Wait a SEC – am I caught by Dodd-Frank?

With the regulator across the pond casting its net abroad through Obama’s financial regulatory reform Act, asset managers must identify if they are affected and, if so, get to grips with SEC requirements, train staff and develop a compliance monitoring programme for SEC purposes, writes Jane Stoakes.

Jane Stoakes (jane.stoakes@kinetic-partners.com) is a regulatory compliance consultant at Kinetic Partners, where she is currently focusing on cross-border UK and US regulatory issues and how these affect US and non-US firms. Her past experience includes working in the FSA’s surveillance division and at the Securities and Futures Authority.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the ‘Dodd-Frank Act’), was signed into law in July 2010. This introduced the requirement for certain UK asset managers undertaking US business to become SEC (Securities and Exchange Commission) registered by 21 July 2011. However, there was a lack of clarity regarding the parameters for SEC registration and particular aspects still needed to be clarified.