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Kit Addleman in Board IQ: As Dodd-Frank Deadlines Loom, Fund Boards Seek Answers
The most sweeping Wall Street reform since the Great Depression had just been enacted. Nearly 150 attorneys and other fund executives gathered at a New York City law office for a seminar on the impact of the Dodd-Frank Act.
To be determined. That was the most anyone could truly say last year about what Dodd-Frank would mean for the fund industry.
Fund directors are looking for guidance to little avail, says Kit Addleman, a partner at Haynes and Boone and a former Atlanta regional director for the SEC.
“It’s definitely an uneasy position for a lot of folks to be in,” Addleman says.
“The agency is scrambling to move resources to meet whatever deadlines they can, but I don’t think anybody in Congress is going to be screaming when the deadlines are missed,” Addleman says. “Congress passed a law and then failed to fund the agency at a level that would allow them to do it.”
Amid all this ambiguity, “most people are taking the approach of watching and waiting. Taking steps at this point would be illogical and a waste of money. We really need to see how final rules play out.”
Published in Board IQ, July 5, 2011. To read the full article, click here. (Subscription required.)