Dodd–Frank Wall Street Reform and Consumer Protection Act

NCLA Encourages Fifth Circuit to Rein in Renegade SEC’s Unlawful Private Fund Regulation Effort

Retrieved on: 
Thursday, November 9, 2023
National Association, Privatization fund, Security (finance), Investment company, NCLA, Congress, Investment Company Act of 1940, United States Court of Appeals for the Fifth Circuit, Administration, Dodd–Frank Wall Street Reform and Consumer Protection Act, Administrative Procedure Act (United States), Financial adviser

Verret joined NCLA’s brief in the case, which draws from comments some of them filed during SEC’s rulemaking process.

Key Points: 
  • Verret joined NCLA’s brief in the case, which draws from comments some of them filed during SEC’s rulemaking process.
  • But that Dodd-Frank provision was focused entirely on retail customers and not highly sophisticated private investment funds.
  • NCLA joins amici’s call for the Fifth Circuit to scrap this unlawful SEC rule.
  • We are confident that, once again, the courts will rein in the SEC and set aside this new rule.”

SEC Adopts Rules for the Registration and Regulation of Security-Based Swap Execution Facilities

Retrieved on: 
Thursday, November 2, 2023
Consumer protection, Civil Rights Act of 1964, Commission, Dodd–Frank Wall Street Reform and Consumer Protection Act, Regulation, CFTC, Form, Financial Instruments and Exchange Act, Risk, SEF, Contract management, Provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act, Exchange, Register, Federal Register, Financial adviser

Washington, D.C.--(Newsfile Corp. - November 2, 2023) - The Securities and Exchange Commission today adopted new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs).

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - November 2, 2023) - The Securities and Exchange Commission today adopted new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs).
  • “Adopting Regulation SE fulfills Congress’s mandate and increases the transparency and integrity of the security-based swap market,” said SEC Chair Gary Gensler.
  • “In taking up these matters in 2021, we heard from many market participants suggesting that we should look to the Commodity Futures Trading Commission’s (CFTC) rules for swap execution facilities as our template.
  • In adopting Regulation SE, the Commission has sought to harmonize as closely as practicable with parallel rules of the CFTC that govern swap execution facilities (SEFs) and swap execution generally.

ICE Appoints Chris Edmonds to Lead Fixed Income and Data Services Business

Retrieved on: 
Thursday, October 26, 2023
Professional Services, Data Management, Technology, Software, Finance, Fintech, Artificial Intelligence, Risk, Birmingham School of Law, King, CDS, NYSE, Black Knight, Duke University, Government, Interactive Data Corporation, Birmingham, Intercontinental Exchange, Corporation, Associate Director of National Intelligence and Chief Information Officer, University, Acquisition, Credit default swap, KCG Holdings, Chair, DCOS, KCG, Division, Sustainable finance, Intercontinental, ICE, FIDS, Dodd–Frank Wall Street Reform and Consumer Protection Act, Cryptocurrency, Sprecher

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced today that Christopher Edmonds, currently ICE’s Chief Development Officer, will succeed Amanda Hindlian to lead ICE’s Fixed Income and Data Services (FIDS) business segment, a position that will move to ICE’s Atlanta headquarters.

Key Points: 
  • Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced today that Christopher Edmonds, currently ICE’s Chief Development Officer, will succeed Amanda Hindlian to lead ICE’s Fixed Income and Data Services (FIDS) business segment, a position that will move to ICE’s Atlanta headquarters.
  • Edmonds has held several pivotal roles at ICE since joining the firm in 2010.
  • Based in Chicago during his first 13 years at ICE, Edmonds will relocate to Atlanta, joining a growing presence of ICE’s Fixed Income and Data Services teams.
  • “Exactly eight years ago, on October 26, 2015, ICE announced one of its most transformative acquisitions with our $5.2 billion purchase of Interactive Data Corporation, which allowed us to create our data services business.

NCLA Amicus Brief Decries SEC’s Administrative Denial of Jury Trial Rights, ALJ Removal Protections

Retrieved on: 
Thursday, October 19, 2023
Supreme court, Executive (government), Security (finance), Dodd–Frank Wall Street Reform and Consumer Protection Act, Government, NCLA, Bab Mansur al-'Alj, Lucia v. Securities and Exchange Commission, Congress, Constitutional Convention (United States), Law of the United Kingdom, ALJ, Executive branch of the government of Honduras, United States Court of Appeals for the Fifth Circuit, Supreme Court of the United Kingdom, Fifth, Seventh Amendment, Supreme

Worse yet, the proceeding denied his Seventh Amendment right to a jury trial.

