July 2011 Dodd-Frank Rulemaking Progress Report

This posting, the Davis Polk Dodd-Frank Rulemaking Progress Report, is the fourth in a series of Davis Polk presentations that illustrate graphically the progress of the rulemaking work that has been done and is yet to occur under the Dodd-Frank Act. The Progress Report has been prepared using data from the Davis Polk Regulatory Tracker™, an online subscription service offered by Davis Polk to help market participants understand the Dodd-Frank Act and follow regulatory developments on a real-time basis.

In this report:

• No New Deadlines. No new rulemaking requirements were due in June. The next Dodd- Frank rulemaking deadlines will be in July, near the one-year anniversary of Dodd-Frank.
• 14 Requirements Met, 6 Proposed. Rules fulfilling 14 rulemaking requirements were finalized in June. Rules to satisfy six additional rulemaking requirements were proposed. While this represents progress, it remains clear that regulators will not be able to meet the large number of rulemaking deadlines in July.
• CFTC and SEC Defer Swaps Requirements. The CFTC and SEC acted this month to issue temporary relief and defer many Title VII requirements that otherwise would have gone into effect on July 16. Most importantly, both Commissions indicated they will defer provisions that rely on key definitions until they complete further rulemaking. The CFTC has indicated its relief will last no later than December 31, 2011, making this the new focal point for rulemaking. Market participants are in the process of determining how this shift will affect their Title VII implementation plans. A Davis Polk memorandum on these developments is available here.
• 122 Deadlines. Dodd-Frank’s one-year anniversary is more than just a milestone – 122 rulemaking deadlines fall on July 16 (360 days after Dodd-Frank’s enactment) and July 21 (1 year after Dodd-Frank’s enactment).