Securities Law Committee
On November 17, 2009, Senator Christopher J. Dodd, Chairman of the Senate Banking, Housing & Urban Affairs Committee, agreed to defer a deadline for amendments to the first draft of the Chairman’s Financial Reform Legislation to consider comment from all members of the Banking Committee.  A letter thanking Chairman Dodd for that decision was posted by this Committee on January 11, 2010.  (See: Ladd, Letter to Chairman Dodd)
Members of the Senate Banking Committee have continued to work in a bipartisan manner to resolve many issues.  Their efforts have narrowed many issues, and are a reflection of the leadership examples set by Senator Christopher J. Dodd and Senator Richard C. Shelby, former Chairman and Ranking Member.
On Monday, March 15, 2010, the Senate Banking Committee posted the following revised documents:
Senators Jack Reed (D-RI) and Judd Gregg (R-NH) are working on a substitute amendment to the Title on Transparency and Accountability for Derivatives which may be offered at full Committee.
On Monday, March 22, 2010, the Senate Banking Committe approved the above Financial Reform Legislation on a vote of 13 to 10, with incorporation of a Senate Banking Manager's Amendment (03-22-10), as explained in a Senate Banking Manager's Amendment Summary (03-22-10).
On April 7, 2010, the SEC approved Release Nos. 33-9117 and 34-61858, which describes proposed rules that modify Regulation AB and other Rules concerning asset-backed securities.  Significant changes include repeal of credit ratings from shelf eligibility criteria, and, in lieu thereof, require a 5% risk retention across all tranches and other disclosure requirements.  The Releases may be viewed at the SEC web site.
On April 16, 2010, the SEC brought fraud charges against Goldman Sachs.  See, Securities and Exchange Commission v. Goldman Sachs & Co. and Fabrice Tourree, 10-cv-  (S.D.N.Y. April 16, 2010)  
On May 20, 2010, the Senate passed its amendment H.R. 4173, which can be viewed at the following Senate Banking Committee website:
European Commission
The European Commission approved new rules on June 2, 2010, which concern the oversight of Credit Rating Agencies as described in IP/10/656 (Brussels, 2 June 2010)

Professor John C. Coffee, Jr., Columbia University Law School, has agreed to participate in a seminar at the BADC Annual Meeting on June 22, 2010, and may be accompanied by a leading Member of the Senate Banking or House Financial Services Committee.  Further announcements will be posted shortly.
All persons interested in submitting articles for publication and distribution at seminars concerning the impact of the revised Financial Reform Legislation are requested to submit initial drafts by April 15, 2010, to  Ford C. Ladd,  at or delivered in hard copy to the Bar Association of the District of Columbia at 1016 16th Street, Suite 101, Washington, DC 20036.  BADC has sole discretion in determining whether to publish submissions, and reserves the right to publish articles at seminars and on its website.
Thank you.
BADC Securities Law Committee


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