TAILIEUCHUNG - Dodd-Frank: Impact on Asset Management

In practice, the number of passive assets must be limited in some fashion. Our empirical design includes p passive assets, consisting of k benchmarks and m nonbenchmark assets, and the benchmarks are associated with popular asset pricing models. Suppose one admits the possibility that the benchmarks do not price the nonbenchmark assets exactly, that is ®N 6 = ±A, the intercept in (2), is a better measure of skill, in that it is de¯ned with respect to the more inclusive set of passive assets. Of course, that measure might still be nonzero for passive assets omitted from the set of p. The point is simply that. | Chapman and Cutler LLP Attorneys at Law Focused on Finance Dodd-Frank Impact on Asset Management Information for Investment Advisers Broker-Dealers and Investment Funds Updated January 1 2012 Chapman and Cutler LLP 2012. All Rights Reserved Chapman and Cutler LLP Introduction On July 21 2010 President Obama signed into law The Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act makes significant changes to the existing financial services legal framework affecting nearly every aspect of the industry. This summary highlights many of the provisions of the Dodd-Frank Act that matter most to the asset management industry investments advisers brokerdealers registered investment companies hedge funds private equity funds and other alternative investment funds. Many of the issues discussed in this summary will remain in a constant state of flux and subject to extensive rulemaking efforts well past July 2011 when many rulemaking requirements were due. In reality very few of the rulemaking efforts required by the Dodd-Frank Act have been completed and regulators have not met many of the Dodd-Frank deadlines. You can obtain additional information on various aspects of the Dodd-Frank Act on our website http . If you have questions or comments about the issues discussed in this summary or any other aspects of the Dodd-Frank Act please contact us. We look forward to being of service. Issues in this Summary Investment Adviser Registration Recordkeeping and Reporting Examination Enforcement Fiduciary Duty Investment Advisers and Broker-Dealers Derivatives Commodity Pool Operators and Commodity Trading Advisors Systemic Risk Regulation Volcker Rule Investor Qualification Standards Disqualification of Bad Actors from Regulation D Offerings Short Sales Broker Voting of Proxies Investment Adviser Custody PCAOB Authority Over Broker-Dealer Audits Municipal Securities Adviser Regulation SIPC Issues Other New SEC

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