Unformatted text preview: G:\COMP\BANK\DODD-FRANK WALL STREET REFORM AND CONSUMER PR....XML Dodd-Frank Wall Street Reform and Consumer Protection
[Public Law 111–203]
[As Amended Through P.L. 115–174, Enacted May 24, 2018]
øCurrency: This publication is a compilation of the text of Public Law 111-203. It
was last amended by the public law listed in the As Amended Through note above
and below at the bottom of each page of the pdf version and reflects current law
through the date of the enactment of the public law listed at https://
øNote: While this publication does not represent an official version of any Federal
statute, substantial efforts have been made to ensure the accuracy of its contents.
The official version of Federal law is found in the United States Statutes at Large
and in the United States Code. The legal effect to be given to the Statutes at
Large and the United States Code is established by statute (1 U.S.C. 112, 204).¿
AN ACT To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ″too big to fail″, to
protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) ø12 U.S.C. 5301 note¿ SHORT TITLE.—This Act may be cited
as the ‘‘Dodd-Frank Wall Street Reform and Consumer Protection
(b) TABLE OF CONTENTS.—The table of contents for this Act is
as follows: Sec.
6. Short title; table of contents.
Antitrust savings clause.
TITLE I—FINANCIAL STABILITY Sec. 101. Short title.
Sec. 102. Definitions. August 6, 2018 VerDate Nov 24 2008 Subtitle A—Financial Stability Oversight Council
Sec. 111. Financial Stability Oversight Council established.
Sec. 112. Council authority.
Sec. 113. Authority to require supervision and regulation of certain nonbank financial companies.
Sec. 114. Registration of nonbank financial companies supervised by the Board of
Sec. 115. Enhanced supervision and prudential standards for nonbank financial
companies supervised by the Board of Governors and certain bank
Sec. 116. Reports.
Sec. 117. Treatment of certain companies that cease to be bank holding companies.
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Sec. 1 Dodd-Frank Wall Street Reform and Consumer Protec... 2 Sec. 118. Council funding.
Sec. 119. Resolution of supervisory jurisdictional disputes among member agencies.
Sec. 120. Additional standards applicable to activities or practices for financial stability purposes.
Sec. 121. Mitigation of risks to financial stability.
Sec. 122. GAO Audit of Council.
Sec. 123. Study of the effects of size and complexity of financial institutions on capital market efficiency and economic growth.
156. Subtitle B—Office of Financial Research
Office of Financial Research established.
Purpose and duties of the Office.
Organizational structure; responsibilities of primary programmatic units.
Transition oversight. Subtitle C—Additional Board of Governors Authority for Certain Nonbank Financial
Companies and Bank Holding Companies
Sec. 161. Reports by and examinations of nonbank financial companies by the
Board of Governors.
Sec. 162. Enforcement.
Sec. 163. Acquisitions.
Sec. 164. Prohibition against management interlocks between certain financial
Sec. 165. Enhanced supervision and prudential standards for nonbank financial
companies supervised by the Board of Governors and certain bank
Sec. 166. Early remediation requirements.
Sec. 167. Affiliations.
Sec. 168. Regulations.
Sec. 169. Avoiding duplication.
Sec. 170. Safe harbor.
Sec. 171. Leverage and risk-based capital requirements.
Sec. 172. Examination and enforcement actions for insurance and orderly liquidation purposes.
Sec. 173. Access to United States financial market by foreign institutions.
Sec. 174. Studies and reports on holding company capital requirements.
Sec. 175. International policy coordination.
Sec. 176. Rule of construction.
TITLE II—ORDERLY LIQUIDATION AUTHORITY
Systemic risk determination.
Orderly liquidation of covered financial companies.
Orderly liquidation of covered brokers and dealers.
Mandatory terms and conditions for all orderly liquidation actions.
Directors not liable for acquiescing in appointment of receiver.
Dismissal and exclusion of other actions.
Rulemaking; non-conflicting law.
