TABLE C: EFFECTIVE DATES OF PRINCIPAL DODD-FRANK PROVISIONS

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1 TABLE C: EFFECTIVE DATES OF PRINCIPAL DODD-FRANK PROVISIONS The following table provides the effective dates of the principal provisions of the Wall Street Reform and Consumer Protection Act ( ). For convenience, we have included crossreferences to the discussions of the relevant provisions in the S&C Memorandum. Pursuant to Section 4 of, the provisions of are effective one day after its enactment, except as specifically provided otherwise in the statute. For summaries of the principal rulemakings contemplated by, including the dates by which those rules are required to be promulgated, see Tables A and B. The following generally does not include the effective date of Dodd- Frank provisions that require rulemaking to be implemented, except where noted. TITLE I FINANCIAL STABILITY 111 Establishment of the Council July 21, Council authorized to make determinations that nonbank financial companies should be subject to FRB supervision July 22, Registration requirements for Covered Nonbank Companies July 22, Large, interconnected BHCs subject to enhanced prudential, supervisory and other requirements 117 Former BHCs with $50 billion or more in assets that received TARP funds treated as Covered Nonbank Companies 120 Council authorized to recommend additional standards applicable to activities or practices for financial stability purposes 121 FRB authorized, with consent of Council, to impose mitigatory requirements on Covered Nonbank Companies and BHC with $50 billion or more in assets that pose a grave threat to U.S. financial stability July 22, , July 22, July 22, July 22, Establishment of OFR July 22, Authority for FRB to require reports and examine Covered Nonbank Companies 162 Covered Nonbank Companies subject to enforcement provisions in the FDI Act 163 Acquisitions of banks and BHCs by Covered Nonbank Companies and prior notice requirements for large acquisitions by Covered Nonbank Companies and Covered BHCs 164 Prohibition on management interlocks for Covered Nonbank Companies July 22, July 22, July 22, July 22, (e) Establishment of concentration limits July 21, (g) Covered BHCs and Covered Nonbank Companies must include off-balance sheet exposures in computing capital requirements July 22, C-1

2 171(b) 171(b) 171(b) 171(b) New debt and equity instruments issued by certain DIHCs and Covered Nonbank Companies subject to new capital requirements Phase-in period for debt and equity instruments issued by certain DIHCs and Covered Nonbank Companies before May 19, 2010 DIHCs not previously supervised by FRB subject to new capital requirements, except with respect to newly issued debt and equity instruments Subsidiaries of non-u.s. banking organizations that currently meet capital requirements based on home country standards subject to new capital requirements 172 FDIC back-up examination and enforcement authority for Covered BHCs and Covered Nonbank Companies that are not in sound condition TITLE II ORDERLY LIQUIDATION AUTHORITY May 19, January 1, July 21, July 21, July 22, Establishment of OLA July 22, TITLE III TRANSFER OF POWERS TO OCC, FDIC AND FRB 312 Transfer of OTS responsibilities to OCC, FDIC and FRB OTS to be abolished 90 days after 316(c) FRB, FDIC and OCC must each publish list of regulations transferred to it from OTS that the agency will enforce 318 FRB must assess fees to cover expenses in supervising BHCs and SLHCs with assets of $50 billion or more and Covered Nonbank Companies 331 FDIC must amend assessment base for federal deposit insurance to use average total assets less tangible equity 332 Repeal of provisions regarding Required Dividends from the Deposit Insurance Fund 333 Repeal of requirement that FDIC obtain consent of the appropriate federal banking agency before requiring a report from a depository institution 334(a) 334(b) Increase in the ceiling for the Deposit Insurance Fund from 1.15% to 1.35% and requirement that it be met by September 30, 2020, with offset for depository institutions with assets of less than $10 billion; and elimination of the ceiling on the Fund Requirement for FDIC to make public the Deposit Insurance Fund s reserve ratio and designated reserve ratio 335 Permanently increase maximum for federal deposit insurance to $250,000 retroactive to January July 22, July 22, July 22, July 22, July 22, July 22, C-2

