The US Senate held hearings on the implementation of the Dodd-Frank financial reform act yesterday as a progress report said that only 5.4% of the required rules had been finalised by the end of April.

Law firm Davis Polk said in its latest update on the progress of Dodd-Frank that 26 deadlines required by statute were not met in April bringing the total number of deadlines missed to 30: http://bit.ly/j2sz6V. April was the nine-month anniversary of the act.