Federal regulators release Volcker Rule final regulations

By Jeffrey L Hare, Christopher N Steelman and Evan R Minsberg

Five federal financial regulatory agencies have released final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 619 created section 13 in the Bank Holding Company Act (BHC Act) to generally prohibit any banking entity from engaging in proprietary trading or from acquiring or retaining an ownership interest in, sponsoring or having certain relationships with a hedge fund or private equity fund (covered fund).

Section 13 of the BHC Act became effective on 21 July 2012 and provided for a two-year conformance period from the effective date. Thus, by 21 July 2014, banking entities would be required to discontinue prohibited proprietary trading and covered fund activities.

On 7 November 2011, the board of governors of the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission published proposed rules implementing the Volcker Rule. The Commodity Futures Trading Commission published its version of the Proposed Rule two months later…

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