Aggregated News From Investment Management Regulators

Financial Regulators Modify Volcker Rule

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Five federal regulatory agencies today finalized a rule modifying the Volcker rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds.  The final rule is broadly similar to the proposed rule from January. 

The Volcker rule generally prohibits banking entities from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund.

Like the proposal, the final rule modifies three areas of the rule by:

  • Streamlining the covered funds portion of rule;
  • Addressing the extraterritorial treatment of certain foreign funds; and
  • Permitting banking entities to offer financial services and engage in other activities that do not raise concerns that the Volcker rule was intended to address.

The rule will be effective on October 1.

Media Contacts:

SEC Public Affairs 202-551-4120
CFTC Public Affairs 202-418-5080
FDIC Brian Suillivan 202-898-6534
OCC Bryan Hubbard 202-649-6870
Federal Reserve Board Eric Kollig 202-452-2955

Regulator Information

Abbreviation: SEC
Jurisdiction: United States

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