July 21, 2015

Happy Anniversary! Dodd-Frank Turns 5

If you’ve read this blog for a while, you know that we don’t need much of a reason to celebrate around here. So put down those pay-for-performance & clawback proposing releases – and help us celebrate the 5th anniversary of the Dodd-Frank Act!

To take stock of where we’ve been & where we’re going, here’s a rundown of what’s being said about Dodd-Frank on its anniversary:

SEC Chair White
House Financial Services Committee
Q & A with Dodd-Frank (WSJ)
Market Watch
The Hill

Also check out Davis Polk’s “5th Anniversary Dodd-Frank Progress Report” and cool “Dodd-Frank Infographic”.

SEC Chair White: “The Response”

As Broc blogged about last month, Senator Elizabeth Warren sent a letter to SEC Chair White expressing disappointment with her leadership. In response to Senator Warren’s letter, Chair White wrote this letter addressing each of Senator Warren’s four primary issues: implementation of Dodd-Frank rules on pay ratio disclosure, admission of wrongdoing in SEC enforcement cases, disqualifications & waivers and recusals. Chair White’s letter specifically highlights the SEC’s enforcement & rulemaking accomplishments during her tenure – and defends the accuracy of her projected timing of the pay ratio rulemaking. Here’s an excerpt from this WSJ article (also see this blog):

In a letter to Ms. Warren released [on July 10], Ms. White denied the agency had been soft in punishing wrongdoers, saying the commission brought a record number of enforcement cases—as well as a record amount of fines—in the most recently completed fiscal year.

She also defended the agency’s work completing new rules developed in response to the financial crisis, such as tighter restrictions on money-market mutual funds that had stymied the agency for years.

More on our “Proxy Season Blog”

We continue to post new items regularly on our “Proxy Season Blog” for members. Members can sign up to get that blog pushed out to them via email whenever there is a new entry by simply inputting their email address on the left side of that blog. Here are some of the latest entries:

– Usability Study: Investors Frustrated With Disclosure
– Independent Board Chairs: An Interview with ISS’ Carol Bowie
– Shareholder Proposals: Statements in Support Permitted
– Whether & How to Supplement or Amend Your Proxy Materials
– Member Musings on the SEC’s Proxy Season Punt

– Jeff Werbitt