President Obama has just signed into law the Financial-Regulation Bill that he says will "create the strongest financial protections for consumers in history".

Impact of Financial Reform Legislation on Employee Benefit Plans explores the impact of the legislation on employee benefit plans. It asserts that even though there are some exclusions, employee benefit plans will be impacted in three areas, swaps and other derivatives, stable value funds, and the new consumer protection agency.

Financial Reform Bill and the Fiduciary Standard for Brokers discusses how the bill gives the SEC the authority to impose a fiduciary duty on brokers who give investment advice. It also notes that brokers do not have to give investment advice and explains why brokers do not need to be afraid of having a fiduciary duty to their clients:

From an investor perspective, probably the most important change is that the bill, "Gives SEC the authority to impose a fiduciary duty on brokers who give investment advice—the advice must be in the best interest of their customers," according to the summary release from the House Financial Services Committee.

The SEC is tasked with a six-month study of whether brokers who provide advice to investors should have to provide that advice under a fiduciary standard of care as embodied in the Investment Advisers Act of 1940. There will also be comment period, and if it deems it to be necessary, the SEC will then write guidelines and rules for brokers who provide advice to do so under the fiduciary standard of care.

Financial Reform Law Will Impact Executive Compensation and Corporate Governance Practices explores the impact of the legislation on executive compensation and corporate governance practices:

• The Dodd-Frank Wall Street Reform and Consumer Protection Act
• Shareholder "Say-on-Pay" and "Say-on-Golden Parachutes"
• Independence
• Executive Compensation Disclosures
• Clawbacks
• Enhanced Compensation Structure Reporting and Prohibitions at Financial Institutions

While most of the changes impact publicly held companies, the regulations will directly or indirectly impact privately held companies as well.