This updated report card evaluates the progress being made by regulators and policymakers to achieve modern, well-regulated, fair, transparent, and vibrant capital markets. It looks both at the implementation of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 as well as key regulatory reform issues not addressed by the law. By all accounts, regulatory reform is still incomplete. So, for those unfinished reforms outlined in this report, CCMC assigns a grade, in addition to an incomplete, based on regulators’ progress to date. This report also provides suggestions for how regulators and Congress can bring up the grade to ensure that the ultimate outcome of regulatory reform is a robust capital formation system that benefits consumers, investors, and job creators. Failure to get this right will deprive job creators of the investments, loans, and other forms of credit they need.