Dodd-Frank Progress Report July 18, 2014 Generated using the Davis Polk Regulatory Tracker
Dodd-Frank: Four Years Later State of Play to Date: As of July 18, 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, 127 (45.4%) have been missed and 153 (54.6%) have been met with finalized rules. Regulators have not yet released proposals for 42 of the 127 missed rules. Of the 398 total rulemaking requirements, 208 (52.3%) have been met with finalized rules and rules have been proposed that would meet 94 (23.6%) more. Rules have not yet been proposed to meet 96 (24.1%) rulemaking requirements. www.davispolkportal.com 2
Contents Dodd-Frank Rulemaking Progress by Agency 4 Title VII Progress on Required Rulemakings 5 Dodd-Frank Rulemaking Progress on Passed Deadlines 6 Dodd-Frank Rulemaking Progress in Select Categories 7 Dodd-Frank Rulemaking Progress by Due Date 8 Dodd-Frank Statutory Deadlines for Required Rulemakings 9 Dodd-Frank Study Progress by Due Date 10 Dodd-Frank Statutory Deadlines for Required Studies 11 Tasks for Swap Dealers and Major Swap Participants 12 3
Dodd-Frank Rulemaking Progress by Agency As of July 18, 2014 Proposed, 26 Proposed, 10 Bank Regulators (135) Future Not Proposed, 24 Future Proposed, 5 Finalized, 50 CFTC (60) Proposed, 2 Proposed, 7 Future Proposed, 1 Finalized, 70 Proposed, 33 Proposed, 8 Rulemaking counts are based on estimates and require judgment. SEC (95) Future Proposed, 10 Future Proposed, 2 Finalized, 42 Future Proposed, 2 Future Proposed, 19 Values Refer to Number of Rulemaking Requirements Other (108) Finalized, 46 Proposed, 19 Proposed, 22 4
Title VII Progress on Required Rulemakings As of July 18, 2014 Finalized, 49 Proposed, 34 Proposed, 7 CFTC Progress on Required Title VII Rulemakings SEC Progress on Required Title VII Rulemakings Proposed, 7 Proposed, 2 Proposed, 17 Finalized, 36 Rulemaking counts are based on estimates and require judgment. Finalized, 10 Values Refer to Number of Rulemaking Requirements 5
Dodd-Frank Rulemaking Progress on Passed Deadlines As of July 18, 2014 Total (280) Proposed, 85, 30.4% Finalized: Deadline Passed, 153, 54.6% Not Proposed, 42, 15.0% Bank Regulators (90) CFTC (54) SEC (76) Other (60) 54, 60% 33, 43% 19, 32% 26, 29% 7, 13% 2, 4% 45, 83% 35, 46% 19, 32% 10, 11% Rulemaking counts are based on estimates and require judgment. 8, 11% Values Refer to Number of Rulemaking Requirements 22, 36% 6
Asset-Backed Securities Offerings Dodd-Frank Rulemaking Progress in Select Categories 14 As of July 18, 2014 Banking Regulations 44 Collins Amendment 6 Consumer Protection 63 Credit Rating Agencies 22 Derivatives 90 Executive Comp. / Corp. Governance Mortgage Reforms 14 49 Finalized Proposed Proposed Orderly Liquidation Authority Investment Advisers / Private Funds 7 21 Future Proposed Future Proposed Investor Protection / Securities Laws 11 Systemic Risk 28 0 10 20 30 40 50 60 70 80 90 100 Rulemaking counts are based on estimates and require judgment. Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency) 7
Dodd-Frank Rulemaking Progress by Due Date 3Q 2010 1 As of July 18, 2014 4Q 2010 4 1Q 2011 9 2Q 2011 26 3Q 2011 119 4Q 2011 37 1Q 2012 25 2Q 2012 3Q 2012 4Q 2012 16 Finalized 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1 42 Proposed Proposed Future Proposed 1Q 2014 2Q 2014 Future Proposed 3Q 2014 4Q 2014 Not Specified 116 Annual 2 0 20 40 60 80 100 120 140 Rulemaking counts are based on estimates and require judgment. Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency) 8
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 1 4 1 2 9 16 Dodd-Frank Statutory Deadlines for Required Rulemakings 26 25 37 42 116 119 0 20 40 60 80 100 120 140 Bank Regulators CFPB CFTC SEC Other Rulemaking counts are based on estimates and require judgment. Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency) 9
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 1 3 3 Dodd-Frank Study Progress by Due Date As of July 18, 2014 17 16 12 4 4 21 Not Specified Annual 2 5 0 5 10 15 20 25 Finalized Deadline Future Deadline Number of Required Studies (Joint Studies are Counted for Each Applicable Agency) 10
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 1 2 3 3 4 4 5 Dodd-Frank Statutory Deadlines for Required Studies 12 16 17 21 0 5 10 15 20 25 Bank Regulators CFTC GAO SEC Other Number of Required Studies (Joint Studies are Counted for Each Applicable Agency) 11
Business/Trading Technology Tasks for Swap Dealers and Major Swap Participants As of July 18, 2014 717 811 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. Operations 1328 Legal 1025 Records 450 0 200 400 600 800 1000 1200 1400 For more information, please contact hub@davispolk.com. 12
About the Progress Report 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 subscriptionbased Regulatory Tracker TM 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. 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. 13
Questions? 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. 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 www.davispolkportal.com 14