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It's Official: Obama Signs Financial Reform Bill

Posted by Mary Beth Hamilton on Wednesday, July 21st, 2010

As expected, on Wednesday, July 21, 2010, President Obama signed the Financial Reform Act, which introduces new regulations for hedge funds and private equity firms.  Among other things, the bill gives new authority to the federal government to monitor financial firms that have the potential to pose a systemic risk, and when necessary, seize and wind down troubled financial firms. The greater oversight is helped along by requiring hedge funds and private equity firms with greater than $150 million in AUM to register with the SEC.

Here's a video of President Obama signing the Financial Reform Bill into law.

Hedge Fund & PE Regulation Resources

We've created a Financial Reform Bill Resources page to help hedge funds and private equity firms prepare for registration.  The new bill states that advisers must comply with the new provisions within one year of enactment of the conference report.  Of course, you can register earlier with the SEC.

Check it out.

Planning Ahead: Technology Requirements for Compliance

Here's a snapshot of what the new regulation means from a technology perspective.

Requirement

Solution

More Information

Data Retention & Archiving

  • SEC advises registered firms to retain all internal and external electronic communications
  • Required by NASD Rule 3500 Series & NYSE Rule 446

Eze Archiving

  • Archives messages in SEC-compliant format
  • Features easy searching and recovery for rapid response to discovery inquiries
  • Learn More
 Eze Archiving Overview

 Disaster Recovery

  • President's Working Group Report advises firms to establish a disaster recovery and business continuity plan to mitigate risks and meet industry best practices

Eze Disaster Recovery

  • Fulfills regulatory and investors' requirements for data protection and continuous availability
  • Proven and cost-effective DR solution used by industry's largest hedge funds
  • Learn More
 disaster recovery overview

Business Continuity Planning

  • Recommended operational component by SEC and investors to mitigate continuity risks and protect business

Eze BCP

  • Beyond IT operations, BCP focuses on critical operations and processes
  • Includes Risk Assessment, Business Impact Analysis, Plan/Strategy Development and Testing/Training
  • Learn More
 eze business continuity planning overview

MA Privacy Compliance Law (201 CMR 17.00)

  • Requires any company that owns, licenses, stores or maintains personal information about MA residents to develop a WISP and deploy security safeguards

Eze Privacy Compliance

  • Fulfills compliance
  • Includes creation of a Written Information Security Policy (WISP)
  • Implementation of necessary technology safeguards, including email encryption
  • Learn More
 privacy compliance overview

 

Categorized under: Hedge Fund Regulation 



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