UPDATE: Dodd-Frank Has ‘Missed an Opportunity' For Better Documentation Management

Firms should consider digitizing their documentation, even though the requirement to do so has been removed from the Dodd-Frank legislation, D2 official says.

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The final rule to implement the qualified financial contract (QFC) record-keeping requirements of the Dodd-Frank Act was passed in early November, but a requirement to digitize documents was removed from the final text, which will weaken the impact of the rule, Datoo says.

The requirements compel systemically important firms to maintain records on their QFCs so that in the event of failure, the Federal Deposit Insurance Corporation (FDIC) can resolve the company within 24 hours. To do this, the