Dodd-Frank Progress Report

May 2012

Generated using the Davis Polk Regulatory Tracker

In Brief: April 2012

No New Deadlines. No new rulemaking requirements were due in April. 8 Requirements Met. In a major Title VII rulemaking development, the CFTC and SEC approved final rules further defining the terms swap dealer, security-based swap dealer, major swap participant, major security-based swap participant and eligible contract participant. In addition, the FDIC and Treasury released a final rule that will govern the maximum obligation the FDIC may incur in liquidating a covered financial company. 1 Study. The SEC released a study on the extraterritorial scope of private rights of action under Section 10(b) of the Securities Exchange Act of 1934. State of Play to Date: As of May 1, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have passed. This is 55.5% of the 398 total rulemaking requirements, and 78.9% of the 280 rulemaking requirements with specified deadlines. Of these 221 passed deadlines, 148 (67%) have been missed and 73 (33%) have been met with finalized rules. Regulators have not yet released proposals for 21 of the 148 missed rules. Of the 398 total rulemaking requirements, 108 (27.1%) have been met with finalized rules and rules have been proposed that would meet 146 (36.7%) more. Rules have not yet been proposed to meet 144 (36.2%) rulemaking requirements.
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Contents
Dodd-Frank Rulemaking Progress by Month Dodd-Frank Rulemaking Progress by Agency Title VII Progress on Required Rulemakings Dodd-Frank Rulemaking Progress on Passed Deadlines Dodd-Frank Rulemaking Progress in Select Categories Dodd-Frank Rulemaking Progress by Due Date Dodd-Frank Statutory Deadlines for Required Rulemakings Dodd-Frank Study Progress by Due Date Dodd-Frank Statutory Deadlines for Required Studies Tasks for Swap Dealers and Major Swap Participants Regulator Meetings with Outside Participants Over Time 4 5 6 7 8 9 10 11 12 13 14

Dodd-Frank Rulemaking Progress by Month

As of April 2, 2012

As of May 1, 2012

Missed Deadline: Proposed, 134

Future Deadline: Not Proposed, 117

Missed Deadline: Proposed, 127

Future Deadline: Not Proposed, 123

Missed Deadline: Not Proposed, 21 Finalized, 100

Future Deadline: Proposed, 21

Missed Deadline: Not Proposed, 21 Finalized, 108

Future Deadline: Proposed, 19

Rulemaking counts are based on estimates and require judgment.

Values Refer to Number of Rulemaking Requirements

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Dodd-Frank Rulemaking Progress by Agency

As of May 1, 2012
Bank Regulators (135)
Missed Deadline: Proposed, 51 Missed Deadline: Not Proposed, 1 Future Deadline: Not Proposed, 47

CFTC (60)

Missed Deadline: Proposed, 16 Future Deadline: Not Proposed, 2 Future Deadline: Proposed, 2

Finalized, 39 Missed Deadline: Not Proposed, 6 Future Deadline: Proposed, 8

Finalized, 23

SEC (95)

Future Deadline: Not Proposed, 15 Future Deadline: Proposed, 3 Future Deadline: Not Proposed, 59

Other (108)

Future Deadline: Proposed, 6

Missed Deadline: Proposed, 50

Finalized, 25 Finalized, 21 Missed Deadline: Not Proposed, 6 Missed Deadline: Not Proposed, 8

Rulemaking counts are based on estimates and require judgment.

Values Refer to Number of Rulemaking Requirements

Missed Deadline: Proposed, 10

Title VII Progress on Required Rulemakings

As of May 1, 2012
Finalized, 42

Missed Deadline: Proposed, 40 Missed Deadline: Not Proposed, 8

CFTC Progress on Required Title VII Rulemakings

SEC Progress on Required Title VII Rulemakings

Missed Deadline: Proposed, 9

Missed Deadline: Not Proposed, 3

Missed Deadline: Proposed, 20

Finalized, 34 Finalized, 6

Note: Total pie chart includes requirements from the CFTC, SEC and other regulators with rulemaking requirements under Title VII.

Dodd-Frank Rulemaking Progress on Passed Deadlines

As of May 1, 2012
Total (221)

Missed Deadline: Proposed, 127, 57%

Missed Deadline: Not Proposed, 21, 10%

Finalized: Deadline Passed, 73, 33%

Bank Regulators (73)

51, 70%

CFTC (53)
36, 68%

SEC (73)
50, 69%

Other (22)
10, 46%

16, 30% 16, 22% 1, 2% 17, 23%

8, 36% 6, 8% 4, 18%

6, 8%

Rulemaking counts are based on estimates and require judgment.