3 336 Management of the FDIC Savings associations converting to national banks may retain branches and establish additional branches in any State in which it was located before conversion as permitted for a state bank in that State July 22, Establishment of Office of Minority and Women Inclusion 6 months after 343 Provision of full federal deposit insurance for non-interest bearing demand accounts at insured depository institutions until January 1, Provision of full federal deposit insurance for non-interest bearing demand accounts at insured credit unions until January 1, 2013 TITLE IV PRIVATE FUND INVESTMENT ADVISERS REGISTRATION ACT OF December 31, July 21, All Sections July 21, 2011; but (1) voluntary registration prior to effectiveness permitted and (2) certain rulemaking and reporting requirements appear to be effective upon enactment TITLE V INSURANCE Establishment of Federal Insurance Office July 22, ; Reform of regulation of the nonadmitted property/casualty insurance market and the reinsurance markets 523 Prohibition on states collecting any fees relating to the licensing of a surplus lines broker in the state, unless the state has laws or regulations providing for the participation by the state in the national insurance database of the NAIC TITLE VI REGULATION OF BHCS, SLHCS AND DEPOSITORY INSTITUTIONS July 21, July 21, year moratorium on grant of federal deposit insurance for certain depository institutions excluded from definition of bank under BHC Act and approval of Change In Bank Control notices for such institutions July 22, GAO study of exemptions from bank definition in BHC Act Not later than January 21, C-3

4 604 Removal of restrictions in BHC Act on FRB examination, enforcement and rulemaking authority over functionally regulated subsidiaries of BHCs and grant to FRB of similar authority for SLHCs 604(d), (f) 604(e) 604(i) A financial stability standard added to Bank Merger Act and BHC Act Prior FRB approval under BHC Act required for acquisitions of nonbank companies by financial holding companies with consolidated assets over $10 billion Exclusion from SLHC status of companies that own a limited purpose trust company and grandfathered SLHCs ordered by FRB to establish an intermediate holding company 605 FRB required to examine nonbank subsidiaries of BHCs and SLHCs engaged in activities permissible for depository institution subsidiaries and grant of back-up examination and enforcement authority to OCC and FDIC 606(a) 606(b) Financial holding companies must be well-capitalized and wellmanaged to maintain status SLHCs (except grandfathered SLHCs) must meet wellcapitalized, well-managed and other standards to engage in financial activities only permitted for financial holding companies 607 Well-capitalized and well-managed standard required for interstate acquisitions of and mergers with banks under BHC Act and Bank Merger Act Amendments to Section 23A of the Federal Reserve Act, including coverage of credit exposure on derivative transactions and securities lending and borrowing transactions 610 Credit exposure on derivatives and other transactions covered under national bank lending limit 611 Requires credit exposure on derivatives to be regulated in state banks lending limits 612 Charter conversions of insured depository institutions prohibited if subject to an enforcement order or memorandum of understanding with respect to a significant supervisory matter unless certain requirements are met 613 De novo branching for national and state banks into other states permitted if a state bank chartered in that state could establish a branch at proposed location 614 Amendments to insider lending restriction of Section 22(h) of the Federal Reserve Act, covering credit exposure on derivative transactions, repurchase and reverse repurchase agreements, and securities lending and borrowing transactions 615 FDI Act amended to require that purchases of assets by a bank from, and sales by a bank to, an insider must be on market terms 616 FRB authorized to issue rules to establish capital requirements for BHCs and SLHCs year after 1 year after 18 months after July 22, July 22, year after C-4

5 616 FRB authorized to require BHCs or SLHCs to serve as a source of strength to subsidiary insured depository institutions and OCC and FDIC authorized to require other holding companies of insured depository institutions to do so 616(c) FRB, OCC and FDIC must seek to make capital requirements for depository institutions countercyclical 617 Investment bank holding company framework under Exchange Act repealed 618 Securities holding companies that are required by a non-u.s. regulator or statute to be subject to comprehensive consolidated supervision may register with the FRB 619 Volcker Rule prohibitions on proprietary trading and sponsorship and investment in hedge and private equity funds 619(b) 619(b) 619(c) Council study of Volcker Rule and recommendations on modifications to Rule and its implementation FRB, OCC, FDIC, SEC and CFTC rules required to implement Volcker Rule Divestiture required for investments and activities prohibited by the Volcker Rule 620 Study of bank activities, the risk of such activities, and riskmitigation activities 621 Amendment to Securities Act of 1933 relating to conflicts of interest in certain securitizations 622 Limit on expansion by large financial firms, including Covered Nonbank Companies designated under Title I 623 Limits on interstate bank mergers and interstate acquisitions of savings associations and certain other insured depository institutions by BHCs and SLHCs 624 Amendments to SLHC Act with respect to qualified thrift lender requirements July 22, Earlier of 12 months after adoption of final agency rules and July 21, January 21, months after completion of Council study of Volcker Rule 2 years after effectiveness of Rule with possibility of 3 one-year extensions January 21, Issuance by SEC of final rules which are required by April 17, 2011 July 22, 2010, subject to Council study (by January 21, 2011) and FRB rulemaking (April 21, 2011) July 22, July 22, There are special rules for investments in illiquid funds beyond this two-year period. It is unclear whether Section 620 would be effective prior to the adoption of the FRB s rule pursuant to this provision. C-5

