The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law by President Barack Obama on July 21, 2010, provides a sweeping financial overhaul for U.S. financial institutions and publicly traded companies. Some key provisions of the law apply to foreign financial institutions and foreign private issuers as well.
The impact of the act is somewhat unsettled, as regulations remain to be issued in many areas. The Securities and Exchange Commission (SEC) has recently issued rules construing various pieces of this legislation, but still more regulatory authority is needed to determine the full scope of an issuer’s obligations. Nevertheless, for foreign entities, it is important to get an early start on understanding the application of the law.
