Oct. 12, 2010) [§409]
     
  • Sought Public Comment on Fiduciary Duty Study: The Commission sought comment regarding a study it will conduct into the Obligations of Brokers, Dealers, and Investment Advisers. (July 27, 2010) [Implementation of §913: Request for Public Comments]

Chronological Listing

June 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

September 2013

August 2013

July 2013

May 2013

April 2013

January 2013

  • Adopted revisions to rules regarding due diligence for the delivery of dividends, interest, and other valuable property to missing securities holders. (Jan. 16, 2013) [§929W]
     
  • Approved exchange rules establishing listing standards concerning compensation advisers and listing standards that require each member of a listed issuer's compensation committee to be an independent member of the board of directors. (Jan. 11, 2013, and Jan. 14, 2013) [§952] (Release Nos. 34-68643 [BATS]; 34-68642 [CBOE]; 34-68653 [CHX]; 34-68640 [NASDAQ]; 34-68641 [BX]; 34-68662 [NSX]; 34-68635 [NYSE]; 34-68638 [NYSEARCA]; 34-68637 [NYSEMKT])
     

December 2012

November 2012

October 2012

September 2012

  • Report to Congress on standardization within certain elements of the credit rating process. (Sept. 7, 2012) [§939(h)]
     

August 2012

July 2012

  • Adopted rules defining key terms: The rules, adopted jointly with the CFTC, define key terms used in the Act regarding certain derivative products. (July 6, 2012) [§712]
     

June 2012

May 2012

April 2012

March 2012

  • Adopted exemptions for security-based swaps issued by certain clearing agencies. (March 30, 2012) [various provisions of Title VII]
     
  • Issued second report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. (March 30, 2012) [§967]
     

February 2012

  • Issued proposed rules and guidelines to help prevent identity theft. The rules, written jointly with the CFTC, require investment companies and broker-dealers to adopt policies and procedures to prevent identity theft. (Feb. 28, 2012) [§1088]
     
  • Adopted rules to adjust the threshold used to determine who is a "qualified client" of a registered investment adviser. (Feb. 15, 2012) [§418]]
     
  • Delivered to Congress jointly with CFTC a report on how swaps are regulated in the United States, Asia, and Europe to identify areas of regulation that are similar and other areas of regulation that could be harmonized. (Feb. 1, 2012) [§719(c)]
     

December 2011

  • Adopted rules to revise the “accredited investor” standard: The Commission amended its rules to exclude the value of a person’s home from net worth calculations used to determine whether an individual may invest in certain unregistered securities offerings. (Dec. 21, 2011) [§413]
     
  • Adopted rules regarding disclosure of mine safety information: The rules require mining companies to include information about mine safety and health in the quarterly and annual reports they file with the SEC. (Dec. 21, 2011) [§1503]
     
  • Sent report and certification to Congress on internal supervisory controls: The report covers the effectiveness of internal supervisory controls relating to examinations of registered entities, enforcement investigations, and review of corporate filings. (Dec. 21, 2011) [§961]
     

October 2011

  • Adopted rules requiring advisers to hedge funds and other private funds to report information for use in monitoring systemic financial risk. The rules were adopted jointly with the CFTC for dually-registered advisers. (Oct. 31, 2011) [§§404 and 406].
     
  • Conducted Staff Roundtable on Disclosure Related to "Conflict Minerals": The Commission staff held a roundtable on various issues related to the Commission's required rulemaking on reporting requirements regarding conflict minerals originating in the Democratic Republic of the Congo and adjoining countries. (Oct. 18, 2011) [§1502]
     
  • Proposed rules to implement prohibition on proprietary trading and prohibit certain relationships with hedge funds and private equity funds. (Oct. 12, 2011) [§619]
     
  • Proposed rules regarding the registration and regulation of security-based swap dealers and major security-based swap participants. (Oct. 12, 2011) [§764]
     

September 2011

  • Published an annual report summarizing NRSRO inspections, findings, and responses. (Sept. 30, 2011) [§932]
     
  • Proposed rules to prohibit material conflicts of interest between those who package and sell asset-backed securities and those who invest in them. (Sept. 19, 2011) [§621]
     
