Covington & Burling LLP

This Practice Note is intended to give non-US legal practitioners a degree of familiarity with the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (Dodd-Frank Act), the implementing regulations and the impact on foreign financial institutions. The Dodd-Frank Act was revised in important respects in 2018 by the Economic Growth, Regulatory Reform and Consumer Protection Act (EGRRCPA), with notable effects for both US and foreign banking institutions.

This Practice Note examines the US regulatory regime for hedge funds and private equity funds introduced by Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including oversight functions of the Financial Stability Oversight Council and Securities and Exchange Commission, registration and reporting requirements, and a brief summary of the Volcker Rule, which restricts relationships between banking firms and hedge funds and private equity funds.