July 16, 2010

US Senate Passes the Dodd-Frank Act: What You Need to Do Now

Yesterday, as noted in this NY Times article, the US Senate voted 60-39 passing the conference report version of the Dodd-Frank Act. Three Republicans voted for the legislation, which was supported by all but one of the Senate Democrats. In our “Dodd-Frank Act” Practice Area, we continue to post numerous memos on the various provisions of the Act – including this condensed 605-page version of the Act itself (no easy feat given that it’s a 75% reduction – can’t help but think of George’s “shrinkage” episode from Seinfeld).

What to Do Now: Ahead of our package of two full-day Conferences on the executive pay provisions of the Act – coming up in just two months – we have just announced a special July 29th pre-conference webcast to help you start taking the actions you need to be taking now. Dave Lynn, Mark Borges and Mike Kesner headline this webcast: “The New Pay Legislation: Action Items.” If you are not yet registered for the Conferences (either the package of the “5th Annual Proxy Disclosure & 7th Annual Executive Compensation Conference” – or the “18th Annual NASPP Conference”), register now so you won’t miss this critical webcast!

Updated: Corp Fin Financial Reporting Manual

Last week, Corp Fin posted an updated “Financial Reporting Manual,” with changes made for issues related to Regulation S-X Rule 3-01, Rule 3-05, and Article 11, as well as general partner financial statements, and other changes.

Humor in the Goldman Sachs Settlement

A humorous moment before yesterday’s Goldman settlement news conference down at the SEC, which was available via webcast: During the sound check – which could be heard online (but the video feed wasn’t on yet) – the dude doing the soundcheck said “won’t everyone be surprised when they hear the press conference is for another set of new proxy rules.” I laughed my tail off. A joke that only us Corp Fin types could understand.

Anyways, here is Kevin LaCroix’s analysis of the Goldman settlement, including noting that the “record” nature of what Goldman paid is about semantics and context (ie. largest-ever penalty paid by a Wall Street firm).

For a little more Friday humor, check out this video on the European financial crisis.

– Broc Romanek