  • Issued report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make regulatory and administrative recommendations on the SEC's organization. (Sept. 12, 2011) [§967]

August 2011

  • Published order making annual adjustment to registration fees, effective Oct. 1, 2011. (Aug. 31, 2011) [§991]
     
  • Adopted rules regarding suspension of reporting obligations for certain classes of asset-backed securities. The rules permit suspension of the reporting obligations when there are no longer asset-backed securities of the class sold in a registered transaction held by non-affiliates of the depositor. (Aug. 17, 2011) [§942(a)]
     

July 2011

  • Adopted rules to remove credit ratings as eligibility criteria for companies seeking to use "short form" registration when registering securities for public sale. (July 27, 2011) [§939A]
     
  • Re-proposed rules that would replace credit ratings as eligibility criteria for asset-backed issuers seeking to use "short form" registration. In the same release, the Commission requested comment on its proposals to require standardized loan-level information (July 26, 2011) [§939A; 942(b)]
     
  • Reported to Congress, jointly with the CFTC and the Federal Reserve Board, on improving the common framework for designated clearing entity risk management. (July 21, 2011) [§813]
     
  • Reported to Congress a review of existing references to credit ratings in statutes and regulations. (July 21, 2011) [§939A]
     
  • Requested public comment jointly with the CFTC, for a study on swap regulation and clearinghouse regulation in the United States, Asia, and Europe. (July 20, 2011) [§719]
     
  • Adopted an extension of temporary rules providing exemptions for eligible credit default swaps issued by certain clearing agencies. (July 1, 2011) [various provisions of Title VII]
     
  • Adopted an interim final rule exempting certain securities-based swaps from registration (July 1, 2011) [§763(a)]
     
  • Established the Office of Minority & Women Inclusion. (July, 2011) [§342]

June 2011

  • Provided letter in lieu of report to Congress on Office objectives, and report by Ombudsman. (June 30, 2011) [§915 & §919D]
     
  • Proposed rules establishing external business conduct standards for security-based swap dealers and major security-based swap participants. (June 29, 2011) [§764]
     
  • Adopted rules to implement an exemption from registration: The rules apply to venture capital firms and advisers managing less than $150 million of private funds and exempt them from requirements to register with the Commission. (June 22, 2011) [§§407 and 408]
     
  • Adopted rules defining "family office": The definition will help those managing their own family's financial portfolios determine whether their "family offices" can continue to be excluded from the Investment Advisers Act of 1940. (June 22, 2011) [§409]
     
  • Adopted rules and form changes to implement the transition of mid-sized investment advisers (between $25 and $100 million in assets under management) from SEC to State regulation, as provided in the Act. (June 22, 2011) [§410]
     
  • Provided guidance designed to remove any uncertainty about requirements that will apply to derivatives transactions as of the one-year effective date of Title VII: The guidance makes clear that substantially all of the Act's regulatory framework applicable to security-based swaps will not go into effect on July 16, 2011. (June 15, 2011) [§774 (and various other provisions of Title VII)]
     
  • Proposed exemptions for security-based swaps issued by certain clearing agencies. (June 9, 2011) [various provisions of Title VII]
     
  • Readopted beneficial ownership rules as they relate to security-based swaps to preserve public disclosure requirements for beneficial owners of security-based swaps. (June 8, 2011) [§766]

May 2011

April 2011

  • Proposed revisions to rules that rely on credit ratings as an assessment of credit worthiness, and replace them with alternative criteria. (April 27, 2011) [§939A]
     
  • Proposed rules, jointly with the CFTC, defining key terms used in the Act with respect to products: The proposed definitions would cover what is a "swap," a "security-based swap," and a "security-based swap agreement." (April 27, 2011) [§712]
     
  • Issued a report to Congress regarding reducing the costs to smaller issuers (with market capitalization between $75 million and $ 250 million) for complying with §404(b) of the Sarbanes-Oxley Act of 2002, while maintaining investor protections. (April 22, 2011) [§989G]
     
  • Requested public input on a study on financial literacy and investor education efforts: The study will assess retail investors' financial literacy and identify the most effective public and private investor education efforts. (April 19, 2011) [§917]
     
