On February 14, 2017, President Trump approved Congress’ joint resolution to repeal the SEC’s resource extraction disclosure rule. That action effectively brings to a conclusion the SEC’s efforts to implement a resource extraction disclosure rule mandated more than six years ago by the Dodd-Frank Act.

Read our client alert here:  https://www.mofo.com/resources/publications/170222-repeal-of-resource-extraction-disclosure-rule.html

On February 3, 2017, President Donald Trump signed an executive order to roll back certain parts of the Dodd-Frank Act.  We will continue to monitor news relating to the executive order and report developments on this blog.

UPDATE:  The White House released the official text of the Presidential Executive Order on Core Principles for

Likely, this is only the beginning. Senator Inhofe and Representative Huizenga filed Congressional Review Act Resolution relating to the Securities and Exchange Commission’s final rule regarding the disclosure of certain payments made by resource extraction issuers. The rule was required by Section 1504 of the Dodd-Frank Act. In the statement regarding the CRA, Senator Inhofe

On September 13, 2016, the House Financial Services Committee of the United States House of Representatives (the “FSC”) formally released H.R. 5983, the “Financial CHOICE Act” (the “CHOICE Act”). While the CHOICE Act has largely been viewed through a financial regulatory lens, as the first major concerted effort to provide an alternative to the Dodd-Frank

On June 14, 2016, the SEC issued an order (the “Order”) to increase the net worth threshold for “qualified clients” under Rule 205-3 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), from $2 million to $2.1 million.  Rule 205-3 currently allows an investment adviser to charge a client (a “qualified client”)

On June 7, in a speech to the Economic Club of New York, House Financial Services Committee Chairman Jeb Hensarling announced the Republican plan to replace the Dodd-Frank Act.  The Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act is set to be introduced as legislation later this month.  The Financial CHOICE

Chair White, addressing the Investor Advisory Committee, provided an update on SEC rulemaking.  Chair White identified the following initiatives:

  • the disclosure effectiveness initiative;
  • the review of the “accredited investor” definition;
  • action on the tick size pilot; and
  • the adoption of final crowdfunding rules.

Chair White also noted that the Commission must complete its required rulemakings

In testimony today, Chair White provided a brief update on various rulemaking initiatives.  She noted that, in connection with the Dodd-Frank Act mandates, the Division of Corporation Finance continues to work to implement provisions of the Dodd-Frank Act relating to executive compensation matters and payments by resource extraction issuers, and is currently conducting the review

On March 24th, the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investment will hold a hearing on “Capital Formation and Reducing Small Business Burdens.”  Information about the hearing is available here: https://www.banking.senate.gov/hearings/capital-formation-and-reducing-small-business-burdens.

Also on March 24th, the U.S. House Committee on Financial Services