Key Points: 
  • Worse yet, the proceeding denied his Seventh Amendment right to a jury trial.
  • Dodd-Frank empowers SEC to obtain a jury trial by suing in federal court or avoid a jury trial by initiating an administrative proceeding.
  • Hence, the law unfairly deprives them of the same right to demand a jury trial that SEC has—a blatantly discriminatory rule.
  • In April, the Supreme Court upheld NCLA client Michelle Cochran’s right to challenge the constitutionality of her ALJ’s removal protections in federal court before undergoing an administrative adjudication.

ACA Group Launches New Solutions to Meet Full Scope of SEC’s Private Fund Adviser Rules

Retrieved on: 
Tuesday, October 24, 2023
Professional Services, Communications, Legal, Finance, Asset Management, Consulting, Public Relations, Investor Relations, Privatization fund, ACA, Attention, Risk, GRC, Language, Lung compliance, Dodd–Frank Wall Street Reform and Consumer Protection Act, Financial adviser

ACA Group ( ACA ), the leading governance, risk, and compliance (GRC) advisor in financial services, today released two new solutions aimed at helping private fund managers worldwide comply with the recently adopted U.S. Securities and Exchange Commission’s Private Fund Adviser Rules.

Key Points: 
  • ACA Group ( ACA ), the leading governance, risk, and compliance (GRC) advisor in financial services, today released two new solutions aimed at helping private fund managers worldwide comply with the recently adopted U.S. Securities and Exchange Commission’s Private Fund Adviser Rules.
  • “The Private Fund Adviser Rules are the most significant regulatory impact on Private Funds since the Dodd-Frank Act.
  • These rules impact both SEC-registered and unregistered private fund managers.
  • Annie Morris, Chief Product Officer, ACA Group, said: “The clock is now ticking for private fund managers to comply.

As CFPB Announces Proposed Rulemaking for U.S. Open Banking Framework, Envestnet | Yodlee Expands Access to Credit with its Newest Technology Solution, Credit Accelerator

Retrieved on: 
Friday, October 20, 2023
Philadelphia Daily News Open, Dodd–Frank Wall Street Reform and Consumer Protection Act, Consumer, Envestnet, API, Credit, NPRM, CFPB, Investment, Consumer Financial Protection Bureau, Bank, Cryptocurrency

BERWYN, Pa., Oct. 20, 2023 /PRNewswire/ -- Envestnet | Yodlee is proud to unveil Credit Accelerator, a lending data solution that promotes financial inclusion by harnessing alternative data to expand access to credit for individuals who may have limited or no traditional credit history.

Key Points: 
  • This new framework provides opportunities for businesses and consumers to realize new opportunities in credit and lending.
  • The macro-economic instability brought about by recent global crises has made reliance on traditional credit scores a riskier proposition than ever before.
  • An overwhelming majority of lenders now recognize that conventional credit data and scores often fail to provide a comprehensive assessment of a consumer's creditworthiness.
  • The introduction of Credit Accelerator reinforces the company's commitment to transforming the lending landscape.

MX Names Jane Barratt Chief Advocacy Officer and Head of Global Public Policy

Retrieved on: 
Wednesday, October 18, 2023
Fintech, Learning, Public policy, MX, Human, LEHI, Barratt, Growth, Ecosystem, CFPB, Dodd–Frank Wall Street Reform and Consumer Protection Act

LEHI, Utah, Oct. 18, 2023 /PRNewswire/ -- MX Technologies, Inc., an industry leader in Open Finance, today announced it has named Jane Barratt as its Chief Advocacy Officer and Head of Global Public Policy. She brings more than 25 years of experience working with financial institutions, technology and Fortune 500 companies, policymakers, and regulators, to drive business growth, increase the pace of innovation, and improve financial outcomes. Barratt will oversee the company's advocacy and global public policy efforts reporting to MX Chief Executive Officer Jim Magats.

