Although the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed over two years ago, regulators and financial market participants are still grappling with its complexities. Some aspects are still being finalized which adds to the challenge of compliance. According to "U.S. regulators yet to implement one-third of Dodd-Frank rules" by reporter Pat Dulnier (Bank Credit News, November 2, 2012), about 40 percent of the 398 mandate creation requirements have not been met. The U.S. Commodity Futures Trading Commission ("CFTC") is cited as having "made the most progress" in doing what it is required by law, "having finalized 40 of the 60 rule-makings for which it was responsible."
Any information that experts can shed on compliance is welcome. One of the areas that is both important and yet not fully understood is the extent to which firms must register with various government bodies. To fill the knowledge gap, Day Pitney LLP investment attorneys Samuel A. Jennings, Henry ("Hank") Nelson Massey and Joseph F. Morcos are speaking as part of a complimentary webinar about CFTC regulation and compliance. Topics to be discussed include:
- How the definition of "commodities" has been expanded;
- Loss of exemption previously relied upon by hedge funds and other private funds;
- Looming end-of-year 2012 compliance deadlines;
- What firms must do to register by December 31, 2012;
- Who must take proficiency exams; and
- Details related to National Futures Association ("NFA") examinations.
According to Attorney Massey, "The recent changes to CFTC regulations have the greatest impact on funds whose wealthy investors have traditionally been viewed by the private fund community and the public generally as having the ability to fend for themselves. Private funds with large, sophisticated investors may cope by way of Rule 4.7 registration, or 'CFTC Lite', which removes some of the more burdensome compliance requirements of full-scale CFTC registration. However, the deadline for registration is fast approaching, so affected funds need to start the process right away."
Click to register for "CFTC Regulation and Compliance: Not Just for Commodities Brokers Anymore." Continuing legal credits ("CLE") will be offered.