Values Refer to Number of Rulemaking Requirements

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Dodd-Frank Rulemaking Progress in Select Categories

Asset-Backed Securities Offerings

14

As of May 1, 2012

Banking Regulations

44 6 63 22 90 14 49 21 7 11 28
0 10 20 30 40 50 60 70 80 90 100

Collins Amendment

Consumer Protection

Credit Rating Agencies

Derivatives

Executive Comp. / Corp. Governance

Finalized Missed Deadline: Proposed

Mortgage Reforms

Missed Deadline: Not Proposed Future Deadline: Proposed Future Deadline: Not Proposed

Orderly Liquidation Authority

Investment Advisers / Private Funds

Investor Protection / Securities Laws

Systemic Risk

Rulemaking counts are based on estimates and require judgment.

Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency)

Dodd-Frank Rulemaking Progress by Due Date

As of May 1, 2012
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 Not Specified Annual 0 2 20 40 60 80 100 120 140 116 1 42 16 25 37 1 4 9 26 119

Finalized Missed Deadline: Proposed Missed Deadline: Not Proposed Future Deadline: Proposed Future Deadline: Not Proposed

Rulemaking counts are based on estimates and require judgment.

Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency)

Dodd-Frank Statutory Deadlines for Required Rulemakings

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 Not Specified Annual 0 2 20 40 60 80 100 120 140 116 1 42 16 25 37 1 4 9 26 119

Bank Regulators Rulemaking counts are based on estimates and require judgment.

CFPB

CFTC

SEC

Other

Number of Required Rulemakings (Joint Rules are Counted for Each Applicable Agency)

10

Dodd-Frank Study Progress by Due Date

As of May 1, 2012
4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 2013 Not Specified Annual 0 2 4 5 10 15 20 25 8 12 3 16 1 17 3 21

Finalized

Missed Deadline

Future Deadline

Number of Required Studies (Joint Studies are Counted for Each Applicable Agency)

11

Dodd-Frank Statutory Deadlines for Required Studies

4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 2013 Not Specified Annual 0 2 4 5 10 15 20 25 8 12 3 16 1 17 3 21

Bank Regulators

CFTC

GAO

SEC

Other

Number of Required Studies (Joint Studies are Counted for Each Applicable Agency)

12

Tasks for Swap Dealers and Major Swap Participants

As of May 1, 2012
Business/Trading

588

Technology

700

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

1110

Legal

896

Records

399

200

400

600

800

1000

1200

For more information, please contact hub@davispolk.com.

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Regulator Meetings with Outside Participants Over Time

200 180 160 140 120 100 80 60 40 20 0 7/10 8/10 9/10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11 1/12 2/12 3/12 4/12

As of April 15, 2012

CFTC (1591) FDIC (204) FRB (497) SEC (1153)

In the spirit of transparency, several financial regulators have released details of their meetings with outside participants on Dodd-Frank issues. Based on the information available, there have been at least 2800 meetings with these regulators since July 1, 2010. Joint meetings (of which there were more than 200) are counted separately for each participating regulator.
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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 Polks subscriptionbased Regulatory TrackerTM 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 Polks tally of statutory requirements in the Davis Polk Regulatory Tracker. An agencys 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.
2011 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.
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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.
Daniel N. Budofsky Robert L.D. Colby Luigi L. De Ghenghi John L. Douglas Susan C. Ervin Randall D. Guynn Arthur S. Long Annette L. Nazareth Lanny A. Schwartz Margaret E. Tahyar Gabriel D. Rosenberg 212 450 4907 202 962 7121 212 450 4296 212 450 4145 202 962 7141 212 450 4239 212 450 4742 202 962 7075 212 450 4174 212 450 4379 212 450 4537 daniel.budofsky@davispolk.com robert.colby@davispolk.com luigi.deghenghi@davispolk.com john.douglas@davispolk.com susan.ervin@davispolk.com randall.guynn@davispolk.com arthur.long@davispolk.com annette.nazareth@davispolk.com lanny.schwartz@davispolk.com margaret.tahyar@davispolk.com gabriel.rosenberg@davispolk.com

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