Regulatory TrackerHelping Market Participants Understand and Monitor Dodd-Frank

The Davis Polk Regulatory Tracker is an online subscription service designed to help market participants effectively navigate the Dodd-Frank Act and the regulatory phase of financial reform. The Tracker serves as an internal compliance and strategic planning tool for subscribers who need to know the requirements, effective dates and current developments related to the Act. Subscribers can access the Dodd-Frank Database as well as a suite of other tools including a daily email alert of recent activity.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Dodd-Frank Dashboard

Titles I-IX, XI-XIII & XV-XVI

Institutional

CFR

Rules

Calendar

The Davis Polk Regulatory Hub is an online platform of tools designed to help market participants manage the complex tasks involved in implementing Dodd-Frank regulations. Financial institutions will need to keep abreast of rulemaking developments, monitor approaching comment deadlines and prepare for upcoming compliance dates, while at the same time:

Attorney Advertising. Prior results do not guarantee a similar outcome.

Swap Dealer RulemapsOur swap dealer rulemaps break down and extract the legal, compliance, technological and other requirements from CFTC, SEC and prudential regulator rulemaking issued under that Dodd-Frank Act as they apply to swap dealers. These rulemaps can serve as the basis for creating project checklists, developing implementation workstreams and distributing tasks among various groups. All information can be downloaded for ease of use or to feed into internal project management systems.

Subscribers can purchase any rulemap for a fixed cost. Our rulemaps cover a wide array of releases containing provisions applicable to swap dealers, including registrationrequirements, reporting and recordkeeping obligations, capital and margin and business conduct standards.

• Figuring out how thousands of pages of new regulations will affect their businesses;• Determining the tasks required to comply with the reforms; and• Organizing implementation across various departments throughout their institutions.

The Hub allows users to effectively manage these tasks and coordinate among their legal, compliance, technology, operations and risk departments. Using common content and tasks, we have developed tools that provide a significant cost savings for each institution, beginning with swap dealer rulemaps, a table of self-effective Title VII provisions, Volcker rule rulemaps, compliance manuals and policies and procedures.

The Dodd-Frank Database breaks the Dodd-Frank Act into operative provisions and tracks their implementation. This includes not only more than 200 required rulemakings and 70 required studies, but also more than 1000 other key provisions that will reshape the financial landscape.

The Rules Database follows rulemaking streams under the Dodd-Frank Act from proposal to final implementation, simplifying the search for a particular rule of interest, important commentary or key date.

The Calendar is an interactive catalogue of dates and deadlines related to the Dodd-Frank Act, making it easy to find approaching deadlines, upcoming meetings and open comment periods.

Users receive daily Email Updates alerting them to recent developments, including proposed and final rules, recent events and regulator speeches.

Updates

regulatorytracker.com

The Dodd-Frank database breaks down all of Dodd-Frank into its operative provisions.

Note: This document reflects expected changes to the current statute pursuant to the Dodd-Frank Act. The statutory amendments have not yet been reflected in the U.S. Code. Accordingly, this document remains subject to change. To the extent Congress modifies the Dodd-Frank Act or the provisions are codified in a different manner, the statutory blackline will be amended accordingly. See the Introductory Note for more information.

(A) In general.—The term "commodity pool operator" means any investment trust, syndicate, or similar form of enterprise operated for the purpose of trading in commodity interests, including any—

(i) commodity for future delivery, security futures product, or swap;(ii) agreement, contract, or transaction described in section 2(c)(2)(C)(i) or section

2(c)(2)(D)(i);(iii) commodity option authorized under section 4c; or(iv) leverage transaction authorized under section 19.

(B) Further definition.—The Commission, by rule or regulation, may include within, or exclude from, the term "commodity pool" any investment trust, syndicate, or similar form of enterprise if the Commission determines that the rule or regulation will effectuate the purposes of this Act.(11) Commodity pool operator.—

(A) In general.—The term ‘commodity pool operator’ means any person— (i) engaged in a business that is of the nature of ana commodity pool, investment

trust, syndicate, or similar form of enterprise, and who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading in anycommodity interests, including any—

(I) commodity for future delivery on or subject to the rules of any contract market or derivatives transaction execution facility, except that the term does not include such persons not within the intent of the definition of the term as the Commission may specify by rule, regulation, or order., security futures product, or swap;

(II) agreement, contract, or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i);

(III) commodity option authorized under section 4c; or(IV) leverage transaction authorized under section 19; or

(ii) who is registered with the Commission as a commodity pool operator. (B) Further definition.—The Commission, by rule or regulation, may include within, or

exclude from, the term ‘commodity pool operator’ any person engaged in a business that is of the nature of a commodity pool, investment trust, syndicate, or similar form of enterprise if the Commission determines that the rule or regulation will effectuate the purposes of this Act.(612) Commodity trading advisor.

(A) In general. Except as otherwise provided in this paragraph, the term "commodity trading advisor" means any person who--

(i) for compensation or profit, engages in the business of advising others, either directly or through publications, writings, or electronic media, as to the value of or the advisability of trading in--

(I) any contract of sale of a commodity for future delivery made or to be made on or subject to the rules of a, security futures product, or swap;

(II) any agreement, contract market, or derivatives transaction execution facilitydescribed in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i);

(IIIII) any commodity option authorized under section 4c [7 USCS § 6c]; or

(IIIIV) any leverage transaction authorized under section 19 [7 USCS § 23];or(ii) for compensation or profit, and as part of a regular business, issues or

promulgates analyses or reports concerning any of the activities referred to in clause (i);(iii) is registered with the Commission as a commodity trading advisor; or(iv) the Commission, by rule or regulation, may include if the Commission

determines that the rule or regulation will effectuate the purposes of this Act.