  • Reported to Congress, jointly with the CFTC, on a study regarding the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions: The study concluded that such descriptions are feasible and identified three challenges that would have to be addressed before mandating their use. (April 8, 2011) [§719]

March 2011

  • Proposed rules (jointly with other regulators) regarding disclosure of, and prohibitions of, certain executive compensation structures and arrangements at certain financial institutions: The proposed rules would ban these financial institutions from incentive compensation that would encourage inappropriate risk-taking. (March 31, 2011) [§956]
     
  • Proposed rules regarding exchange listing standards for compensation committee independence: The proposal requires exchange listing standards to address the independence of corporate directors who serve on compensation committees and the committees' authority and responsibilities with respect to hiring compensation advisers. (March 30, 2011) [§952]
     
  • Proposed rules (jointly with other agencies) regarding risk retention by securitizers of asset-backed securities: The proposed rules require sponsors of asset-backed securities to retain at least five percent of the credit risk of assets underlying the securities and would not permit the sponsors to transfer or hedge that credit risk. Securities backed exclusively by qualified residential mortgages would be exempt from the requirement. (March 30, 2011) [§941]
     
  • Proposed revisions to rules regarding due diligence for the delivery of dividends, interest, and other valuable property to missing securities holders: The proposed changes would expand a requirement to search for missing securityholders to broker-dealers. (March 18, 2011) [§929W]
     
  • Proposed Readoption of Beneficial Ownership Rules as they relate to Security-Based Swaps: The Commission proposed to readopt the relevant provisions of existing rules that govern beneficial ownership determinations for persons who use security-based swaps. (March 17, 2011) [§766]
     
  • Reported to Congress on organizational issues. The report prepared by independent consultants studied and made recommendations regarding SEC organization and operations. (March 10, 2011) [§967]
     
  • Proposed a rule establishing minimum standards for the operation, governance, and risk management practices of registered clearing agencies, including clearing agencies designated as systemically important. (March 3, 2011) [§805]
  • Proposed rules for securities-based swaps clearing agencies. The proposed rules would establish standards for operation and governance. (March 2, 2011) [§763]
     
  • Proposed rules (jointly with other regulators) regarding disclosure of, and prohibitions of certain, executive compensation structures and arrangements at “covered financial institutions.” (March 2, 2011) [§956]
     
  • Proposed revisions to rules that rely on credit ratings as an assessment of credit worthiness, and replace them with alternative criteria. (March 2, 2011) [§939A]

February 2011

  • Proposed revisions to rules that contain references to credit ratings: The Commission proposed to remove credit ratings as one of the conditions for companies seeking to use short-form registration when registering securities. The proposal is the first in a series of SEC proposals to remove references to credit ratings within Commission rules and replace them with alternative criteria. (Feb. 9, 2011) [§939A]
     
  • Proposed rules regarding the registration and regulation of security-based swap execution facilities (SEFs) as well as rules implementing the 14 core principles for security-based SEFs. (Feb. 2, 2011) [§763]
     
  • Established the Office of Whistleblower. (Feb. 2011) [§21F]
     

January 2011

  • Proposed joint rules with CFTC regarding reporting by investment advisers to private funds and certain commodity pool operators and commodity trading advisors. The proposed SEC rule would require investment advisers registered with the SEC that advise one or more private funds to file Form PF with the SEC. (Jan. 26, 2011) [§404 and §406]
     
  • Completed study of ways to improve investor access to information about investment advisers and broker-dealers. (Jan. 26, 2011) [§919B]
     
  • Proposed rule to revise the “accredited investor” standard. The proposed amendments would exclude the value of an individual's primary residence in calculating net worth when determining accredited investor status and would clarify the treatment of any indebtedness secured by the residence in the net worth calculation. (Jan. 25, 2011) [§413]
     
  • Adopted rules concerning shareholder approval of executive compensation and "golden parachute" compensation arrangements. The new rules specify that say-on-pay votes required under the Dodd-Frank Act must occur at least once every three years and that companies are required to hold a "frequency" vote at least once every six years in order to allow shareholders to decide how often they would like to be presented with the say-on-pay vote. (Jan. 25, 2011) [§951]
     
