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March 2, 2012

Sloughing Through the Dodd-Frank Process

By Staff Reports

The Dodd-Frank rule-making has two speeds: slow and slower. That's the conclusion of a recent report examining the process. About 75 percent of some 200 Dodd-Frank deadlines for writing new rules have been missed, according to a recent report by Davis Polk, a law firm monitoring the process.

"Of these 200 passed deadlines, 149 (74.5 percent) have been missed, 51 (25.5 percent) have been met with finalized rules. Twenty-five of the 149 missed rules have not yet had proposals," the report said.

Davis Polk is a high-powered Washington, D.C.-based law firm that employs numerous former regulators.

Regulators at the SEC and Commodity Futures Trading Commission, among others, are charged with putting into rules the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

These rules, which are vital for how various kinds of financial products will be traded , are taking longer than expected to write and go through a review process.

Besides that, the number of these new rules could run into the hundreds or thousands, which spooks some in the trading industry who aren't sure what to expect.

So writing them could take years, legal and market observers have predicted. Yet they are vital for many in the securities industry, including those firms that trade and process over-the-counter derivatives.

Some of the areas that will be covered by these rules include swaps and security-based security definitions, swaps reporting and record-keeping, position limits for derivatives, swaps executionfacilities and swaps and security-based entity definitions.

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