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Regulatory Updates
In response to the recent financial crisis, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), which heralded fundamental changes in the U.S. financial regulatory system, including the regulations that impact the securitization industry.
Enactment of Dodd-Frank was by no means the end of the story. Congress left it to the regulatory agencies to finalize Dodd-Frank’s requirements through administrative rulemakings. The federal regulators have already unleashed a massive wave of new regulations aimed at addressing weaknesses and failures in the securitization market — and there is more to come.
Although the new rules are at various stages of proposal and adoption and the compliance dates are staggered, the rule-making initiatives are already having a significant impact on the securitization market and on the availability of credit to households and businesses.
- Collins Amendment
- Conflicts of Interest (Section 621)
- Derivatives (Title VII)
- Disclosure (Sections 942(a) and 942(b))
- Franken Amendment (Section 939F)
- Orderly Liquidation Authority (Title II)
- Pool Asset Reviews (Section 945)
- Ratings Alternatives (Section 939A)
- Ratings Standardization (Section 939(h))
- Repeal of Rule 436(g) (Section 939G)
- Representations and Warranties (Section 943)
- Risk Retention (Section 941)
- Single-Counterparty Exposure Limits (Section 165(e))
- Third-Party Due Diligence Reports (Section 932)
- Volcker Rule (Section 619)
