Overview

When the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act) was signed into law on 21 July, we entered into a new era for US regulatory oversight of non-US based companies that operate within the United States. The Act will have a significant impact not only on the financial services industry, but also on nearly all US public companies because it included new requirements to the securities laws on a range of issues.

Importantly, these current developments will also impact many non-US entities who do business within the US or with US person. The Act is not targeted solely at insured depository institutions and their affiliates, but rather at all companies that either do, or may, impact the financial segment of the US economy. Of equal importance are provisions directing US financial and securities regulators to sharpen their international focus and to promote greater cooperation with non-US regulators. This update highlights these new responsibilities.

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