  • Issued Report to Congress regarding the study of the obligations of brokers, dealers and investment advisers. (Jan. 21, 2011) [§913]; see also SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers
     
  • Adopted rules regarding the use of representations and warranties in the asset-backed securities market: The rules require issuers of asset-backed securities to disclose the history of the requests they received and repurchases they made related to their outstanding asset-backed securities. (Jan. 20, 2011) [§943]
     
  • Adopted rules regarding asset-backed securities’ issuers’ responsibilities to conduct and disclose a review of the assets: The rules require issuers of asset-backed securities to conduct a review of the assets underlying those securities and make certain disclosures about those reviews. (Jan. 20, 2011) [§945]
     
  • Issued Report to Congress regarding the need for enhanced resources for investment adviser examinations and enforcement. (Jan. 14, 2011) [§914]; see also Statement on Study from Commissioner Elisse B. Walter.
     
  • Adopted streamlined procedural rules regarding filings by self-regulatory organizations: The rules of practice describe the process the Commission will use when it decides to hold hearings to consider rules proposed by self regulatory organizations and the Public Company Accounting Oversight Board. (Jan. 14, 2011) [§916]
     
  • Proposed Rule for the Timely Acknowledgment and Verification of Security-Based Swap Transactions: The Commission voted to propose a rule governing the way in which certain security-based swap transactions are acknowledged and verified by the parties who enter into them. (Jan. 14, 2011) [§763]
     
  • Proposed rules regarding suspension of reporting obligations for certain classes of asset-backed securities. The proposed rules would permit suspension of the reporting obligations when there are no longer asset-backed securities of the class sold in a registered transaction held by non-affiliates of the depositor. (Jan. 6, 2011) [§942(a)]

December 2010

  • Proposed Permanent Rule Requiring Municipal Advisors to Register With Agency: The Commission voted to propose a rule creating a new process by which municipal advisors must register with the SEC. (Dec. 20, 2010) [§975]
     
  • Requested Comment for Credit Rating Standardization Study: The Commission is requesting public comment to help inform its study on the feasibility and desirability of credit rating standardization, which must be completed within one year. (Dec. 17, 2010)
     
  • Proposed Rules Regarding Mandatory Clearing of Security-based Swaps: The Commission voted to propose rules that would set out the way in which clearing agencies provide information to the SEC about security-based swaps that the clearing agencies plan to accept for clearing. (Dec. 15, 2010) [§763]
     
  • Proposed Rules Regarding the End-user Exception to Mandatory Clearing of Security-based Swaps: The Commission voted to propose requirements of end-users when they engage in a security-based swap transaction that is not subject to mandatory clearing. (Dec. 15, 2010) [§763]
     
  • Proposed Rules Regarding Disclosure Related to “Conflict Minerals”: The Commission voted to propose rules which would require new disclosures by reporting issuers concerning conflict minerals that originated in the Democratic Republic of the Congo or an adjoining country. (Dec. 15, 2010) [§1502]
     
  • Proposed Rules Regarding Disclosure of Mine Safety Information: The Commission voted to propose rules outlining the way in which mining companies must disclose to investors certain information about mine safety and health standards. (Dec. 15, 2010) [§1503]
     
  • Proposed Rules Regarding Disclosure by Resource Extraction Issuers: The Commission voted to propose rules to require resource extraction issuers to disclose payments made to the U.S. or foreign governments. (Dec. 15, 2010) [§1504]
     
  • Conducted Staff Roundtables Regarding Derivatives: Commission staff, jointly with the CFTC staff, held a series of roundtables on topics including clearing organization and execution facility governance and conflicts (Aug. 20, 2010), swap and security-based swap matters (Sept. 14 and 15, 2010), issues related to clearing of credit default swaps (Oct. 22, 2010), and issues related to capital and margin for swaps and security-based swaps (Dec. 10, 2010). [Title VII]
     
