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SEC's Dodd-Frank Rulemaking Schedule

The SEC has announced its Dodd-Frank rulemaking schedule. Covering everything from derivatives and diversity, to investment advisers, rating agencies, and municipal securities, the Commission has a very full schedule through the middle of 2011.  The Commission is still developing its rulemaking schedule for the period following July of 2011.


November - December 2010 (planned)

Diversity

    §342: Appoint director of new Office of Women and Minority Inclusion

Oversight of Investment Advisers

    §§407 and 408: Propose rules implementing the exemptions from registration for advisers to venture capital firms and for certain advisers to private funds
    
    §410: Propose 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
    
    §418: Propose rules to adjust the threshold for “qualified client”

Exempt Offerings

    §413: Propose rules to revise the “accredited investor” standard
    
    §926: Propose rules disqualifying the offer or sale of securities in certain exempt offerings by certain felons and others similarly situated

Derivatives

    §712: Propose rules, jointly with the CFTC, further defining key terms used in the Act
    
    §763: Propose anti-manipulation rules for security-based swaps
    
    §§763 and 766: Propose rules on trade reporting, data elements, and real-time public reporting for security-based swaps
    
    §763: Propose rules regarding the registration and regulation of security-based swap data repositories
    
    §763: Propose rules regarding mandatory clearing of security-based swaps
    
    §763: Propose rules regarding the end-user exception to mandatory clearing of security-based swaps
    
    §763: Propose rules for clearing agencies for security-based swaps
    
    §763: Propose rules regarding the registration and regulation of security-based swap execution facilities
    
    §764: Propose rules regarding the registration and regulation of security-based swap dealers and major security-based swap participants
    

Clearing & Settlement

    §806: Propose rules regarding the process to be used by designated clearing agencies to provide the SEC notice of certain proposed changes

Investor Advocate

    §915: Appoint Investor Advocate

Market Oversight

    §916: Adopt streamlined procedural rules regarding filings by self-regulatory organizations
    
    §929W: Propose revisions to rules regarding due diligence for the delivery of dividends, interest and other valuable property to missing securities holders
    
    §956: Propose rules (jointly with other regulators) regarding disclosure of, and prohibitions of certain, executive compensation structures and arrangements

Enforcement

    §922: Propose rules to implement a Whistleblower Incentives & Protection Program
    
    §924: Appoint head of new Whistleblower Office

Credit Ratings

    §932: Appoint director of new Office of Credit Ratings
    
    §932: Begin publishing reports the Commission receives from NRSROs on certain employee departures

Asset-Backed Securities

    §621: Propose rules prohibiting material conflicts of interests between certain parties involved in asset-backed securities and investors in the transaction
    
    §941: Propose rules (jointly with others) regarding risk retention by securitizers of asset-backed securities, and implementing the exemption of qualified residential mortgages from this prohibition
    
    §942: Propose rules regarding the reporting obligations of ABS issuers that, prior to enactment of the Act, were not required to report under section §15(d) of the Securities Exchange Act

Corporate Governance & Disclosure

    §952: Propose exchange listing standards regarding compensation committee independence and factors affecting compensation adviser independence; propose disclosure rules regarding compensation consultant conflicts
    
    §1502: Propose rules for Public Comment regarding disclosure related to “conflict minerals”
    
    §1503: Propose rules regarding disclosure of mine safety information
    
    §1504: Propose rules for Public Comment regarding disclosure by resource extraction issuers

Administrative/Internal

    §961: Report and certification to Congress regarding internal supervisory controls
    
    §963: Public report on management’s assessment of the effectiveness of the agency’s internal controls over financial reporting
    

Municipal Securities

    §975: Propose permanent rules for the registration of municipal advisors
    
    §979: Appoint director of new Office of Municipal Securities


January - March 2011 (planned)

Derivatives

    §719: Report to Congress, jointly with the CFTC, regarding a study regarding the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions
    
    §765: Adopt rules regarding conflicts of interest for clearing agencies, execution facilities, and exchanges involved in security-based swaps