Powers and duties of the Corporation.
Prohibition of circumvention and prevention of conflicts of interest.
Ban on certain activities by senior executives and directors.
Prohibition on taxpayer funding.
Study on secured creditor haircuts.
Study on bankruptcy process for financial and nonbank financial institutions
Sec. 217. Study on international coordination relating to bankruptcy process for
nonbank financial institutions
Sec. August 6, 2018 VerDate Nov 24 2008 201.
216. TITLE III—TRANSFER OF POWERS TO THE COMPTROLLER OF THE
CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS
Sec. 300. Short title.
Sec. 301. Purposes.
Sec. 302. Definition.
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3 Dodd-Frank Wall Street Reform and Consumer Protec... Sec.
319. Sec. 1 Subtitle A—Transfer of Powers and Duties
Powers and duties transferred.
Amendments to the Revised Statutes.
Federal information policy.
References in Federal law to Federal banking agencies.
Contracting and leasing authority. Subtitle B—Transitional Provisions
Sec. 321. Interim use of funds, personnel, and property of the Office of Thrift Supervision.
Sec. 322. Transfer of employees.
Sec. 323. Property transferred.
Sec. 324. Funds transferred.
Sec. 325. Disposition of affairs.
Sec. 326. Continuation of services.
Sec. 327. Implementation plan and reports.
336. Subtitle C—Federal Deposit Insurance Corporation
Deposit insurance reforms.
Elimination of procyclical assessments.
Enhanced access to information for deposit insurance purposes.
Transition reserve ratio requirements to reflect new assessment base.
Permanent increase in deposit and share insurance.
Management of the Federal Deposit Insurance Corporation. Subtitle D—Other Matters
Sec. 341. Branching.
Sec. 342. Office of Minority and Women Inclusion.
Sec. 343. Insurance of transaction accounts.
Sec. August 6, 2018 VerDate Nov 24 2008 351.
378. Subtitle E—Technical and Conforming Amendments
Balanced Budget and Emergency Deficit Control Act of 1985.
Bank Enterprise Act of 1991.
Bank Holding Company Act of 1956.
Bank Holding Company Act Amendments of 1970.
Bank Protection Act of 1968.
Bank Service Company Act.
Community Reinvestment Act of 1977.
Crime Control Act of 1990.
Depository Institution Management Interlocks Act.
Emergency Homeowners’ Relief Act.
Federal Credit Union Act.
Federal Deposit Insurance Act.
Federal Home Loan Bank Act.
Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
Federal Reserve Act.
Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
Flood Disaster Protection Act of 1973.
Home Owners’ Loan Act.
Housing Act of 1948.
Housing and Community Development Act of 1992.
Housing and Urban-Rural Recovery Act of 1983.
National Housing Act.
Neighborhood Reinvestment Corporation Act.
Public Law 93-100.
Securities Exchange Act of 1934.
Title 18, United States Code.
Title 31, United States Code. TITLE IV—REGULATION OF ADVISERS TO HEDGE FUNDS AND OTHERS
Sec. 401. Short title.
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Sec. 1 Dodd-Frank Wall Street Reform and Consumer Protec... 4 Sec. 402. Definitions.
Sec. 403. Elimination of private adviser exemption; limited exemption for foreign
private advisers; limited intrastate exemption.
Sec. 404. Collection of systemic risk data; reports; examinations; disclosures.
Sec. 405. Disclosure provision amendment.
Sec. 406. Clarification of rulemaking authority.
Sec. 407. Exemption of venture capital fund advisers.
Sec. 408. Exemption of and record keeping by private equity fund advisers.
Sec. 409. Family offices.
Sec. 410. State and Federal responsibilities; asset threshold for Federal registration
of investment advisers.
Sec. 411. Custody of client assets.
Sec. 412. Adjusting the accredited investor standard.
Sec. 413. GAO study and report on accredited investors.
Sec. 414. GAO study on self-regulatory organization for private funds.
