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States of uncertainty - Dodd-Frank, one year on
15 July 2011
Confusion still abounds in the asset management and securities finance industries as Dodd-Frank reaches its first anniversary, writes Annabelle Palmer
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Dodd-Frank
regulation
In July the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 will celebrate its first birthday. But despite it being nearly a year since enactment, many provisions remain vague. While rule-makers continue to furiously scribble away, discussions abound over unanswered questions, confusion and delay.
Aside from the sheer complexity of the task, the involved regulatory commissions’ task of establishing the rules by the dates mandated in the act has not been helped by Congress’ threat to limit their funding. Among the few certainties from Dodd-Frank is that it will cause increased costs, as a result of increased data requirements, regulatory examinations and compliance. Another is that reverberations will continue to be felt throughout the businesses of asset management and asset servicing.
The origins of Dodd-Frank
As the financial crisis was partly caused by the ball of string that was the credit default swap market, the regulation of...
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