6 625 Amendment to SLHC Act regarding dividends by certain mutual holding companies 626 FRB authorized to require SLHCs to establish intermediate holding companies 627 Repeal of federal prohibitions on payment of interest on demand deposits 628 Amendment to BHC Act to permit exempt credit card banks to extend credit card loans to small businesses TITLE VII DERIVATIVES Unclear- Likely 82 July 21, July 22, Review of regulatory authority of CFTC and SEC under Subtitle A of Title VII 714 CFTC and SEC authorized to collect information and issue reports regarding swaps 715 CFTC and SEC authorized to prohibit non-u.s. entities from participating in U.S. swap market Prohibition against federal assistance to any swaps entity July 21, Amends Commodity Exchange Act and Securities Exchange Act to create joint process to approve new products 718 CFTC and SEC authorized to determine status of novel derivative products 718(b) Judicial resolution of CFTC and SEC conflict over status of novel derivative products 721 Treasury Secretary granted authority to exempt foreign exchange swaps and forwards 721 Amends Commodity Exchange Act to include certain new definitions Motion picture box office receipts are not considered futures June 1, Clarification of regulatory authority of the SEC, CFTC and FERC under 723 Prohibition against entering into or execution of agricultural swaps unless CFTC permits such swaps pursuant to Section 4(c) of the Commodity Exchange Act Segregation requirements for cleared and uncleared swaps Registration requirements for derivatives clearing organizations, including core principles and reporting requirements 728 Registration requirement for swap data repositories, including reporting requirements 729 Existing swaps reported to swap data repository, not later than 30 days after issuance of an interim final rule or within 90 days of final rule Large swap trader reporting requirements 101 C-6

7 733 Registration requirements for swap execution facilities, including core principles, imposition of position limits and reporting requirements 735 Core principles for designated contract markets, including imposition of position limits (a) CFTC granted authority over non-u.s. boards of trade Legal certainty for swap transactions 742 CFTC authority over retail commodity transactions, including retail foreign exchange transactions 745 Enhanced compliance for registered entities 746 Commodity Exchange Act prohibition against governmental insider trading 752 CFTC, SEC and prudential regulators shall consult and share information, as appropriate, with international regulators 753 Amends Commodity Exchange Act manipulation standard and prohibits market manipulation of swap transactions Date of effectiveness of the CFTC s final rule pursuant to Title VII of 761 Amends Exchange Act to include new definitions 762 Amends Section 2A of the Securities Act and Section 3A of the Exchange Act to remove references to repealed Sections 206B and 206C of the Gramm-Leach-Bliley Act (prohibition of regulation of security-based swap agreements) 763(b) Registration requirement for clearing agencies (c) 763(d) 763(h) Registration requirement for security-based swap execution facilities Segregation of assets held as collateral in security-based swap transactions Position limits for security-based swaps and large trader reporting (i) Registration requirements for swap data repositories 764(a) Registration of security-based swap dealers and major security based swap participants 765 SEC rulemaking on conflicts of interest in the security-based swap market January 17, (a) Recordkeeping for certain security-based swaps (a) Reporting for certain security-based swaps October 19, Preemption of state gaming authority and bucket shop laws Amends Securities Act to include security-based swaps and require registration of security-based swaps Amendment to the civil penalty provisions of the Exchange Act C-7

