Most in the financial industry will remember July 21, 2010 – for that is when Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Within its framework are requirements for regulators to set forth new industry rules and guidelines for nearly every facet within the financial industry. This includes registration of advisers to private funds, corporate governance, enactment of the whistleblower program, tighter regulations for derivatives, asset-backed securities, and much more. This risk management update highlights some of the key provisions as they stand today which may likely impact investment adviser, broker-dealer and private fund companies.
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