Clearing & Settlement

    §805: Propose rules regarding standards for clearing agencies designated as systemically important

Oversight of Investment Advisers & Broker-Dealers

    §§404 and 406: Propose (jointly with the CFTC for dual-registered investment advisers) rules to implement reporting obligations on investment advisers related to the assessment of systemic risk
    
    §913: Report to Congress regarding the study of the obligations of brokers, dealers and investment advisers
    
    §914: Report to Congress regarding the need for enhanced resources for investment adviser examinations and enforcement
    
    §919B: Complete study of ways to improve investor access to information about investment advisers and broker-dealers

Investor Advocate

    §919D: Appointment of an Ombudsman by the Investor Advocate

Enforcement

    §922: Adopt rules to implement a Whistleblower Incentives & Protection Program

Credit Ratings

    §932: Propose rules regarding NRSRO reports of internal controls over the ratings process, preventing sales and marketing activities from influencing the production of ratings, providing for a report to the Commission and “look-back” when an entity subject to a rating employs a person who previously worked for the NRSRO
    
    §932: Propose technical amendments to NRSRO Rules to conform text, terms and definitions in the Rules to amendments to text, terms, and definitions in the Securities Exchange Act of 1934 (e.g., changing "furnishing" information to the Commission to "filing" information with the Commission)
    
    §932: Propose rules regarding transparency of NRSRO ratings performance
    
    §932: Propose rules requiring certain steps be followed when adopting or revising credit ratings procedures and methodologies, and providing for disclosure of certain information to accompany the publication of a rating
    
    §932: Propose rules requiring third parties retained for the purpose of conducting due diligence related to asset-backed securities, to provide a certification containing specified information to the NRSRO that is producing a rating for the ABS
    
    §932: Propose rules establishing fines and other penalties for certain violations of law
    
    §936: Propose rules establishing training, experience and competence standards and a testing program for NRSRO analysts
    
    §938: Propose rules regarding ratings symbols
    
    §939A: Review of existing references to credit ratings in statutes and regulations; propose revisions to rules that contain references to credit ratings

Asset-Backed Securities

    §943: Adopt rules regarding the use of representations and warranties in the asset-backed securities market
    
    §945: Adopt rules regarding asset-backed securities’ issuers’ responsibilities to conduct and disclose a review of the assets

Administrative/Internal

    §967: Report to Congress on organizational issues, by Independent Consultant

Corporate Governance & Disclosure

    §951: Adopt rules regarding shareholder votes on executive compensation, golden parachutes
    
    §951: Adopt rules regarding disclosure by institutional investment managers of votes on executive compensation

    

April - July, 2011 (planned)

Diversity

    §342: Report to Congress regarding activity of the Office of Women & Minority Inclusion

Oversight of Investment Advisers

    §§404 and 406: Adopt rules (jointly with the CFTC for dual-registered investment advisers) to implement reporting obligations on investment advisers related to the assessment of systemic risk
    §§407 and 408: Adopt rules implementing the exemption from registration for advisers to venture capital firms and to certain advisers to private funds
    
    §409: Adopt rules defining “family office”
    
    §410: Adopt 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
    
    §418: Adopt rules to adjust the threshold for “qualified client”

Short Sales

    §417: Report to Congress on the study of the costs and benefits of real time reporting on short sale positions

Exempt Offerings

    §413: Adopt rules to revise the “accredited investor” standard
    
    §926: Adopt rules disqualifying the offer or sale of securities in certain exempt offerings by certain felons and others similarly situated

Derivatives

    §712: Adopt rules, jointly with the CFTC, defining key terms used in the Act
    
    §763: Adopt anti-manipulation rules for security-based swaps
    
    §§763 & 766: Adopt rules on trade reporting, data elements, and real-time public reporting for security-based swaps
    
    §763: Adopt rules regarding the registration and regulation of security-based swap data repositories
    
    §763: Adopt rules regarding mandatory clearing of security-based swaps
    
    §763: Adopt rules regarding the end-user exception to mandatory clearing of security-based swaps
    