8 TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION Provides for the designation and supervision of payment, clearing and settlement activities July 21, TITLE IX INVESTOR PROTECTIONS AND IMPROVEMENTS TO REGULATION OF SECURITIES 911 Establishment of IAC within the SEC July 22, Establishment of the Office of the Investor Advocate within the SEC 916 Accelerating time allowed for SEC evaluation of proposed SRO rule changes July 22, July 22, Incentives and protection to whistleblowers July 22, SEC s collateral bar authority with regard to individuals who violate the Exchange Act or the Advisers Act extended to the full range of registered securities entities 927 Voiding any contractual provisions requiring a person to waive compliance with SRO rules (rather than rules of an exchange) 928 Clarifying that the restrictions of Section 205 of the Advisers Act do not apply to state-registered investment advisers 929 Amendment of Section 7(c)(1)(A) of the Exchange Act regarding margin lending prohibitions 929A 929B Employees of subsidiaries and affiliates of public companies included in existing whistleblower protections of the Sarbanes- Oxley Act Civil money penalties for securities laws violations may be used to benefit victims even without obtaining disgorgement from the defendant July 22, July 22, July 22, July 22, 2010 July 22, July 22, C Increasing SIPC borrowing limits from the Treasury Department July 22, Establishment of the Office of Credit Ratings to oversee NRSROs; reforms of NRSRO corporate governance, liability and disclosure 939 The FDI Act, the Investment Company Act of 1940, the Exchange Act and other U.S. statutes revised to remove references to credit ratings July 22, July 21, Certain new ABS disclosure and reporting obligations July 22, Elimination of existing exemption from registration for some mortgage-backed securities 951 Any proxy, consent or authorization for meetings occurring after January 21, 2011, must provide for non-binding shareholder votes to approve executive compensation, establish frequency of say-on-pay votes and approve golden parachutes 952 Disclosure requirements regarding compensation committee use of compensation consultants July 22, For meetings occurring after January 21, 2011 For meetings occurring on or after July 21, C-8

9 957 Provisions regarding new broker voting rules of any exchange to be registered as a national securities exchange with the SEC 965 SEC s Division of Trading and Markets and Division of Investment Management to maintain a separate staff of examiners 966 SEC inspector general required to establish a system for confidential submission of suggestions to improve the efficiency of, or allegations of inefficiency in, the SEC; inspector general required to submit annual report to Congress regarding the suggestions and allegations received 971 Expansion of SEC rulemaking authority with respect to proxy access 975 Municipal advisors required to register under Section 15B of the Exchange Act and subject to liability for fraudulent, deceptive or manipulative acts or practices; changes to the composition, authority and obligations of the MSRB 979 Establishment of the Office of Municipal Securities within the SEC 981 PCAOB authorized to share information relating to a public accounting firm with any non-u.s. auditor oversight authority under certain circumstances 982 PCAOB authorized to establish rules, subject to SEC approval, for inspection and examination of auditors of brokers and dealers; auditors of brokers and dealers subject to PCAOB inspection required to register with the PCAOB; brokers or dealers required to pay annual accounting support fees to the PCAOB; PCAOB authorized to refer investigations to an SRO with jurisdiction over the relevant broker or dealer 983 Securities Investor Protection Act protections extended to cover both securities and futures contracts in a single portfolio margining account 984 Prohibition on participating in transactions involving the lending or borrowing of securities in contravention of SEC rules 987 Threshold for material loss under the FDI Act increased; process established for review of losses below the material loss threshold 988 New procedures established for reporting material and nonmaterial losses by the Share Insurance Fund of the NCUA July 22, July 22, July 22, July 22, October 1, July 22, July 22, July 22, July 22, 2010 July 22, July 22, July 22, A Bureau s Office of Financial Literacy required to establish a grant program for states related to protection of senior investors 989B, C, D, E Reforms of the Inspector General Act of 1978; creation of the Council of Inspectors General on Financial Oversight 989G Amends Sarbanes-Oxley Section 404 to exempt nonaccelerated filers and smaller reporting companies from Section 404(b) July 22, 2010; appropriations for fiscal years authorized 188 July 22, July 22, C-9