Sec. 415. Commission study and report on short selling.
Sec. 416. Transition period.
Subtitle A—Office of National Insurance
Sec. 501. Short title.
Sec. 502. Federal Insurance Office.
Subtitle B—State-Based Insurance Reform
Sec. 511. Short title.
Sec. 512. Effective date.
527. PART I—NONADMITTED INSURANCE
Reporting, payment, and allocation of premium taxes.
Regulation of nonadmitted insurance by insured’s home State.
Participation in national producer database.
Uniform standards for surplus lines eligibility.
Streamlined application for commercial purchasers.
GAO study of nonadmitted insurance market.
Definitions. PART II—REINSURANCE
Sec. 531. Regulation of credit for reinsurance and reinsurance agreements.
Sec. 532. Regulation of reinsurer solvency.
Sec. 533. Definitions.
Sec. 541. Rule of construction.
Sec. 542. Severability. August 6, 2018 VerDate Nov 24 2008 OF CONSTRUCTION TITLE VI—IMPROVEMENTS TO REGULATION OF BANK AND SAVINGS
ASSOCIATION HOLDING COMPANIES AND DEPOSITORY INSTITUTIONS
Sec. 601. Short title.
Sec. 602. Definition.
Sec. 603. Moratorium and study on treatment of credit card banks, industrial loan
companies, and certain other companies under the Bank Holding Company Act of 1956.
Sec. 604. Reports and examinations of holding companies; regulation of functionally
Sec. 605. Assuring consistent oversight of permissible activities of depository institution subsidiaries of holding companies.
Sec. 606. Requirements for financial holding companies to remain well capitalized
and well managed.
Sec. 607. Standards for interstate acquisitions.
Sec. 608. Enhancing existing restrictions on bank transactions with affiliates.
Sec. 609. Eliminating exceptions for transactions with financial subsidiaries.
Sec. 610. Lending limits applicable to credit exposure on derivative transactions,
repurchase agreements, reverse repurchase agreements, and securities
lending and borrowing transactions.
Sec. 611. Consistent treatment of derivative transactions in lending limits.
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5 Dodd-Frank Wall Street Reform and Consumer Protec... Sec.
628. Sec. 1 Restriction on conversions of troubled banks.
De novo branching into States.
Lending limits to insiders.
Limitations on purchases of assets from insiders.
Regulations regarding capital levels.
Elimination of elective investment bank holding company framework.
Securities holding companies.
Prohibitions on proprietary trading and certain relationships with hedge
funds and private equity funds.
Study of bank investment activities.
Conflicts of interest.
Concentration limits on large financial firms.
Interstate merger transactions.
Qualified thrift lenders.
Treatment of dividends by certain mutual holding companies.
Intermediate holding companies.
Interest-bearing transaction accounts authorized.
Credit card bank small business lending. TITLE VII—WALL STREET TRANSPARENCY AND ACCOUNTABILITY
Sec. 701. Short title.
Subtitle A—Regulation of Over-the-Counter Swaps Markets
750. August 6, 2018 VerDate Nov 24 2008 12:36 Aug 06, 2018 PART I—REGULATORY AUTHORITY
Review of regulatory authority.
Portfolio margining conforming changes.
Authority to prohibit participation in swap activities.
Prohibition against Federal Government bailouts of swaps entities.
New product approval CFTC—SEC process.
Determining status of novel derivative products.
PART II—REGULATION OF SWAP MARKETS
Swaps; segregation and bankruptcy treatment.
Derivatives clearing organizations.
Rulemaking on conflict of interest.
Public reporting of swap transaction data.
Swap data repositories.
Reporting and recordkeeping.
Large swap trader reporting.
Registration and regulation of swap dealers and major swap participants.
Conflicts of interest.
Swap execution facilities.
Derivatives transaction execution facilities and exempt boards of trade.
Designated contract markets.
Foreign boards of trade.
Legal certainty for swaps.
Multilateral clearing organizations.
