Conflict Minerals: A Noble Cause, a Controversial Solution, and an Uncertain Future – Part III

In previous installments of this multi-part series, I discussed the historical context that was the impetus for Section 1502 of the Dodd-Frank Act as well as the mechanics of the final rule promulgated by the SEC.1 In this installment, I will lay out the current state of the law. Prior to Rule 13p-1 becoming effective …

The Potential Whiplash of Bandimere

In the last week of 2016, the U.S. Securities and Exchange Commission (SEC) received some news that spoiled its New Year’s celebrations. On December 27, 2016, the 10th Circuit Court of Appeals held that the SEC’s procedure for appointing its administrative law judges (ALJs) is unconstitutional.1 The 10th Circuit’s holding in Bandimere v. SEC not …

Scrapping Dodd-Frank

Since its inception, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) has faced heavy criticism.1 Passed as comprehensive legislative response to the financial crisis of 2008, the Dodd-Frank Act expanded regulations on financial institutions. Its repeal would cause a dramatic change in the landscape of financial regulation in the United States. The …

The CFPB and the DC Court of Appeals: A Rebuke and Question of Constitutionality (Part II of II)

As discussed in part one of this blog post, the U.S. Court of Appeals for the District of Columbia recently delivered what is perhaps the biggest setback to the Consumer Financial Protection Bureau (CFPB) to date. To review, the court essentially held the structure and independence of the Bureau to be unconstitutional in an opinion …

The Investment Modernization Act of 2016, Part 2 of 2

Policy Considerations And Potential Business Impact Perhaps the two most relevant provisions of the Investment Modernization Act of 2016 are the changes to restrictions on advertising in sections 2(b)(1)-(2), and the reduction in reporting requirements on the Form PF for many investment advisers in section 3(a).1 The bill passed the House on September 9, 2016.2 …

The CFPB and the DC Court of Appeals: A Rebuke and Question of Constitutionality

On October 11, the U.S. Court of Appeals for the District of Columbia delivered what is perhaps the biggest setback to the Consumer Financial Protection Bureau (CFPB) to date. The court held the structure and independence of the federal government’s relatively new consumer financial monitor to be unconstitutional in an opinion rebuking the CFPB for …

Conflict Minerals: A Noble Cause, a Controversial Solution, and an Uncertain Future (Part 2 of 2)

In the previous installment of this multi-part series, I briefly laid out the historical context that was the impetus for Section 1502 of the Dodd-Frank Act. In this installment, I will describe the mechanics of the final rule promulgated by the SEC. The final rule is Rule 13p-1 of the Exchange Act, which was adopted …

Conflict Minerals: A Noble Cause, a Controversial Solution, and an Uncertain Future (Part 1 of 2)

Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is an oft-forgotten piece of legislation. It found itself a miniscule minnow codified in the oceanic Dodd-Frank Act, which contained some of the most disruptive, paradigm-shifting rules enacted in recent memory. 1502 regulates the use of “conflict minerals,” or the so-called 3TGs: tin, …