Dodd-Frank Wall Street Reform and Consumer Protection Act
Comprehensive U.S. financial reform statute enacted after the 2008 crisis. For hedge funds, the most consequential provisions are the elimination of the 'private adviser' exemption (mandatory SEC registration above $150M private fund AUM), Form PF reporting, the Volcker Rule (banks restricted from sponsoring/investing in covered funds), and OTC derivatives clearing/reporting.
Details
- short name: Dodd-Frank
- aliases: DFA
- jurisdiction: US
- regulator: Multiple (SEC, CFTC, FRB, OCC, FDIC, FSOC)
- kind: act
- effective date: 2010-07-21
- summary: Comprehensive U.S. financial reform statute enacted after the 2008 crisis. For hedge funds, the most consequential provisions are the elimination of the 'private adviser' exemption (mandatory SEC registration above $150M private fund AUM), Form PF reporting, the Volcker Rule (banks restricted from sponsoring/investing in covered funds), and OTC derivatives clearing/reporting.
- scope: Banks, broker-dealers, advisers, hedge funds, and OTC derivative participants.
- applies to: banks, private fund managers, swap dealers, major swap participants
- related regulations: investment-advisers-act-1940, volcker-rule, form-pf
- related terms: systemically-important-financial-institution, form-pf, exempt-reporting-adviser, swap-data-repository
- official text url: https://www.congress.gov/bill/111th-congress/house-bill/4173
- history: Signed into law July 21, 2010. Major rollbacks via S.2155 (2018) for community banks; Volcker 2.0 simplification finalized in 2020.