SEC Congressional Testimony, Mary L. Schapiro (July 21, 2011) On the one year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), Securities and Exchange Commission (SEC) Chairman Mary L. Schapiro testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs regarding the impact of the Act on reshaping the regulatory landscape and helping restore confidence in the financial system. Schapiro attributed improvements in the financial system to the Act, including, among other things, (1) regulating hedge funds and other private fund advisers under the Investment Advisers Act of 1940 (Advisers Act), (2) establishing a new whistleblower program, (3) creating a new regime for the over-the-counter (OTC) derivatives market, (4) strengthening the SEC's authority over nationally recognized statistical rating organizations (NRSROs) and clearing agencies, (5) heightening asset-backed securities (ABS) regulation, and (6) establishing an array of rules related to corporate governance and executive compensation. Schapiro further noted the SEC's accomplishments in (1) proposing or adopting more than two-thirds of the 90 mandatory provisions that Dodd-Frank requires the SEC to write, and (2) finalizing 10 of the 20 studies and reports required under the Act. Below are the key points discussed by Schapiro.
Hedge Fund and other Private Fund Adviser Regulation
Credit Rating Agencies
Corporate Governance and Executive Compensation
Required Funding for Implementing the Dodd-Frank Act
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