Financial Services Reform Legislation Enacted

On 15 July Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Act"), which President Obama is scheduled to sign into law on 21 July. The Act is the most far reaching financial reform legislation enacted since the 1930s. Although directed primarily at the financial services industry, the Act will also have a major impact on nearly all U.S. public companies by adding new requirements to the securities laws on matters such as corporate governance and executive compensation. This initial report summarizes the major provisions of the Act.

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