Category Archives: Dodd-Frank

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Ninth Circuit Widens Circuit Split on Whether Dodd-Frank Protects Internal Whistleblowing

On March 8, 2017, in Somers v. Digital Realty Trust Inc., No.15-cv-17352 (9th Cir., March 8, 2017), the Ninth Circuit Court of Appeals affirmed the district court’s denial of the defendant’s motion to dismiss a whistleblower claim brought under the Dodd-Frank Act’s (“DFA”)’s anti-retaliation provision. In a 2-1 decision, the majority endorsed the approach of … Continue Reading

President Trump to Nominate CFTC Acting Head J. Christopher Giancarlo

President Trump has announced his intention to nominate Commodity Futures Trading Commission (CFTC) acting head J. Christopher Giancarlo as permanent chairman. This news is of high importance for the alternative investment community, which will be impacted by  Giancarlo’s regulatory vision for the agency and Dodd-Frank reform.  As a Republican commissioner at the agency since 2014, … Continue Reading

U.S. Court of Appeals for the District of Columbia Circuit Declared CFPB’s Single-director Structure Unconstitutional

In a 110-page decision issued on Oct. 11, 2016, the United States Court of Appeals for the District of Columbia Circuit declared the Consumer Financial Protection Bureau’s (CFPB) single-director structure unconstitutional and vacated a $103 million fine against PHH.  The Court found that the current structure allows the Commissioner to wield too much power that … Continue Reading

SEC Scrutinizes Severance Agreements for Compliance With Dodd-Frank

Recent SEC Fines On Aug. 16, 2016, the U.S. Securities and Exchange Commission (SEC) announced that it had issued its second fine in as many weeks concerning a company’s use of severance agreements that contain confidentiality and/or covenant-not-to-sue or release provisions that allegedly violate SEC whistleblower Rules. These recent SEC charges arise from SEC Rules, … Continue Reading

Senate Banking Committee Approves Changes to Dodd-Frank on Party-Line Vote

On May 21, 2015, the Senate Banking Committee approved by a 12-10 vote a financial regulatory reform package developed by the Committee’s Chairman, Richard Shelby (R-AL) that includes the most significant changes to Dodd-Frank since the law was enacted nearly five years ago. In this Alert, the author discusses the package’s components and what is … Continue Reading

CFTC Picking Up the Pace of Whistleblower Program

Both the SEC and the CFTC were authorized by the Dodd-Frank Act to reward certain persons for providing information that leads to an enforcement action.  Prompted by such a “whistleblower’s” notification, the CFTC investigated and initiated a widely-reported civil enforcement action against a trader.  Under the CFTC’s implementation of the whistleblower program, for information that … Continue Reading

CFTC Continues to Exercise Expanded Enforcement Authority Granted Under Dodd-Frank

After enactment of the Dodd-Frank Wall Street Reform and Customer Protection Act of 2010 (“Dodd-Frank”), Commodity Futures Trading Commission (“CFTC”) expanded its enforcement authority outside the traditional realm of exchange-traded commodities.  The 11th Circuit Court of Appeals has confirmed CFTC authority over certain retail commodity transactions when no exception to the Commodity Exchange Act exists.  … Continue Reading

Spoofing Squarely in the Crosshairs

In recent weeks, a number of developments related to trade “spoofing” should indicate to market participants, in no uncertain terms, that regulators remain vigilant about potentially improper trade practices.  “Spoofing” is generally defined as the entry of purchase or sale orders in the market without the intent that they be executed, but rather with the … Continue Reading

Congress Enacts Changes to Dodd-Frank; Potential for More Changes in 114th Congress

Prior to adjournment, the 113th Congress passed the first changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203, “Dodd-Frank”) since the landmark legislation was signed into law by President Obama on July 21, 2010. The changes partially repeal the “swaps push-out” rule and make clear the Federal Reserve Board’s authority to … Continue Reading
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