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Dodd-Frank Progress Report
Generated using the Davis Polk Regulatory Tracker™
May 2014
In Brief: April 2014
1 Requirement Met, 0 Proposed. The FDIC released a final rule regarding restrictions on sales of assets of a covered financial company by the FDIC.
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State of Play to Date:
In the past month, one rulemaking requirement was finalized and no rulemaking requirements were proposed.
As of May 1, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. This is 70.4% of the 398 total rulemaking requirements, and 100% of the 280 rulemaking requirements with specified deadlines.
Of these 280 passed deadlines, 128 (45.7%) have been missed and 152 (54.3%) have been met with finalized rules. Regulators have not yet released proposals for 44 of the 128 missed rules.
Of the 398 total rulemaking requirements, 207 (52.01%) have been met with finalized rules and rules have been proposed that would meet 93 (23.37%) more. Rules have not yet been proposed to meet 98 (24.62%) rulemaking requirements.
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Contents
Dodd-Frank Rulemaking Progress by Month 4
Dodd-Frank Rulemaking Progress by Agency 5
Title VII Progress on Required Rulemakings 6
Dodd-Frank Rulemaking Progress on Passed Deadlines 7
Dodd-Frank Rulemaking Progress in Select Categories 8
Dodd-Frank Rulemaking Progress by Due Date 9
Dodd-Frank Statutory Deadlines for Required Rulemakings 10
Dodd-Frank Study Progress by Due Date 11
Dodd-Frank Statutory Deadlines for Required Studies 12
Tasks for Swap Dealers and Major Swap Participants 13
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Values Refer to Number of Rulemaking RequirementsRulemaking counts are based on estimates and require judgment.
Dodd-Frank Rulemaking Progress by Month
Future Deadline: Not Proposed, 54
Future Deadline:
Proposed, 9
Finalized, 207
Missed Deadline: Not Proposed, 44
Missed Deadline:
Proposed, 84
Future Deadline: Not Proposed, 54
Future Deadline:
Proposed, 10
Finalized, 206
Missed Deadline: Not Proposed, 44
Missed Deadline:
Proposed, 84
As of May 1, 2014As of April 1, 2014
4
Values Refer to Number of Rulemaking RequirementsRulemaking counts are based on estimates and require judgment.
Dodd-Frank Rulemaking Progress by Agency
Future Deadline: Not Proposed, 10
Future Deadline:
Proposed, 2
Finalized, 42
Missed Deadline: Not Proposed, 8
Missed Deadline:
Proposed, 33
Future Deadline: Not Proposed,
24
Future Deadline: Proposed, 5
Finalized, 70
Missed Deadline: Not Proposed, 11
Missed Deadline:
Proposed, 25
Future Deadline: Not Proposed, 1
Finalized, 50
Missed Deadline: Not Proposed, 2
Missed Deadline:
Proposed, 7
SEC (95)
CFTC (60)
Other (108)
Bank Regulators (135)
As of May 1, 2014
Future Deadline: Not Proposed, 19
Future Deadline:
Proposed, 2
Finalized, 45
Missed Deadline: Not Proposed, 23
Missed Deadline:
Proposed, 19
5
Missed Deadline: Not Proposed, 7
Missed Deadline: Proposed, 34
Finalized, 49
Missed Deadline:
Proposed, 7
Finalized, 36
CFTC Progress on Required Title VII Rulemakings
Missed Deadline: Not Proposed, 2
Missed Deadline:
Proposed, 17
Finalized, 10
SEC Progress on Required Title VII Rulemakings
As of May 1, 2014
Title VII Progress on Required Rulemakings
Rulemaking counts are based on estimates and require judgment.
Values Refer to Number of Rulemaking Requirements 6
11, 12%
25, 28%
54, 60%
Missed Deadline: Not Proposed,
44, 15.7%
Missed Deadline: Proposed, 84,
30.0%Finalized: Deadline
Passed, 152, 54.3%
Bank Regulators (90) Other (60)SEC (76)
Total (280)
Values Refer to Number of Rulemaking RequirementsRulemaking counts are based on estimates and require judgment.
CFTC (54)
23, 38%
19, 32%
18, 30%
Dodd-Frank Rulemaking Progress on Passed Deadlines
As of May 1, 2014
8, 11%
33, 43%
35, 46%2, 4%
7, 13%
45, 83%
7
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 May 1, 2014
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.
8
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
1Q 2014
2Q 2014
3Q 2014
4Q 2014
Not Specified
Annual
Finalized
Missed Deadline: Proposed
Missed Deadline: Not Proposed
Future Deadline: Proposed
Future Deadline: Not Proposed
As of May 1, 2014
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.
9
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
1Q_2014
2Q_2014
3Q_2014
4Q_2014
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
10
3
21
1
17
3
16
12
4
4
2
5
0 5 10 15 20 25
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
1Q_2014
2Q_2014
3Q_2014
4Q_2014
Not Specified
Annual
Finalized Missed Deadline Future Deadline
As of May 1, 2014
Dodd-Frank Study Progress by Due Date
Number of Required Studies(Joint Studies are Counted for Each Applicable Agency)
11
3
21
1
17
3
16
12
4
4
2
5
0 5 10 15 20 25
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
1Q_2014
2Q_2014
3Q_2014
4Q_2014
Not Specified
Annual
Bank Regulators CFTC GAO SEC Other
Dodd-Frank Statutory Deadlinesfor Required Studies
Number of Required Studies(Joint Studies are Counted for Each Applicable Agency)
12
450
1025
1328
811
717
0 200 400 600 800 1000 1200 1400
Records
Legal
Operations
Technology
Business/Trading
For more information, please contact hub@davispolk.com.
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 May 1, 2014
Tasks for Swap Dealers and Major Swap Participants
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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 tracker@davispolk.com 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
© 2014 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 dpwmail@davispolk.com to your address book. For more information regarding the Progress Report, please contact dodd.frank.progress.report@davispolk.com. For more information regarding the Davis Polk Regulatory Tracker™, please contact tracker@davispolk.com. 14
Luigi L. De Ghenghi 212 450 4296 luigi.deghenghi@davispolk.com
John L. Douglas 212 450 4145 john.douglas@davispolk.com
Susan C. Ervin 202 962 7141 susan.ervin@davispolk.com
Randall D. Guynn 212 450 4239 randall.guynn@davispolk.com
Annette L. Nazareth 202 962 7075 annette.nazareth@davispolk.com
Lanny A. Schwartz 212 450 4174 lanny.schwartz@davispolk.com
Margaret E. Tahyar 212 450 4379 margaret.tahyar@davispolk.com
Gabriel D. Rosenberg 212 450 4537 gabriel.rosenberg@davispolk.com
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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