US Volcker Rule — covered funds: FAQs for European structured finance transactions

As expected, the US federal regulators voted last week to approve the final Volcker Rule, which imposes restrictions on banking entities’ ability to engage in proprietary trading and to own and sponsor private investment vehicles.

The Volcker Rule applies broadly to banking entities, including certain non-US banks, and while the US regulators have considered the extraterritorial concerns raised in respect of the proposed Volcker Rule and have re-focused and narrowed their aim in this regard to some degree, key issues remain for European securitisation transactions.

This e-alert seeks to provide preliminary answers to certain of those issues, and Allen & Overy will continue to closely analyse the Volcker Rule in the coming months…

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