Key Points: 
  • A leading voice in financial services, Barratt will lead the company's advocacy, government relations, and public policy efforts, advocating for a strong open finance ecosystem and improved financial outcomes for people and the businesses that serve them
    LEHI, Utah, Oct. 18, 2023 /PRNewswire/ -- MX Technologies, Inc., an industry leader in Open Finance, today announced it has named Jane Barratt as its Chief Advocacy Officer and Head of Global Public Policy.
  • Barratt will oversee the company's advocacy and global public policy efforts reporting to MX Chief Executive Officer Jim Magats.
  • Jane Barratt is a leading voice in the industry and long-time advocate for harnessing the power of financial data.
  • Partnering with customers, industry groups, policymakers, and regulators is critical to ensure a competitive and innovative future for financial services," said Jane Barratt, Chief Advocacy Officer and Head of Global Public Policy, MX.

SEC Adopts Rule to Increase Transparency Into Short Selling and Amendment to CAT NMS Plan for Purposes of Short Sale Data Collection

Retrieved on: 
Friday, October 13, 2023
Congress, NMS, Naked short selling, Commission, CAT, EDGAR, Register, Confidentiality, Dodd–Frank Wall Street Reform and Consumer Protection Act, Form, National market system plan, Sale, Regulation, Federal Register, Financial adviser

Congress directed the SEC in Section 929X of the Dodd-Frank Act of 2010 to promulgate rules to make certain short sale data publicly available.

Key Points: 
  • Congress directed the SEC in Section 929X of the Dodd-Frank Act of 2010 to promulgate rules to make certain short sale data publicly available.
  • “In the wake of the 2008 financial crisis, Congress directed the SEC to enhance the transparency of short selling of equity securities,” said SEC Chair Gary Gensler.
  • Relatedly, the Commission today also adopted an amendment to the National Market System Plan (NMS Plan) governing the consolidated audit trail (CAT).
  • The amendment to the NMS Plan governing the CAT (CAT NMS Plan) will require each CAT reporting firm that is reporting short sales to indicate when it is asserting use of the bona fide market making exception in Rule 203(b)(2)(iii) of Regulation SHO.

SEC Investor Advisory Committee to Discuss Exempt Offerings and Accredited Investors at September 21 Meeting

Retrieved on: 
Tuesday, September 19, 2023
Commission, Committee, Congress, Security (finance), Dodd–Frank Wall Street Reform and Consumer Protection Act, Financial adviser

Washington, D.C.--(Newsfile Corp. - September 19, 2023) - The Securities and Exchange Commission’s Investor Advisory Committee will hold a public, in-person, meeting on September 21 at 10 a.m.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - September 19, 2023) - The Securities and Exchange Commission’s Investor Advisory Committee will hold a public, in-person, meeting on September 21 at 10 a.m.
  • ET at the SEC Headquarters in Washington, D.C.
  • The committee will host two panels to discuss:
    The Investor Advisory Committee, which focuses on investor-related interests, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets.
  • Established by the Dodd-Frank Act , the Committee is authorized by Congress to submit findings and recommendations to the Commission.

Wolters Kluwer enhances its Fair Lending Wiz® solution for cloud compatibility

Retrieved on: 
Thursday, August 31, 2023
Professional Services, Technology, Legal, Finance, Software, Accounting, Software as a service, Small business, FCC, Risk management, Data collection, Wolters, Consultant, Wiz, CT Corporation, Environment, Dodd–Frank Wall Street Reform and Consumer Protection Act, Bank, Financial adviser, Audit

Adding to its industry-leading Wiz SaaS product suite, Wolters Kluwer Compliance Solutions now offers Fair Lending Wiz SaaS ® to help lenders optimize their fair lending analytics and practices within a single SaaS platform.

Key Points: 
  • Adding to its industry-leading Wiz SaaS product suite, Wolters Kluwer Compliance Solutions now offers Fair Lending Wiz SaaS ® to help lenders optimize their fair lending analytics and practices within a single SaaS platform.
  • Fair Lending Wiz SaaS is a cloud-based solution that uses the flexibility of a modular system that facilitates an intuitive compliance workflow to reduce the complexity of managing fair lending risk.
  • “The enhanced software allows lenders to stay consistently on top of fair lending analytics and provides the agility to pivot when needed.
  • Wolters Kluwer also has dedicated consultants who can work with financial institutions to help them fully understand what the analytics generated from Fair Lending Wiz mean and how to use the output to address potential concerns.