    §763: Adopt rules for clearing agencies for security-based swaps
    
    §763: Adopt rules regarding the registration and regulation of security-based swap execution facilities
    
    §764: Adopt rules regarding the registration and regulation of security-based swap dealers and major security-based swap participants

Clearing & Settlement

    §805: Adopt rules regarding standards for clearing agencies designated as systemically important
    
    §806: Adopt rules regarding the process to be used by designated clearing agencies to provide notice of proposed changes
    
    §813: Report to Congress, jointly with the CFTC and the Federal Reserve Board, on improving the common framework for designated clearing entity risk management

Oversight of Investment Advisers & Broker-Dealers

    §913: Propose rules as may be appropriate, based on §913 study conducted on the obligations of brokers, dealers and investment advisers

Investor Advocate

    §§915 & 919D: Report to Congress on Office objectives, with attached report by Ombudsman

Credit Ratings

    §932: Adopt rules regarding NRSRO reports of internal controls over the ratings process, preventing sales and marketing activities from influencing the production of ratings, providing for a report to the Commission and “look-back” when an entity subject to a rating employs a person who previously worked for the NRSRO
    
    §932: Adopt rules establishing technical amendments to NRSRO Rules to conform text, terms and definitions in the Rules to amendments to text, terms, and definitions in the Securities Exchange Act of 1934 (e.g., changing "furnishing" information to the Commission to "filing" information with the Commission)
    
    §932: Adopt rules regarding transparency of NRSRO ratings performance
    
    §932: Adopt rules requiring certain steps be followed when adopting or revising credit ratings procedures and methodologies, and providing for disclosure of certain information to accompany the publication of a rating
    
    §932: Adopt rules requiring third parties retained for the purpose of conducting due diligence related to asset-backed securities, to provide a certification containing specified information to the NRSRO that is producing a rating for the ABS
    
    §932: Adopt rules establishing fines and other penalties for violations of law
    
    §932: Publish report summarizing NRSRO inspections, findings, responses, and evaluating appropriateness of responses
    
    §936: Adopt rules establishing training, experience and competence standards and a testing program for NRSRO analysts
    
    §938: Adopt rules regarding ratings symbols
    
    §939(h): Report to Congress on standardization within certain elements of the credit rating process
    
    §939A: Report to Congress on review of existing references to credit ratings in statutes and regulations; adopt revisions to rules in accord with review

Market Oversight

    §929W: Adopt revisions to rules regarding due diligence for the delivery of dividends, interest and other valuable property to missing securities holders
    
    §956: Adopt rules (jointly with others) regarding disclosure of, and prohibitions of certain, executive compensation structures and arrangements

Asset-Backed Securities

    §621: Adopt rules prohibiting material conflicts of interests between certain parties involved in asset-backed securities and investors in the transaction
    
    §941: Adopt rules (jointly with others) regarding risk retention by securitizers of asset-backed securities, and implementing the exemption of qualified residential mortgages from this prohibition

Corporate Governance & Disclosure

    §952:Adopt exchange listing standards regarding compensation committee independence and factors affecting compensation adviser independence; adopt disclosure rules regarding compensation consultant conflicts
    
    §§953 & 955: Propose rules regarding disclosure of pay-for-performance, pay ratios, and hedging by employees and directors
    
    §954: Propose rules regarding recovery of executive compensation
    
    §957: Propose rules defining “other significant matters” for purposes of exchange standards regarding broker voting of uninstructed shares
    
    §1502: Adopt rules regarding disclosure related to “conflict minerals”
    
    §1503: Adopt rules regarding disclosure of mine safety information
    
    §1504: Adopt rules regarding disclosure by resource extraction issuers

Municipal Securities

    §975: Adopt permanent rules for the registration of municipal advisors

Auditing

    §989G: Report to Congress on study regarding reducing the costs to smaller issuers (with market capitalization between $75 and $ 250 million) for complying with §404(b) of the Sarbanes-Oxley Act of 2002, while maintaining investor protections for such companies