For Immediate Release
Five federal financial regulatory agencies on Tuesday announced that they are jointly asking for public comment on a proposal that would simplify and tailor compliance requirements relating to the "Volcker Rule." By statute, the Volcker Rule generally restricts banking entities from engaging in prohibited proprietary trading and from owning or controlling hedge funds or private equity funds.
The proposed changes are intended to streamline the rule by eliminating or modifying requirements that are not necessary to effectively implement the statute, while maintaining the core principles of the Volcker Rule as well as the safety and soundness of banking entities.
The proposal was jointly developed by the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission.
Comments will be accepted for 60 days after the proposal's publication in the Federal Register .
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