Summary: |
The federal banking agencies, along
with the U.S. Securities and Exchange Commission and the Commodity Futures Trading
Commission, have issued final rules to implement Section 619 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act, also known as the “Volcker
Rule” (Final Rule). The Volcker Rule generally prohibits any banking entity
from engaging in proprietary trading or acquiring or retaining an ownership interest
in, sponsoring, or having certain relationships with a hedge fund or private equity
fund (covered fund), subject to certain exemptions.
Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter is applicable to all banks regardless of asset size. An addendum is included that describes how the rule would typically apply to smaller, less complex banking entities. |
Highlights:
The Final Rule:
Distribution:
Suggested
Routing:
Note:
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Additional Related Topics:
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Bank Holding Company Act