Retail commodity transactions.
Enhanced compliance by registered entities.
Antidisruptive practices authority.
Commodity whistleblower incentives and protection.
Study on oversight of carbon markets.
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774. Dodd-Frank Wall Street Reform and Consumer Protec... 6 Energy and environmental markets advisory committee.
Subtitle B—Regulation of Security-Based Swap Markets
Definitions under the Securities Exchange Act of 1934.
Repeal of prohibition on regulation of security-based swap agreements.
Amendments to the Securities Exchange Act of 1934.
Registration and regulation of security-based swap dealers and major security-based swap participants.
Rulemaking on conflict of interest.
Reporting and recordkeeping.
State gaming and bucket shop laws.
Amendments to the Securities Act of 1933; treatment of security-based
Definitions under the Investment Company Act of 1940.
Definitions under the Investment Advisers Act of 1940.
Effective date. TITLE VIII—PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION
801. Short title.
802. Findings and purposes.
804. Designation of systemic importance.
805. Standards for systemically important financial market utilities and payment, clearing, or settlement activities.
Sec. 806. Operations of designated financial market utilities.
Sec. 807. Examination of and enforcement actions against designated financial
Sec. 808. Examination of and enforcement actions against financial institutions
subject to standards for designated activities.
Sec. 809. Requests for information, reports, or records.
Sec. 810. Rulemaking.
Sec. 811. Other authority.
Sec. 812. Consultation.
Sec. 813. Common framework for designated clearing entity risk management.
Sec. 814. Effective date.
Sec. TITLE IX—INVESTOR PROTECTIONS AND IMPROVEMENTS TO THE
REGULATION OF SECURITIES
Sec. 901. Short title.
Subtitle A—Increasing Investor Protection
Sec. 911. Investor Advisory Committee established.
Sec. 912. Clarification of authority of the Commission to engage in investor testing.
Sec. 913. Study and rulemaking regarding obligations of brokers, dealers, and investment advisers.
Sec. 914. Study on enhancing investment adviser examinations.
Sec. 915. Office of the Investor Advocate.
Sec. 916. Streamlining of filing procedures for self-regulatory organizations.
Sec. 917. Study regarding financial literacy among investors.
Sec. 918. Study regarding mutual fund advertising.
Sec. 919. Clarification of Commission authority to require investor disclosures before purchase of investment products and services.
Sec. 919A. Study on conflicts of interest.
Sec. 919B. Study on improved investor access to information on investment advisers and broker-dealers.
Sec. 919C. Study on financial planners and the use of financial designations.
Sec. 919D. Ombudsman. August 6, 2018 VerDate Nov 24 2008 Subtitle B—Increasing Regulatory Enforcement and Remedies
Sec. 921. Authority to restrict mandatory pre-dispute arbitration.
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Sec. Sec. 1 922.
928. Whistleblower protection.
Conforming amendments for whistleblower protection.
Implementation and transition provisions for whistleblower protection.
Disqualifying felons and other ‘‘bad actors’’ from Regulation D offerings.
Equal treatment of self-regulatory organization rules.
Clarification that section 205 of the Investment Advisers Act of 1940 does
not apply to State-registered advisers.
929. Unlawful margin lending.
929A. Protection for employees of subsidiaries and affiliates of publicly traded
929B. Fair Fund amendments.
929C. Increasing the borrowing limit on Treasury loans.
929D. Lost and stolen securities.
929E. Nationwide service of subpoenas.
929F. Formerly associated persons.
929G. Streamlined hiring authority for market specialists.
929H. SIPC Reforms.
929I. Protecting confidentiality of materials submitted to the Commission.
929J. Expansion of audit information to be produced and exchanged.
929K. Sharing privileged information with other authorities.
929L. Enhanced application of antifraud provisions.
929M. Aiding and abetting authority under the Securities Act and the Investment Company Act.
929N. Authority to impose penalties for aiding and abetting viol...
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