10 991 SEC Reserve Fund and related provisions October 1, SEC match funding authority Later of October 1, 2011 or the date of enactment of an Act making a regular appropriation to the SEC for fiscal year Amendments to SEC registration fee provisions October 1, 2011, except that for fiscal year 2012, the SEC must publish a rate established under Exchange Act Section 6(b), on August 31, Authorization of appropriations for fiscal years 2011 to 2015 July 22, Budget transmittal amendments July 22, 2010 (but by its terms, the provision first applies to the fiscal year 2012 budget) TITLE X BUREAU OF CONSUMER FINANCIAL PROTECTION Establishment of Bureau of Consumer Financial Protection July 21, Enumeration of the powers of the Bureau of Consumer Financial Protection Sets forth certain specific authorities of the Bureau of Consumer Financial Protection Concerning the effect of Title X on state law, the enforcement powers of states, and preemption of state consumer financial protection laws by federal law Establishment of the enforcement powers of the Bureau of Consumer Financial Protection 1061 Transfer of functions from other agencies to the Bureau of Consumer Financial Protection 1064 Transfer of personnel from other agencies to the Bureau of Consumer Financial Protection 1073 Amendment to the Equal Credit Opportunity Act requiring collection of certain small business loan data under that Act Transfers to occur not later than 90 days after (a) Restrictions on electronic debit transaction interchange fees July 21, Conforming amendments to the Inspector General Act of 1978 July 22, C-10

11 1082 Conforming amendments to the Privacy Act of 1974 July 22, G Conforming amendments to other statutes affected by creation of the Bureau including the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair and Accurate Credit Transactions Act, Home Mortgage Disclosure Act, TILA and others TITLE XI FEDERAL RESERVE SYSTEM PROVISIONS 1101 FRB s emergency lending authority under Section 13(3) of the Federal Reserve Act limited to credit programs and facilities with broad-based eligibility and subject to certain other requirements 1102 GAO authorized to audit emergency credit facilities authorized by FRB under Section 13(3) and discount window advances and open market transactions effected after July 21, (a) 1103(b) FRB required to place on its website, within 6 months of public release, specified information, including public information regarding GAO audits and audited financial statements of FRB and Federal Reserve banks FRB must make public within certain timeframes detailed information, including identifying details, concerning discount window advances and open-market transactions engaged in after July 21, 2010, and emergency credit facilities established under Section 13(3) after July 21, , 1105 FDIC granted emergency financial stabilization authority, with FRB, Treasury approval and Congressional authorization, to provide a widely-available program to guarantee obligations of solvent depository institutions and their holding companies and subsidiaries of such entities 1106 Elimination of FDIC s current authority to provide systemic risk assistance to solvent insured depository institutions and their solvent holding companies under a widely available program and to provide open bank assistance 1107 Class A directors of Federal Reserve banks may not vote for Reserve Bank Presidents 166 July 22, July 22, July 22, July 22, July 22, July 22, July 22, Creation of a second vice chairman of the FRB for supervision July 21, FRB governance matters July 22, GAO audit of all credit facilities and programs established during the financial crisis under Section 13(3) of the FR Act and the Term Auction Facility and GAO Audit of Federal Reserve System governance 1109(e) Publication of detailed information, including the identity of the persons provided assistance, concerning audit extended under the above facilities and programs 1100G Small business fairness and regulatory transparency July 22, December 1, C-11

12 TITLE XII IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS ACT OF Treasury Secretary authorized to establish a program designed to expand access to financial institutions for low- and moderate-income individuals 1205 Treasury Secretary authorized to establish programs to provide low-cost alternatives to payday loans 1206 Community Development Financial Institutions Fund permitted to make grants to community development financial institutions All other provisions of Improving Access to Mainstream Financial Institutions Act of 2010 TITLE XIII PAY IT BACK ACT July 22, July 22, July 22, July 22, Pay It Back Act, including amendment reducing TARP authorization, amendments to Housing and Economic Recovery Act of 2008 and amendments to the American Recovery and Reinvestment Act of 2009 TITLE XIV MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT July 22, Various provisions of Title XIV Earlier of date final regulations implementing section take effect or 18 months after 1473(f) Appraisal management services July 21, 2013, subject to Council extension of up to 12 months (a) Funding for Homeowners Relief Fund October 1, (a) Additional assistance for Neighborhood Stabilization Program October 1, Legal assistance for foreclosure-related issues July 21, TITLE XV MISCELLANEOUS PROVISIONS 1501 Requirement to oppose IMF loans to certain countries if not likely to be repaid in full July 22, Mine safety disclosure requirements August 20, C-12

13 TITLE XVI FINANCIAL CRISIS ASSESSMENT AND FUND 1601 Amendment of Section 1256 of the Internal Revenue Code to explicitly exclude any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap or similar agreement from the scope of Section 1256 Applies to taxable years beginning after July 21, C-13

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