Sortable and searchable across all columns

Concise description for easy navigation

Timeline of upcoming regulator activity

Davis Polk’s summaries of more than 1400 key provisions of the Dodd-Frank Act

Statutory blacklines of every amendment to the U.S. Code place changes made by Dodd-Frank in context

Regulatory developments are updated daily, including details of rule proposals, meetings and regulator statements

Unique ID numbers help integrate new developments into your project management system

Daily email alerts keep subscribers informed during the fast-paced implementation phase.

A comprehensive calendar includes all upcoming comment deadlines related to Dodd-Frank along with meetings, regulator deadlines, public roundtables, hearings and rule effective dates.

Subscribers can also access our monthly Dodd-Frank Rulemaking Progress Reports, based on underlying Tracker data.

© 2011 Davis Polk & Wardwell llp. All rights reserved. The Davis Polk Regulatory Tracker™ is an informational product provided by Davis Polk & Wardwell llp, and should not be relied on or treated as a substitute for specific advice.

29

7

11

94

Proposed

Finalized

Missed

Future Deadline

Proposed, 29

Finalized, 7

Missed, 11

FutureDeadline, 94

Proposed, 32

Finalized, 4

Missed, 4

FutureDeadline, 15

Proposed, 26

Finalized, 6

Missed, 11

FutureDeadline, 52

Proposed, 7

Finalized, 4

Missed, 4

FutureDeadline, 81

CFTC

For more information or to schedule a demonstration of the Tracker or other Davis Polk products, contact tracker@davispolk.com.

The Davis Polk Regulatory Hub is an online platform of tools designed to help market participants manage the complex tasks involved in implementing Dodd-Frank regulations. Financial institutions will need to keep abreast of rulemaking developments, monitor approaching comment deadlines and prepare for upcoming compliance dates, while at the same time:

Attorney Advertising. Prior results do not guarantee a similar outcome.

Swap Dealer RulemapsOur swap dealer rulemaps break down and extract the legal, compliance, technological and other requirements from CFTC, SEC and prudential regulator rulemaking issued under that Dodd-Frank Act as they apply to swap dealers. These rulemaps can serve as the basis for creating project checklists, developing implementation workstreams and distributing tasks among various groups. All information can be downloaded for ease of use or to feed into internal project management systems.

Subscribers can purchase any rulemap for a fixed cost. Our rulemaps cover a wide array of releases containing provisions applicable to swap dealers, including registrationrequirements, reporting and recordkeeping obligations, capital and margin and business conduct standards.

• Figuring out how thousands of pages of new regulations will affect their businesses;• Determining the tasks required to comply with the reforms; and• Organizing implementation across various departments throughout their institutions.

The Hub allows users to effectively manage these tasks and coordinate among their legal, compliance, technology, operations and risk departments. Using common content and tasks, we have developed tools that provide a significant cost savings for each institution, beginning with swap dealer rulemaps, a table of self-effective Title VII provisions, Volcker rule rulemaps, compliance manuals and policies and procedures.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Dodd-Frank Dashboard

Regulatory HubHelping Market Participants Implement Dodd-Frank Regulations

The Davis Polk Regulatory Hub™ is an online platform designed to help market participants manage the complex implementation of Dodd-Frank regulations.

■■ The Regulatory Hub offers a menu of standardized, cost-effective compliance tools, distilling rulemaking under the Dodd-Frank Act down to the common tasks all financial institutions must perform under new regulations.

■■ Extensive searching, sorting and exporting functionality, and a variety of links and information allow for easy use and smooth integration into a firm’s internal project management platform.

■■ Weekly reports on changes to the database, as well as built in search capabilities, allow subscribers to keep their internal project management tools current.

■■ The Regulatory Hub also serves as a comprehensive database that legal and compliance professionals use to access and understand the new regulations. The current focus of the database is on swap dealer regulation, with expansion into select other areas planned.

Swap Dealer RulemapsRulemap is the term we use for the compliance tools that distill rulemaking down to common tasks. The rulemaps can serve as the basis for creating project checklists, developing implementation workstreams and distributing tasks among those workstreams.

Subscribers can purchase any rulemap for a fixed cost, with unlimited access throughout their organization. Our rulemaps cover a wide range of releases containing provisions applicable to swap dealers, including registration requirements, business conduct standards, reporting and recordkeeping obligations, and capital and margin requirements.

For more information contact hub@davispolk.com.

© 2011 Davis Polk & Wardwell llp. All rights reserved. The Davis Polk Regulatory Hub™ and the Davis Polk Regulatory Tracker™ are informational products

provided by Davis Polk & Wardwell llp, and should not be relied on or treated as a substitute for specific advice. | SEp11 | 00260

Swap Dealer Summary MemorandumSubscribers can also purchase our comprehensive Swap Dealer Summary Memorandum: a narrative explanation of relevant rules, updated on a regular basis.

The Davis Polk Regulatory TrackerThe Davis Polk Regulatory Tracker™ is an online subscription service designed to help market participants effectively navigate the fast-paced regulatory phase of financial reform. Links throughout the Hub allow users to navigate between background on specific provisions in the Tracker to detailed analysis in the rulemaps.

■■ The Dodd-Frank Database breaks the Act into operative provisions and tracks their implementation. This includes not only more than 200 required rulemakings and 70 required studies, but also more than 1,000 other key provisions that will reshape financial regulation.

■■ A comprehensive calendar includes all upcoming comment deadlines related to Dodd-Frank along with meetings, regulator deadlines, public roundtables, hearings and rule effective dates.

■■ Daily email alerts keep subscribers informed of key developments.

For more information, please contact our Davis Polk Regulatory Tracker™ team at tracker@davispolk.com.

The Obligations of Swap Dealers

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