  • Proposed Rules Joint Rules with CFTC to Define Swap Related Terms: The Commission jointly with the CFTC proposed rules to further define a series of terms related to the security-based swaps market, including “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant” and “eligible contract participant." (Dec. 7, 2010) [§712]
     
  • Requested Public Comment on a Study Mandated Section 719(b): The Commission jointly with the CFTC requested public comment to aid study regarding the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions. (Dec. 3, 2010) [§719]

November 2010

  • Proposed rules regarding exemptions for advisers to venture capital funds and private fund advisers with less than $150 million in assets under management. The proposed rules would also define "venture capital fund." (Nov. 19, 2010) [§§402, 407, 408]
     
  • Adopted an extension of temporary rules providing exemptions for eligible credit default swaps issued by certain clearing agencies (Nov. 19, 2010) [various provisions of Title VII]
     
  • Proposed Rules to Improve Oversight of Investment Advisers: The Commission proposed rules implementing the exemptions from registration for advisers to venture capital firms and for certain advisers to private funds and also proposed rules and changes to forms to implement the transition of mid-sized investment advisers (between $25 and $100 million in assets under management) from SEC to State regulation, as provided in the Act. (Nov. 19, 2010) [§§407, 408 and 410]
     
  • Proposed Rules on Security-Based Swap Reporting: The Commission proposed rules on trade reporting, data elements, and real-time public reporting for security-based swaps. (Nov. 19, 2010) [§§763 and 766]
     
  • Proposed Rules to Outline Obligations of Security-Based Swap Repositories: The Commission proposed rules regarding the registration and regulation of security-based swap data repositories. (Nov. 19, 2010) [§763]
     
  • Proposed Whistleblower Incentives and Protection Program: The Commission proposed rules to reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions. (Nov. 3, 2010) [§922]
     
  • Proposed anti-manipulation rule for security-based swaps: The Commission proposed a rule to help prevent fraud, manipulation, and deception in connection with security-based swaps. (Nov. 3, 2010) [§763]

October 2010

  • Issued Report on Whistleblower Program: SEC staff issued a report to Congress related to the Securities Whistleblower Incentives and Protection program. (Oct. 29, 2010) [§922, §924]
     
  • Solicited Public Comment on transnational securities fraud: The Commission has solicited public comment on issues related to a study to determine the extent to which private rights of action under the antifraud provisions of the Securities Exchange Act of 1934 (the “Exchange Act”) should be extended to cover transnational securities fraud. (Oct. 25, 2010) [§929Y]
     
  • Conducted Staff Roundtables Regarding Derivatives: Commission staff, jointly with the CFTC staff, held a series of roundtables on topics including clearing organization and execution facility governance and conflicts (Aug. 20, 2010), swap and security-based swap matters (Sept. 14 and 15, 2010), issues related to clearing of credit default swaps (Oct. 22, 2010), and issues related to capital and margin for swaps and security-based swaps (Dec. 10, 2010). [Title VII]
     
  • Proposed rules that would permit shareholders to cast advisory votes on executive compensation and "golden parachute" arrangements. (Oct. 18, 2010) [§951]
     
  • Proposed rules regarding votes on executive compensation and "golden parachute" arrangements: The rules would require institutional investment mangers to report their votes on executive compensation and "golden parachute" arrangements at least annually, unless the votes are otherwise required to be reported publicly by SEC rules. (Oct. 18. 2010) [§951]
     
  • Awarded Independent Consultant Contract to perform study of SEC organization and operations. (Oct. 15, 2010) [§967]
     
  • Requested Public Comment for SOX Section 404(b) study: The SEC is requesting public comment related to a study of how to reduce compliance burden of auditor attestation requirement for companies whose public float is between $75 million and $250 million, while maintaining investor protections. (Oct. 14, 2010) [§989G]
     
  • Adopted Interim Rule to Require Reporting of Security-Based Swaps: The Commission adopted an interim rule that requires certain swaps dealers and other parties to report any security-based swaps entered into prior to the July 21 passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. (Oct. 13, 2010) [§766]
     
  • Proposed rules regarding asset-backed securities' issuers' responsibilities to conduct and disclose a review of the assets: The Commission proposed rules requiring issuers to conduct a review of the assets underlying their asset-backed securities and make certain disclosures about those reviews. (Oct. 13, 2010) [§945]
     
  • Proposed Rules to Mitigate Conflicts of Interest Involving Security-Based Swaps: The Commission proposed rules intended to mitigate conflicts of interest for security-based swap clearing agencies, security-based swap execution facilities, and national securities exchanges that post security-based swaps or make them available for trading. (Oct. 13, 2010) [§765]
     
  • Proposed New Family Office Definition: The Commission proposed a new rule that would help those managing their own family's financial portfolios determine whether their "family offices" can continue to be excluded from the Investment Advisers Act of 1940. (Oct. 12, 2010) [§409]
     
  • Proposed rules regarding the use of representations and warranties in the asset-backed securities market: The Commission proposed rules that would provide investors and the market with information regarding the use of representations and warranties in the asset-backed securities market. (Oct. 4, 2010) [§943]

September 2010

  • Approved Municipal Securities Rulemaking Board Rule Change Regarding Board Membership: The Commission approved a rule change to amend MSRB Rule A-3 to comply with the Dodd-Frank Act. (Sept. 30, 2010) [§975(b)]
     
  • Adopted rule to remove exemption for Credit Rating Agencies: The Commission revised Regulation FD to remove an exemption for entities whose primary business is the issuance of credit ratings. (Sept. 29, 2010) [§939B]
     
  • Established Employee Hotline to the Office of the Inspector General: This provides SEC employees with a hotline telephone number and email box to suggest improvements in the work efficiency, effectiveness, productivity, and use of resources of the Commission, as well as allegations of waste, abuse, misconduct or mismanagement within the Commission. (Sept. 27, 2010) [§966]
     
  • Issued Broker Dealer Audit Guidance: The Commission issued interpretive guidance regarding applicable auditing standards for the performance of audits of brokers and dealers pending further Commission rulemaking and PCAOB standards-setting in this area. (Sept. 24, 2010) [§982]
     
  • Rescinded rules that administered the Commission's insider trading bounty program: In its place, the Act provided the Commission with new authority to reward whistleblowers with original information that leads to successful Commission enforcement actions of cases not limited to insider trading. (Sept. 15, 2010) [§922]
     
  • Adopted rules to conform the Internal Control Audit Requirements for Smaller Companies to a provision of the Dodd-Frank Act that specifies that the auditor attestation requirement does not apply to non-accelerated filers. (Sept. 15, 2010) [§989G]
     
  • Conducted Staff Roundtables Regarding Derivatives: Commission staff, jointly with the CFTC staff, held a series of roundtables on topics including clearing organization and execution facility governance and conflicts (Aug. 20, 2010), swap and security-based swap matters (Sept. 14 and 15, 2010), issues related to clearing of credit default swaps (Oct. 22, 2010), and issues related to capital and margin for swaps and security-based swaps (Dec. 10, 2010). [Title VII]
     
  • Eliminated Broker Discretionary Voting on Executive Compensation Matters: The Commission approved exchange rules regarding broker voting on excecutive compensation matters. (Sept. 9, 2010) [§957 (partial)]
     
  • Adopted Interim Rule Regarding the Registration of Municipal Advisors: The Commission adopted an Interim Temporary Final Rule establishing registration system and form for municipal advisors. (Sept. 1, 2010) [§975(a)]

August 2010

  • Conducted Staff Roundtables Regarding Derivatives: Commission staff, jointly with the CFTC staff, held a series of roundtables on topics including clearing organization and execution facility governance and conflicts (Aug. 20, 2010), swap and security-based swap matters (Sept. 14 and 15, 2010), issues related to clearing of credit default swaps (Oct. 22, 2010), and issues related to capital and margin for swaps and security-based swaps (Dec. 10, 2010). [Title VII]
     
  • Sought Public Comment on Swap Definitions: The Commission requested public comment regarding the way to define certain terms such as swaps, security-based swaps, swap dealers, and others. (Aug. 13, 2010) [Title VII]

July 2010

 

http://www.sec.gov/spotlight/dodd-frank/accomplishments.shtml


Modified: 07/02/2014